FINDLAY, Ohio, May 3, 2022 /PRNewswire/ --
Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $845 million, or $1.49 per diluted share, for the first quarter of 2022, compared with a net loss of $242 million, or $(0.37) per diluted share, for the first quarter of 2021.
Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $2.6 billion in the first quarter of 2022, compared with $1.6 billion for the first quarter of 2021. The first quarter of 2021 includes $332 million of adjusted EBITDA from discontinued operations.
"MPC first quarter results reflect our team's ability to execute on our strategic pillars in these market conditions," said President and Chief Executive Officer Michael J. Hennigan. "This quarter we advanced our low carbon strategy with the announcement of our intent to form a joint venture with Neste at our Martinez Renewable Fuels Facility and a 15% Scope 3 absolute GHG emission reduction target. We have now completed approximately $8 billion of MPC share repurchases since the inception of our $10 billion return of capital program."
Results from Operations
Adjusted EBITDA from Continuing and Discontinued Operations (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Refining & Marketing Segment |
|||||
Segment income (loss) from operations |
$ |
768 |
$ |
(598) |
|
Add: Depreciation and amortization |
461 |
478 |
|||
Refining planned turnaround costs |
145 |
112 |
|||
Storm impacts |
— |
31 |
|||
Refining & Marketing segment adjusted EBITDA |
1,374 |
23 |
|||
Midstream Segment |
|||||
Segment income from operations |
1,072 |
972 |
|||
Add: Depreciation and amortization |
331 |
334 |
|||
Storm impacts |
— |
16 |
|||
Midstream segment adjusted EBITDA |
1,403 |
1,322 |
|||
Subtotal |
2,777 |
1,345 |
|||
Corporate |
(151) |
(157) |
|||
Add: Depreciation and amortization |
13 |
32 |
|||
Adjusted EBITDA from continuing operations |
$ |
2,639 |
$ |
1,220 |
|
Speedway |
|||||
Speedway |
$ |
— |
$ |
330 |
|
Add: Depreciation and amortization |
— |
2 |
|||
Adjusted EBITDA from discontinued operations |
$ |
— |
$ |
332 |
|
Adjusted EBITDA from continuing and discontinued operations |
$ |
2,639 |
$ |
1,552 |
|
Refining & Marketing (R&M)
Segment adjusted EBITDA was $1.4 billion in the first quarter of 2022, versus $23 million for the first quarter of 2021. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $145 million in the first quarter of 2022 and $112 million in the first quarter of 2021. First-quarter 2021 segment adjusted EBITDA also excludes winter storm effects of $31 million. The increase in R&M EBITDA was driven by higher margins and throughput in all regions.
R&M margin was $15.31 per barrel for the first quarter of 2022, versus $10.16 per barrel for the first quarter of 2021. Crude capacity utilization was 91%, resulting in total throughput of 2.8 million barrels per day for the first quarter of 2022. This compares to crude capacity utilization of 83% for the first quarter of 2021, which resulted in total throughput of 2.6 million barrels per day.
Segment adjusted EBITDA was $1.4 billion in the first quarter of 2022, versus $1.3 billion for the first quarter of 2021. First-quarter 2021 segment adjusted EBITDA excludes winter storm effects of $16 million.
Corporate and Items Not Allocated
Corporate expenses totaled $151 million in the first quarter of 2022, compared with $157 million in the first quarter of 2021.
This business was sold on May 14, 2021. Historic results are reported as discontinued operations.
Financial Position and Liquidity
As of March 31, 2022, MPC had $10.6 billion of cash, cash equivalents, and short-term investments. There were no borrowings outstanding under the company's $5 billion five-year bank revolving credit facility.
MPC debt at the end of the first quarter of 2022 totaled $7.0 billion, excluding MPLX debt. MPC's debt-to-capital ratio, excluding MPLX debt, was 22% at the end of the first quarter of 2022.
On March 14, 2022, MPLX issued $1.5 billion aggregate principal amount of 4.950% senior notes due March 2052. As of March 31, 2022, MPLX had repaid approximately $1.1 billion of the amount outstanding under the intercompany loan with MPC.
Strategic and Operations Update
Since the last earnings call, the company has repurchased approximately $2.5 billion of company shares, and has completed, as of April 30, 2022, approximately 80% of the $10 billion repurchase program. The company has approximately $7 billion remaining under its share repurchase authorizations.
MPC announced it has entered into definitive agreements to form a joint venture with Neste for Marathon's Martinez renewable fuels project. The partnership will be structured as a 50/50 joint venture with Neste expected to contribute a total of $1 billion, inclusive of half of the total estimated development costs. MPC will continue to manage project execution and operate the facility once construction is complete. The closing of the joint venture is subject to customary closing conditions and regulatory approvals, including obtaining the necessary permits, which depend upon certification of a final Environmental Impact Report.
The Martinez facility is currently targeted to have a production capacity of 260 million gallons per year of renewable diesel in the second half of 2022, with pretreatment capabilities to come online in 2023. The facility is expected to be capable of producing 730 million gallons per year by the end of 2023. The expected and targeted timelines for achieving the production capacities outlined above are dependent upon the timing of obtaining the necessary permits to operate the facility.
On February 14, 2022, MPC established a 2030 target to reduce absolute Scope 3 – Category 11 greenhouse gas (GHG) emissions by 15% below 2019 levels. The new Scope 3 target further enhances MPC's GHG disclosures and is part of the company's commitment to continuously improve its environmental performance while meeting society's energy needs sustainably.
The Midstream segment remains focused on executing the strategic priorities of strict capital discipline, embedding a low cost culture, and optimizing the portfolio. MPLX continues to evaluate opportunities to expand its logistics to meet the needs of today and participate in an energy-diverse future.
Second Quarter 2022 Outlook |
||
Refining & Marketing Segment: |
||
Refining operating costs per barrel(a) |
$ |
5.50 |
Distribution costs (in millions) |
$ |
1,300 |
Refining planned turnaround costs (in millions) |
$ |
155 |
Depreciation and amortization (in millions) |
$ |
470 |
Refinery throughputs (mbpd): |
||
Crude oil refined |
2,750 |
|
Other charge and blendstocks |
175 |
|
Total |
2,925 |
|
Corporate (in millions) |
$ |
170 |
(a) |
Excludes refining planned turnaround and depreciation and amortization expense |
Conference Call
At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Investor Relations Contacts: (419) 421-2071 Kristina Kazarian, Vice President Brian Worthington, Manager Kenan Kinsey, Analyst
Media Contact: (419) 421-3312 Jamal Kheiry, Communications Manager
References to Earnings and Defined Terms
References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC's share after excluding amounts attributable to noncontrolling interests.
Forward-Looking Statements
This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, including the completion of the Speedway sale proceeds capital return program within the anticipated timeframe, operating cost and capital expenditure reduction objectives, and environmental, social and governance goals. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "estimate," "expect," "forecast," "goal," "guidance," "imply," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "proposition," "prospective," "pursue," "seek," "should," "strategy," "target," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: the continuance or escalation of the military conflict between Russia and Ukraine and related sanctions; general economic, political or regulatory developments, including inflation, and changes in governmental policies relating to refined petroleum products, crude oil, natural gas or NGLs, or taxation; the magnitude, duration and extent of future resurgences of the COVID-19 pandemic and its effects; the regional, national and worldwide demand for refined products and related margins; the regional, national or worldwide availability and pricing of crude oil and other feedstocks and related pricing differentials; the success or timing of completion of ongoing or anticipated projects or transactions, including the conversion of the Martinez Refinery to a renewable fuels facility and joint venture with Neste, including the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to consummate the joint venture within the expected timeframe if at all; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles, including our GHG intensity and emissions, methane intensity and freshwater withdrawal intensity targets, and realize the expected benefits thereof; accidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading "Risk Factors" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2021, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
Consolidated Statements of Income (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions, except per-share data) |
2022 |
2021 |
|||
Revenues and other income: |
|||||
Sales and other operating revenues |
$ |
38,058 |
$ |
22,711 |
|
Income from equity method investments |
142 |
91 |
|||
Net gain (loss) on disposal of assets |
(18) |
3 |
|||
Other income |
202 |
77 |
|||
Total revenues and other income |
38,384 |
22,882 |
|||
Costs and expenses: |
|||||
Cost of revenues (excludes items below) |
35,068 |
21,084 |
|||
Depreciation and amortization |
805 |
844 |
|||
Selling, general and administrative expenses |
603 |
575 |
|||
Other taxes |
192 |
162 |
|||
Total costs and expenses |
36,668 |
22,665 |
|||
Income from continuing operations |
1,716 |
217 |
|||
Net interest and other financial costs |
262 |
353 |
|||
Income (loss) from continuing operations before income taxes |
1,454 |
(136) |
|||
Provision for income taxes on continuing operations |
282 |
34 |
|||
Income (loss) from continuing operations, net of tax |
1,172 |
(170) |
|||
Income from discontinued operations, net of tax |
— |
234 |
|||
Net income |
1,172 |
64 |
|||
Less net income attributable to: |
|||||
Redeemable noncontrolling interest |
21 |
20 |
|||
Noncontrolling interests |
306 |
286 |
|||
Net income (loss) attributable to MPC |
$ |
845 |
$ |
(242) |
|
Per share data |
|||||
Basic: |
|||||
Continuing operations |
$ |
1.50 |
$ |
(0.73) |
|
Discontinued operations |
— |
0.36 |
|||
Net income (loss) per share |
$ |
1.50 |
$ |
(0.37) |
|
Weighted average shares outstanding (in millions) |
564 |
651 |
|||
Diluted: |
|||||
Continuing operations |
$ |
1.49 |
$ |
(0.73) |
|
Discontinued operations |
— |
0.36 |
|||
Net income (loss) per share |
$ |
1.49 |
$ |
(0.37) |
|
Weighted average shares outstanding (in millions) |
568 |
651 |
|||
Income Summary for Continuing Operations (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Refining & Marketing |
$ |
768 |
$ |
(598) |
|
Midstream |
1,072 |
972 |
|||
Corporate |
(151) |
(157) |
|||
Income from continuing operations before items not allocated to segments |
1,689 |
217 |
|||
Items not allocated to segments: |
|||||
Litigation |
27 |
— |
|||
Income from continuing operations |
$ |
1,716 |
$ |
217 |
Income Summary for Discontinued Operations (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Speedway |
$ |
— |
$ |
330 |
|
Transaction-related costs |
— |
(23) |
|||
Income from discontinued operations |
$ |
— |
$ |
307 |
Capital Expenditures and Investments (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Refining & Marketing |
$ |
244 |
$ |
134 |
|
Midstream |
283 |
138 |
|||
Corporate(a) |
46 |
35 |
|||
Speedway |
— |
103 |
|||
Total |
$ |
573 |
$ |
410 |
|
(a) Includes capitalized interest of $23 million and $14 million for the first quarter 2022 and the first quarter 2021, respectively. |
Refining & Marketing Operating Statistics (unaudited) |
|||||
Dollar per Barrel of Net Refinery Throughput |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Refining & Marketing margin(a) |
$ |
15.31 |
$ |
10.16 |
|
Less: |
|||||
Refining operating costs, excluding storm impacts(b) |
5.22 |
5.16 |
|||
Distribution costs(c) |
4.79 |
5.18 |
|||
Other (income) loss(d) |
(0.09) |
(0.27) |
|||
Refining & Marketing adjusted EBITDA |
5.39 |
0.09 |
|||
Storm impacts on refining operating cost(e) |
— |
0.13 |
|||
Refining planned turnaround costs |
0.57 |
0.48 |
|||
Depreciation and amortization |
1.81 |
2.07 |
|||
Refining & Marketing income (loss) from operations |
$ |
3.01 |
$ |
(2.59) |
|
Fees paid to MPLX included in distribution costs above |
$ |
3.46 |
$ |
3.66 |
(a) |
Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput. |
(b) |
Excludes refining planned turnaround and depreciation and amortization expense. |
(c) |
Excludes depreciation and amortization expense. |
(d) |
Includes income (loss) from equity method investments, net gain (loss) on disposal of assets and other income. |
(e) |
A storm in the first quarter of 2021 resulted in higher costs, including maintenance and repairs. |
Refining & Marketing - Supplemental Operating Data |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Refining & Marketing refined product sales volume (mbpd)(a) |
3,293 |
3,067 |
|||
Crude oil refining capacity (mbpcd)(b) |
2,887 |
2,874 |
|||
Crude oil capacity utilization (percent)(b) |
91 |
83 |
|||
Refinery throughputs (mbpd): |
|||||
Crude oil refined |
2,624 |
2,381 |
|||
Other charge and blendstocks |
209 |
184 |
|||
Net refinery throughput |
2,833 |
2,565 |
|||
Sour crude oil throughput (percent) |
47 |
48 |
|||
Sweet crude oil throughput (percent) |
53 |
52 |
|||
Refined product yields (mbpd): |
|||||
Gasoline |
1,483 |
1,324 |
|||
Distillates |
978 |
881 |
|||
Propane |
69 |
45 |
|||
NGLs and petrochemicals |
161 |
222 |
|||
Heavy fuel oil |
86 |
36 |
|||
Asphalt |
87 |
97 |
|||
Total |
2,864 |
2,605 |
|||
Inter-region refinery transfers excluded from throughput and yields above (mbpd) |
59 |
36 |
(a) |
Includes intersegment sales. |
(b) |
Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities. Excludes idled Martinez and Gallup facilities and our Dickinson plant in renewable diesel service. |
Refining & Marketing - Supplemental Operating Data by Region (unaudited)
The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the refining operating costs, refining planned turnaround costs and refining depreciation and amortization for the regions, as shown in the tables below, is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes).
Refining operating costs exclude refining planned turnaround costs, refining depreciation and amortization expense and the estimated 2021 storm impacts.
Gulf Coast Region |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Dollar per barrel of refinery throughput: |
|||||
Refining & Marketing margin |
$ |
16.14 |
$ |
9.13 |
|
Refining operating costs |
4.51 |
4.23 |
|||
Refining planned turnaround costs |
0.80 |
1.01 |
|||
Refining depreciation and amortization |
1.41 |
1.62 |
|||
Refinery throughputs (mbpd): |
|||||
Crude oil refined |
1,017 |
925 |
|||
Other charge and blendstocks |
148 |
105 |
|||
Gross refinery throughput |
1,165 |
1,030 |
|||
Sour crude oil throughput (percent) |
57 |
60 |
|||
Sweet crude oil throughput (percent) |
43 |
40 |
|||
Refined product yields (mbpd): |
|||||
Gasoline |
595 |
491 |
|||
Distillates |
374 |
348 |
|||
Propane |
40 |
22 |
|||
NGLs and petrochemicals |
103 |
170 |
|||
Heavy fuel oil |
56 |
4 |
|||
Asphalt |
20 |
25 |
|||
Total |
1,188 |
1,060 |
|||
Inter-region refinery transfers included in throughput and yields above (mbpd) |
28 |
16 |
Mid-Continent Region |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Dollar per barrel of refinery throughput: |
|||||
Refining & Marketing margin |
$ |
12.35 |
$ |
10.25 |
|
Refining operating costs |
4.64 |
4.68 |
|||
Refining planned turnaround costs |
0.28 |
0.13 |
|||
Refining depreciation and amortization |
1.60 |
1.75 |
|||
Refinery throughputs (mbpd): |
|||||
Crude oil refined |
1,105 |
1,012 |
|||
Other charge and blendstocks |
68 |
57 |
|||
Gross refinery throughput |
1,173 |
1,069 |
|||
Sour crude oil throughput (percent) |
27 |
26 |
|||
Sweet crude oil throughput (percent) |
73 |
74 |
|||
Refined product yields (mbpd): |
|||||
Gasoline |
626 |
568 |
|||
Distillates |
414 |
366 |
|||
Propane |
21 |
17 |
|||
NGLs and petrochemicals |
38 |
40 |
|||
Heavy fuel oil |
12 |
12 |
|||
Asphalt |
67 |
72 |
|||
Total |
1,178 |
1,075 |
|||
Inter-region refinery transfers included in throughput and yields above (mbpd) |
9 |
9 |
West Coast Region |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Dollar per barrel of refinery throughput: |
|||||
Refining & Marketing margin |
$ |
19.99 |
$ |
12.09 |
|
Refining operating costs |
7.36 |
7.67 |
|||
Refining planned turnaround costs |
0.64 |
0.12 |
|||
Refining depreciation and amortization |
1.35 |
1.80 |
|||
Refinery throughputs (mbpd): |
|||||
Crude oil refined |
502 |
444 |
|||
Other charge and blendstocks |
52 |
58 |
|||
Gross refinery throughput |
554 |
502 |
|||
Sour crude oil throughput (percent) |
70 |
72 |
|||
Sweet crude oil throughput (percent) |
30 |
28 |
|||
Refined product yields (mbpd): |
|||||
Gasoline |
292 |
265 |
|||
Distillates |
190 |
167 |
|||
Propane |
8 |
6 |
|||
NGLs and petrochemicals |
29 |
40 |
|||
Heavy fuel oil |
38 |
28 |
|||
Asphalt |
— |
— |
|||
Total |
557 |
506 |
|||
Inter-region refinery transfers included in throughput and yields above (mbpd) |
22 |
11 |
Midstream Operating Statistics (unaudited) |
|||||
Three Months Ended March 31, |
|||||
2022 |
2021 |
||||
Pipeline throughputs (mbpd)(a) |
5,423 |
5,219 |
|||
Terminal throughput (mbpd) |
2,941 |
2,613 |
|||
Gathering system throughput (million cubic feet per day)(b) |
5,276 |
5,085 |
|||
Natural gas processed (million cubic feet per day)(b) |
8,267 |
8,370 |
|||
C2 (ethane) + NGLs fractionated (mbpd)(b) |
526 |
559 |
(a) |
Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes. |
(b) |
Includes amounts related to unconsolidated equity method investments on a 100% basis. |
Select Financial Data (unaudited) |
|||||
March 31, 2022 |
December 31, 2021 |
||||
(In millions) |
|||||
Cash and cash equivalents |
$ |
7,148 |
$ |
5,291 |
|
Short-term investments |
3,449 |
5,548 |
|||
MPC debt |
6,953 |
6,968 |
|||
MPLX debt |
19,756 |
18,571 |
|||
Total consolidated debt(a) |
26,709 |
25,539 |
|||
Redeemable noncontrolling interest |
965 |
965 |
|||
Equity |
30,334 |
32,616 |
|||
Shares outstanding |
545 |
579 |
(a) Net of unamortized debt issuance costs and unamortized premium/discount, net. |
Non-GAAP Financial Measures
Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because, when reconciled to their most comparable GAAP financial measures, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. The non-GAAP financial measures we use are as follows:
Adjusted Net Income Attributable to MPC
Adjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. For the first quarter of 2021 presented, we applied a combined federal and state statutory tax rate of 24% to the adjusted pre-tax income or loss. We have excluded these items because we believe that they are not indicative of our core operating performance and that their exclusion results in an important measure of our ongoing financial performance to better assess our underlying business results and trends.
Adjusted Diluted Earnings Per Share
Adjusted diluted earnings per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.
Reconciliation of Net Loss Attributable to MPC to Adjusted Net Loss Attributable to MPC |
||
Three Months Ended March 31, |
||
(In millions) |
2021 |
|
Net loss attributable to MPC |
$ |
(242) |
Pre-tax adjustments: |
||
Transaction-related costs |
23 |
|
Storm impacts |
47 |
|
Tax impact of adjustments(a) |
46 |
|
Non-controlling interest impact of adjustments |
(6) |
|
Adjusted net loss attributable to MPC |
$ |
(132) |
Diluted loss per share |
$ |
(0.37) |
Adjusted diluted loss per share(b) |
$ |
(0.20) |
(a) |
Income taxes for adjusted earnings for the three months ended in 2021 was calculated by applying a combined federal and state statutory tax rate of 24% to the adjusted pre-tax loss. The corresponding adjustments to reported income taxes are shown in the table above. |
(b) |
Weighted average diluted shares used for the adjusted net loss per share calculations do not assume the conversion of share-based awards, as the effect would be anti dilutive. |
Adjusted EBITDA
Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.
Adjusted EBITDA should not be considered as a substitute for, or superior to segment income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Net Income (Loss) Attributable to MPC to Adjusted EBITDA from Continuing |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Net income (loss) attributable to MPC |
$ |
845 |
$ |
(242) |
|
Net income attributable to noncontrolling interests |
327 |
306 |
|||
Income from discontinued operations, net of tax |
— |
(234) |
|||
Provision for income taxes on continuing operations |
282 |
34 |
|||
Net interest and other financial costs |
262 |
353 |
|||
Depreciation and amortization |
805 |
844 |
|||
Refining planned turnaround costs |
145 |
112 |
|||
Storm impacts |
— |
47 |
|||
Litigation |
(27) |
— |
|||
Adjusted EBITDA from continuing operations |
$ |
2,639 |
$ |
1,220 |
Reconciliation of Income from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Income from discontinued operations, net of tax |
$ |
— |
$ |
234 |
|
Provision for income taxes |
— |
69 |
|||
Net interest and other financial costs |
— |
4 |
|||
Depreciation and amortization |
— |
2 |
|||
Transaction-related costs |
— |
23 |
|||
Adjusted EBITDA from discontinued operations |
$ |
— |
$ |
332 |
Refining & Marketing Margin
Refining margin is defined as sales revenue less the cost of refinery inputs and purchased products.
Reconciliation of Refining & Marketing Income (Loss) from Operations to Refining & Marketing Gross Margin and Refining & Marketing Margin (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Refining & Marketing income (loss) from operations |
$ |
768 |
$ |
(598) |
|
Plus (Less): |
|||||
Selling, general and administrative expenses |
508 |
456 |
|||
Income from equity method investments |
(12) |
(5) |
|||
Net gain on disposal of assets |
— |
(3) |
|||
Other income |
(181) |
(54) |
|||
Refining & Marketing gross margin |
1,083 |
(204) |
|||
Plus (Less): |
|||||
Operating expenses (excluding depreciation and amortization) |
2,389 |
2,275 |
|||
Depreciation and amortization |
461 |
478 |
|||
Gross margin excluded from and other income included in Refining & Marketing margin(a) |
14 |
(179) |
|||
Other taxes included in Refining & Marketing margin |
(43) |
(24) |
|||
Refining & Marketing margin |
$ |
3,904 |
$ |
2,346 |
|
Refining & Marketing margin by region: |
|||||
Gulf Coast |
$ |
1,653 |
$ |
834 |
|
Mid-Continent |
1,293 |
978 |
|||
West Coast |
958 |
534 |
|||
Refining & Marketing margin |
$ |
3,904 |
$ |
2,346 |
|
(a) |
Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income. |
SOURCE Marathon Petroleum Corporation
ФИНДЛИ, Огайо, 3 мая 2022 года /PRNewswire/ --
Marathon Petroleum Corp . (NYSE: MPC) сегодня сообщила о чистой прибыли, относящейся к MPC, в размере 845 миллионов долларов, или 1,49 доллара на разводненную акцию, за первый квартал 2022 года, по сравнению с чистым убытком в размере 242 миллионов долларов, или 0,37 доллара на разводненную акцию, за первый квартал 2021 года.
Скорректированная прибыль до вычета процентов, налогов, износа и амортизации (скорректированная EBITDA) составила 2,6 миллиарда долларов в первом квартале 2022 года по сравнению с 1,6 миллиарда долларов в первом квартале 2021 года. Первый квартал 2021 года включает скорректированную EBITDA в размере 332 миллионов долларов США от прекращенной деятельности.
"Результаты MPC за первый квартал отражают способность нашей команды выполнять наши стратегические задачи в этих рыночных условиях", - сказал президент и главный исполнительный директор Майкл Дж. Хенниган. "В этом квартале мы продвинули нашу низкоуглеродную стратегию, объявив о нашем намерении создать совместное предприятие с Neste на нашем предприятии Martinez по производству возобновляемых видов топлива и поставив цель по абсолютному сокращению выбросов парниковых газов Scope 3 на 15%. В настоящее время мы завершили выкуп акций MPC примерно на 8 миллиардов долларов с момента начала нашей программы возврата капитала на сумму 10 миллиардов долларов".
Результаты операций
Adjusted EBITDA from Continuing and Discontinued Operations (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Refining & Marketing Segment |
|||||
Segment income (loss) from operations |
$ |
768 |
$ |
(598) |
|
Add: Depreciation and amortization |
461 |
478 |
|||
Refining planned turnaround costs |
145 |
112 |
|||
Storm impacts |
— |
31 |
|||
Refining & Marketing segment adjusted EBITDA |
1,374 |
23 |
|||
Midstream Segment |
|||||
Segment income from operations |
1,072 |
972 |
|||
Add: Depreciation and amortization |
331 |
334 |
|||
Storm impacts |
— |
16 |
|||
Midstream segment adjusted EBITDA |
1,403 |
1,322 |
|||
Subtotal |
2,777 |
1,345 |
|||
Corporate |
(151) |
(157) |
|||
Add: Depreciation and amortization |
13 |
32 |
|||
Adjusted EBITDA from continuing operations |
$ |
2,639 |
$ |
1,220 |
|
Speedway |
|||||
Speedway |
$ |
— |
$ |
330 |
|
Add: Depreciation and amortization |
— |
2 |
|||
Adjusted EBITDA from discontinued operations |
$ |
— |
$ |
332 |
|
Adjusted EBITDA from continuing and discontinued operations |
$ |
2,639 |
$ |
1,552 |
|
Переработка и маркетинг (НИОКР)
Скорректированный показатель EBITDA по сегментам составил 1,4 миллиарда долларов в первом квартале 2022 года по сравнению с 23 миллионами долларов в первом квартале 2021 года. Скорректированная по сегментам EBITDA исключает запланированные затраты на переработку, которые составили 145 миллионов долларов в первом квартале 2022 года и 112 миллионов долларов в первом квартале 2021 года. Скорректированная EBITDA сегмента за первый квартал 2021 года также исключает последствия зимних штормов в размере 31 миллиона долларов. Увеличение показателя EBITDA НИОКР было обусловлено более высокой рентабельностью и пропускной способностью во всех регионах.
Рентабельность НИОКР в первом квартале 2022 года составила 15,31 доллара за баррель против 10,16 доллара за баррель в первом квартале 2021 года. Загрузка мощностей по добыче сырой нефти составила 91%, в результате чего общая пропускная способность в первом квартале 2022 года составила 2,8 млн баррелей в сутки. Это сопоставимо с загрузкой мощностей по добыче сырой нефти на 83% в первом квартале 2021 года, что привело к общей пропускной способности в 2,6 миллиона баррелей в день.
Скорректированная по сегментам EBITDA в первом квартале 2022 года составила 1,4 миллиарда долларов против 1,3 миллиарда долларов в первом квартале 2021 года. Скорректированная EBITDA сегмента за первый квартал 2021 года без учета последствий зимних штормов в размере 16 миллионов долларов.
Корпоративные и Не Выделенные элементы
Корпоративные расходы составили 151 миллион долларов в первом квартале 2022 года по сравнению с 157 миллионами долларов в первом квартале 2021 года.
Этот бизнес был продан 14 мая 2021 года. Исторические результаты отражаются как прекращенная деятельность.
Финансовое положение и Ликвидность
По состоянию на 31 марта 2022 года MPC располагала денежными средствами, их эквивалентами и краткосрочными инвестициями в размере 10,6 миллиарда долларов. Непогашенных займов в рамках пятилетней возобновляемой кредитной линии компании на сумму 5 миллиардов долларов США не было.
Долг MPC на конец первого квартала 2022 года составил 7,0 миллиарда долларов, без учета долга MPLX. Отношение долга MPC к капиталу, без учета долга MPLX, составляло 22% на конец первого квартала 2022 года.
14 марта 2022 года MPLX выпустила облигации с погашением в марте 2052 года на общую сумму основной суммы в размере 1,5 миллиарда долларов США в размере 4,950% годовых. По состоянию на 31 марта 2022 года MPLX погасила примерно 1,1 миллиарда долларов из суммы задолженности по межфирменному кредиту с MPC.
Обновление стратегии и операций
С момента последнего объявления о доходах компания выкупила акции компании примерно на 2,5 миллиарда долларов и завершила, по состоянию на 30 апреля 2022 года, примерно 80% программы обратного выкупа на 10 миллиардов долларов. У компании осталось около 7 миллиардов долларов по разрешениям на обратный выкуп акций.
MPC объявила, что заключила окончательные соглашения о создании совместного предприятия с Neste для проекта Marathon по возобновляемому топливу Martinez. Партнерство будет структурировано как совместное предприятие 50/50, и ожидается, что Neste внесет в общей сложности 1 миллиард долларов, включая половину общих предполагаемых затрат на разработку. MPC продолжит управлять реализацией проекта и эксплуатировать объект после завершения строительства. Закрытие совместного предприятия зависит от обычных условий закрытия и одобрения регулирующих органов, включая получение необходимых разрешений, которые зависят от сертификации окончательного отчета о воздействии на окружающую среду.
В настоящее время планируется, что во второй половине 2022 года производственная мощность завода Martinez составит 260 миллионов галлонов возобновляемого дизельного топлива в год, а возможности предварительной обработки будут введены в эксплуатацию в 2023 году. Ожидается, что к концу 2023 года завод будет способен производить 730 миллионов галлонов в год. Ожидаемые и целевые сроки достижения производственных мощностей, указанных выше, зависят от сроков получения необходимых разрешений на эксплуатацию объекта.
14 февраля 2022 года MPC установила цель на 2030 год по сокращению абсолютных выбросов парниковых газов (ПГ) категории 3 – 11 на 15% ниже уровня 2019 года. Новая цель Scope 3 еще больше расширяет раскрытие информации о ПДК и является частью приверженности компании постоянному улучшению своих экологических показателей при устойчивом удовлетворении энергетических потребностей общества.
Сегмент среднего бизнеса по-прежнему сосредоточен на выполнении стратегических приоритетов строгой дисциплины капитала, внедрении культуры низких затрат и оптимизации портфеля. MPLX продолжает оценивать возможности расширения своей логистики для удовлетворения потребностей сегодняшнего дня и участия в энергетически разнообразном будущем.
Second Quarter 2022 Outlook |
||
Refining & Marketing Segment: |
||
Refining operating costs per barrel(a) |
$ |
5.50 |
Distribution costs (in millions) |
$ |
1,300 |
Refining planned turnaround costs (in millions) |
$ |
155 |
Depreciation and amortization (in millions) |
$ |
470 |
Refinery throughputs (mbpd): |
||
Crude oil refined |
2,750 |
|
Other charge and blendstocks |
175 |
|
Total |
2,925 |
|
Corporate (in millions) |
$ |
170 |
(a) |
Excludes refining planned turnaround and depreciation and amortization expense |
Конференц-связь
Сегодня в 11:00 утра по восточному времени MPC проведет телефонную конференцию и веб-трансляцию, чтобы обсудить сообщенные результаты и предоставить обновленную информацию о деятельности компании. Заинтересованные стороны могут послушать, посетив веб-сайт MPC по адресу www.marathonpetroleum.com . Повтор веб-трансляции будет доступен на веб-сайте компании в течение двух недель. Финансовая информация, включая отчет о доходах и другие материалы, связанные с инвесторами, также будут доступны онлайн до телефонной конференции и веб-трансляции по адресу www.marathonpetroleum.com .
О корпорации Marathon Petroleum
Marathon Petroleum Corporation (MPC) - ведущая интегрированная энергетическая компания со штаб-квартирой в Финдли, штат Огайо. Компания управляет крупнейшей в стране нефтеперерабатывающей системой. Маркетинговая система MPC включает в себя фирменные магазины по всей территории Соединенных Штатов, в том числе торговые точки Marathon brand. MPC также владеет долей генерального партнера и мажоритарного партнера с ограниченной ответственностью в MPLX LP, компании среднего бизнеса, которая владеет и управляет активами по сбору, переработке и фракционированию, а также инфраструктурой транспортировки и логистики сырой нефти и светлых нефтепродуктов. Более подробная информация доступна по адресу www.marathonpetroleum.com .
Контакты по связям с инвесторами: (419) 421-2071 Кристина Казарян, Вице-президент Брайан Уортингтон, Менеджер Кенан Кинси, аналитик
Контакты для СМИ: (419) 421-3312 Джамал Хейри, Менеджер по коммуникациям
Ссылки на Доходы и Определенные Условия
Ссылки на прибыль означают чистую прибыль, относящуюся к MPC, из отчетов о прибылях и убытках. Если не указано иное, ссылки на прибыль и прибыль на акцию представляют собой долю MPC после исключения сумм, относящихся к неконтролирующим долям участия.
Прогнозные заявления
Этот пресс-релиз содержит прогнозные заявления относительно MPC. Эти прогнозные заявления могут касаться, среди прочего, ожиданий, оценок и прогнозов MPC в отношении ее бизнеса и операций, финансовых приоритетов, стратегических планов и инициатив, планов возврата капитала, включая завершение программы возврата капитала от продажи Speedway в ожидаемые сроки, сокращение операционных расходов и капитальных затрат цели, а также экологические, социальные и управленческие цели. Вы можете определить прогнозные заявления с помощью таких слов, как "предвидеть", "верить", "обязательство", "мог бы", "планировать", "оценивать", "ожидать", "прогнозировать", "цель", "руководство", "подразумевать", "намереваться", "может", "цель", "возможность", "перспектива", "план", "политика", "позиция", "потенциал", "прогноз", "приоритет", "проект", "предложение", "перспективный", "преследовать", "искать", "должен", "стратегия", "цель", "будет", "будет" или другие подобные выражения, которые передают неопределенность будущих событий или результатов. MPC предупреждает, что эти заявления основаны на текущих знаниях и ожиданиях руководства и подвержены определенным рискам и неопределенностям, многие из которых находятся вне контроля MPC, что может привести к тому, что фактические результаты и события будут существенно отличаться от заявлений, сделанных в настоящем документе. Факторы, которые могут привести ПДК фактические результаты могут существенно отличаться от тех, которые подразумеваются в заявлениях прогнозного характера включают, но не ограничиваются следующим: продолжение или эскалация военного конфликта между Россией и Украиной и связанных с ними санкций; общие экономические, политические или регуляторные изменения, в том числе инфляции, и изменения в государственной политики в отношении нефтепродуктов, сырой нефти, природного газа или жидких углеводородов, или налогообложении; масштабность, продолжительность и масштабы будущих родников на COVID-19 пандемией и ее последствиями; региональные, национальной и мировой спрос на нефтепродукты, а также связанные с поля; на региональном, национальном и во всем мире, наличие и стоимость нефти и других видов сырья, и связанных с ценовой разницы; успех и сроки завершения текущих или ожидаемых проектов или сделок, в том числе конверсия Мартинес НПЗ к возобновляемым топливом предприятия и совместные предприятия с Несте, включая сроки и возможность получения необходимых регуляторных согласований и разрешений для выполнения других условий необходимо совершить совместное предприятие в установленные сроки, если вообще; наличие желаемых стратегических альтернатив по оптимизации портфеля активов и возможность получения нормативных и других документов по ним; нашу способность успешно реализовывать стратегии устойчивого развития энергетики и принципов, в том числе наши ПГ интенсивности и выбросов метана интенсивности и пресноводных снятия интенсивности целей и получения ожидаемых выгод оного; аварии или других внеплановых остановок оборудования, влияющих на наши нефтеперерабатывающие заводы, машиностроение, трубопроводы, обработка, фракционирование и очистных сооружений или оборудования, транспортных средств, или тех из наших поставщиков или потребителей; влияние неблагоприятных условий на рынке или других аналогичных рисков с теми, которые определены в настоящем документе, влияющие MPLX; а также факторов, указанных под заголовком "факторы риска" в МФЦ и MPLX годового отчета по форме 10-K за год, закончившийся декабря. 31, 2021, а также в иных заявок в SEC. Любое прогнозное заявление действует только на дату соответствующего сообщения, и мы не берем на себя никаких обязательств по обновлению любого прогнозного заявления, за исключением случаев, предусмотренных применимым законодательством.
Копии Годового отчета MPC по форме 10-K, Квартальных отчетов по форме 10-Q и других документов SEC доступны на веб-сайте SEC, веб-сайте MPC по адресу https://www.marathonpetroleum.com/Investors / или связавшись с отделом по связям с инвесторами MPC. Копии Годового отчета MPLX по форме 10-K, Квартальных отчетов по форме 10-Q и других документов SEC доступны на веб-сайте SEC, веб-сайте MPLX по адресу http://ir.mplx.com или связавшись с отделом по связям с инвесторами MPLX.
Consolidated Statements of Income (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions, except per-share data) |
2022 |
2021 |
|||
Revenues and other income: |
|||||
Sales and other operating revenues |
$ |
38,058 |
$ |
22,711 |
|
Income from equity method investments |
142 |
91 |
|||
Net gain (loss) on disposal of assets |
(18) |
3 |
|||
Other income |
202 |
77 |
|||
Total revenues and other income |
38,384 |
22,882 |
|||
Costs and expenses: |
|||||
Cost of revenues (excludes items below) |
35,068 |
21,084 |
|||
Depreciation and amortization |
805 |
844 |
|||
Selling, general and administrative expenses |
603 |
575 |
|||
Other taxes |
192 |
162 |
|||
Total costs and expenses |
36,668 |
22,665 |
|||
Income from continuing operations |
1,716 |
217 |
|||
Net interest and other financial costs |
262 |
353 |
|||
Income (loss) from continuing operations before income taxes |
1,454 |
(136) |
|||
Provision for income taxes on continuing operations |
282 |
34 |
|||
Income (loss) from continuing operations, net of tax |
1,172 |
(170) |
|||
Income from discontinued operations, net of tax |
— |
234 |
|||
Net income |
1,172 |
64 |
|||
Less net income attributable to: |
|||||
Redeemable noncontrolling interest |
21 |
20 |
|||
Noncontrolling interests |
306 |
286 |
|||
Net income (loss) attributable to MPC |
$ |
845 |
$ |
(242) |
|
Per share data |
|||||
Basic: |
|||||
Continuing operations |
$ |
1.50 |
$ |
(0.73) |
|
Discontinued operations |
— |
0.36 |
|||
Net income (loss) per share |
$ |
1.50 |
$ |
(0.37) |
|
Weighted average shares outstanding (in millions) |
564 |
651 |
|||
Diluted: |
|||||
Continuing operations |
$ |
1.49 |
$ |
(0.73) |
|
Discontinued operations |
— |
0.36 |
|||
Net income (loss) per share |
$ |
1.49 |
$ |
(0.37) |
|
Weighted average shares outstanding (in millions) |
568 |
651 |
|||
Income Summary for Continuing Operations (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Refining & Marketing |
$ |
768 |
$ |
(598) |
|
Midstream |
1,072 |
972 |
|||
Corporate |
(151) |
(157) |
|||
Income from continuing operations before items not allocated to segments |
1,689 |
217 |
|||
Items not allocated to segments: |
|||||
Litigation |
27 |
— |
|||
Income from continuing operations |
$ |
1,716 |
$ |
217 |
Income Summary for Discontinued Operations (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Speedway |
$ |
— |
$ |
330 |
|
Transaction-related costs |
— |
(23) |
|||
Income from discontinued operations |
$ |
— |
$ |
307 |
Capital Expenditures and Investments (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Refining & Marketing |
$ |
244 |
$ |
134 |
|
Midstream |
283 |
138 |
|||
Corporate(a) |
46 |
35 |
|||
Speedway |
— |
103 |
|||
Total |
$ |
573 |
$ |
410 |
|
(a) Includes capitalized interest of $23 million and $14 million for the first quarter 2022 and the first quarter 2021, respectively. |
Refining & Marketing Operating Statistics (unaudited) |
|||||
Dollar per Barrel of Net Refinery Throughput |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Refining & Marketing margin(a) |
$ |
15.31 |
$ |
10.16 |
|
Less: |
|||||
Refining operating costs, excluding storm impacts(b) |
5.22 |
5.16 |
|||
Distribution costs(c) |
4.79 |
5.18 |
|||
Other (income) loss(d) |
(0.09) |
(0.27) |
|||
Refining & Marketing adjusted EBITDA |
5.39 |
0.09 |
|||
Storm impacts on refining operating cost(e) |
— |
0.13 |
|||
Refining planned turnaround costs |
0.57 |
0.48 |
|||
Depreciation and amortization |
1.81 |
2.07 |
|||
Refining & Marketing income (loss) from operations |
$ |
3.01 |
$ |
(2.59) |
|
Fees paid to MPLX included in distribution costs above |
$ |
3.46 |
$ |
3.66 |
(a) |
Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput. |
(b) |
Excludes refining planned turnaround and depreciation and amortization expense. |
(c) |
Excludes depreciation and amortization expense. |
(d) |
Includes income (loss) from equity method investments, net gain (loss) on disposal of assets and other income. |
(e) |
A storm in the first quarter of 2021 resulted in higher costs, including maintenance and repairs. |
Refining & Marketing - Supplemental Operating Data |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Refining & Marketing refined product sales volume (mbpd)(a) |
3,293 |
3,067 |
|||
Crude oil refining capacity (mbpcd)(b) |
2,887 |
2,874 |
|||
Crude oil capacity utilization (percent)(b) |
91 |
83 |
|||
Refinery throughputs (mbpd): |
|||||
Crude oil refined |
2,624 |
2,381 |
|||
Other charge and blendstocks |
209 |
184 |
|||
Net refinery throughput |
2,833 |
2,565 |
|||
Sour crude oil throughput (percent) |
47 |
48 |
|||
Sweet crude oil throughput (percent) |
53 |
52 |
|||
Refined product yields (mbpd): |
|||||
Gasoline |
1,483 |
1,324 |
|||
Distillates |
978 |
881 |
|||
Propane |
69 |
45 |
|||
NGLs and petrochemicals |
161 |
222 |
|||
Heavy fuel oil |
86 |
36 |
|||
Asphalt |
87 |
97 |
|||
Total |
2,864 |
2,605 |
|||
Inter-region refinery transfers excluded from throughput and yields above (mbpd) |
59 |
36 |
(a) |
Includes intersegment sales. |
(b) |
Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities. Excludes idled Martinez and Gallup facilities and our Dickinson plant in renewable diesel service. |
Переработка и маркетинг - Дополнительные операционные данные по регионам (неаудированные)
Маржа на баррель для переработки и сбыта рассчитывается на основе чистой пропускной способности НПЗ (без учета объемов транспортировки между НПЗ). В расчете на баррель эксплуатационные расходы на переработку, плановые затраты на переработку и амортизационные отчисления на переработку для регионов, как показано в таблицах ниже, рассчитываются на основе валовой пропускной способности НПЗ (включая объемы перекачки между НПЗ).
Эксплуатационные расходы на переработку не включают плановые затраты на переработку, расходы на износ и амортизацию переработки и предполагаемые последствия шторма в 2021 году.
Gulf Coast Region |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Dollar per barrel of refinery throughput: |
|||||
Refining & Marketing margin |
$ |
16.14 |
$ |
9.13 |
|
Refining operating costs |
4.51 |
4.23 |
|||
Refining planned turnaround costs |
0.80 |
1.01 |
|||
Refining depreciation and amortization |
1.41 |
1.62 |
|||
Refinery throughputs (mbpd): |
|||||
Crude oil refined |
1,017 |
925 |
|||
Other charge and blendstocks |
148 |
105 |
|||
Gross refinery throughput |
1,165 |
1,030 |
|||
Sour crude oil throughput (percent) |
57 |
60 |
|||
Sweet crude oil throughput (percent) |
43 |
40 |
|||
Refined product yields (mbpd): |
|||||
Gasoline |
595 |
491 |
|||
Distillates |
374 |
348 |
|||
Propane |
40 |
22 |
|||
NGLs and petrochemicals |
103 |
170 |
|||
Heavy fuel oil |
56 |
4 |
|||
Asphalt |
20 |
25 |
|||
Total |
1,188 |
1,060 |
|||
Inter-region refinery transfers included in throughput and yields above (mbpd) |
28 |
16 |
Mid-Continent Region |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Dollar per barrel of refinery throughput: |
|||||
Refining & Marketing margin |
$ |
12.35 |
$ |
10.25 |
|
Refining operating costs |
4.64 |
4.68 |
|||
Refining planned turnaround costs |
0.28 |
0.13 |
|||
Refining depreciation and amortization |
1.60 |
1.75 |
|||
Refinery throughputs (mbpd): |
|||||
Crude oil refined |
1,105 |
1,012 |
|||
Other charge and blendstocks |
68 |
57 |
|||
Gross refinery throughput |
1,173 |
1,069 |
|||
Sour crude oil throughput (percent) |
27 |
26 |
|||
Sweet crude oil throughput (percent) |
73 |
74 |
|||
Refined product yields (mbpd): |
|||||
Gasoline |
626 |
568 |
|||
Distillates |
414 |
366 |
|||
Propane |
21 |
17 |
|||
NGLs and petrochemicals |
38 |
40 |
|||
Heavy fuel oil |
12 |
12 |
|||
Asphalt |
67 |
72 |
|||
Total |
1,178 |
1,075 |
|||
Inter-region refinery transfers included in throughput and yields above (mbpd) |
9 |
9 |
West Coast Region |
Three Months Ended March 31, |
||||
2022 |
2021 |
||||
Dollar per barrel of refinery throughput: |
|||||
Refining & Marketing margin |
$ |
19.99 |
$ |
12.09 |
|
Refining operating costs |
7.36 |
7.67 |
|||
Refining planned turnaround costs |
0.64 |
0.12 |
|||
Refining depreciation and amortization |
1.35 |
1.80 |
|||
Refinery throughputs (mbpd): |
|||||
Crude oil refined |
502 |
444 |
|||
Other charge and blendstocks |
52 |
58 |
|||
Gross refinery throughput |
554 |
502 |
|||
Sour crude oil throughput (percent) |
70 |
72 |
|||
Sweet crude oil throughput (percent) |
30 |
28 |
|||
Refined product yields (mbpd): |
|||||
Gasoline |
292 |
265 |
|||
Distillates |
190 |
167 |
|||
Propane |
8 |
6 |
|||
NGLs and petrochemicals |
29 |
40 |
|||
Heavy fuel oil |
38 |
28 |
|||
Asphalt |
— |
— |
|||
Total |
557 |
506 |
|||
Inter-region refinery transfers included in throughput and yields above (mbpd) |
22 |
11 |
Midstream Operating Statistics (unaudited) |
|||||
Three Months Ended March 31, |
|||||
2022 |
2021 |
||||
Pipeline throughputs (mbpd)(a) |
5,423 |
5,219 |
|||
Terminal throughput (mbpd) |
2,941 |
2,613 |
|||
Gathering system throughput (million cubic feet per day)(b) |
5,276 |
5,085 |
|||
Natural gas processed (million cubic feet per day)(b) |
8,267 |
8,370 |
|||
C2 (ethane) + NGLs fractionated (mbpd)(b) |
526 |
559 |
(a) |
Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes. |
(b) |
Includes amounts related to unconsolidated equity method investments on a 100% basis. |
Select Financial Data (unaudited) |
|||||
March 31, 2022 |
December 31, 2021 |
||||
(In millions) |
|||||
Cash and cash equivalents |
$ |
7,148 |
$ |
5,291 |
|
Short-term investments |
3,449 |
5,548 |
|||
MPC debt |
6,953 |
6,968 |
|||
MPLX debt |
19,756 |
18,571 |
|||
Total consolidated debt(a) |
26,709 |
25,539 |
|||
Redeemable noncontrolling interest |
965 |
965 |
|||
Equity |
30,334 |
32,616 |
|||
Shares outstanding |
545 |
579 |
(a) Net of unamortized debt issuance costs and unamortized premium/discount, net. |
Финансовые показатели, Не относящиеся к ОПБУ
Руководство использует определенные финансовые показатели для оценки наших операционных показателей, которые рассчитываются и представляются на основе методологий, отличных от ОПБУ. Мы считаем, что эти финансовые показатели, не относящиеся к GAAP, полезны инвесторам и аналитикам для оценки наших текущих финансовых показателей, поскольку при сопоставлении с их наиболее сопоставимыми финансовыми показателями GAAP они обеспечивают улучшенную сопоставимость между периодами за счет исключения определенных статей, которые, по нашему мнению, не отражают наши основные операционные показатели и которые могут затенить наши основные бизнес-результаты и тенденции. Эти показатели не следует рассматривать как замену или превосходящие показатели финансовых показателей, подготовленные в соответствии с GAAP, и наши расчеты могут быть несопоставимы с аналогичными показателями, представленными другими компаниями. Финансовые показатели, не относящиеся к GAAP, которые мы используем, следующие:
Скорректированный Чистый доход, относящийся к MPC
Скорректированный чистый доход, относящийся к MPC, определяется как чистый доход, относящийся к MPC, за исключением статей, приведенных в таблице ниже, вместе с соответствующим эффектом от налога на прибыль. В представленном первом квартале 2021 года мы применили комбинированную федеральную и государственную налоговую ставку в размере 24% к скорректированному доходу или убытку до налогообложения. Мы исключили эти статьи, поскольку считаем, что они не отражают наши основные операционные показатели и что их исключение является важным показателем наших текущих финансовых показателей, позволяющим лучше оценить наши основные бизнес-результаты и тенденции.
Скорректированная Разводненная Прибыль На Акцию
Скорректированная разводненная прибыль на акцию определяется как скорректированная чистая прибыль, приходящаяся на MPC, деленная на количество средневзвешенных акций, находящихся в обращении в соответствующем периоде, с учетом разбавления.
Reconciliation of Net Loss Attributable to MPC to Adjusted Net Loss Attributable to MPC |
||
Three Months Ended March 31, |
||
(In millions) |
2021 |
|
Net loss attributable to MPC |
$ |
(242) |
Pre-tax adjustments: |
||
Transaction-related costs |
23 |
|
Storm impacts |
47 |
|
Tax impact of adjustments(a) |
46 |
|
Non-controlling interest impact of adjustments |
(6) |
|
Adjusted net loss attributable to MPC |
$ |
(132) |
Diluted loss per share |
$ |
(0.37) |
Adjusted diluted loss per share(b) |
$ |
(0.20) |
(a) |
Income taxes for adjusted earnings for the three months ended in 2021 was calculated by applying a combined federal and state statutory tax rate of 24% to the adjusted pre-tax loss. The corresponding adjustments to reported income taxes are shown in the table above. |
(b) |
Weighted average diluted shares used for the adjusted net loss per share calculations do not assume the conversion of share-based awards, as the effect would be anti dilutive. |
Скорректированный показатель EBITDA
Суммы, включенные в чистую прибыль (убыток), относящуюся к MPC, и исключенные из скорректированной EBITDA, включают (i) чистые процентные и прочие финансовые расходы; (ii) резерв/льгота по налогу на прибыль; (iii) неконтролирующие доли участия; (iv) износ и амортизация; (v) затраты на переработку запланированных оборотных средств и (vi) другие корректировки, которые сочтут необходимыми, как показано в таблице ниже. Мы считаем, что исключение затрат на выполнение работ из этого показателя полезно для сравнения с другими компаниями, поскольку некоторые из наших конкурентов откладывают эти затраты и амортизируют их в промежутках между выполнением работ.
Скорректированный показатель EBITDA не должен рассматриваться как замена или превосходящий сегментный доход (убыток) от операций, чистую прибыль, относящуюся к MPC, доход до вычета налогов на прибыль, денежные потоки от операционной деятельности или любой другой показатель финансовых результатов, представленный в соответствии с GAAP. Скорректированная EBITDA может быть несопоставима с аналогичными показателями, представленными другими компаниями.
Reconciliation of Net Income (Loss) Attributable to MPC to Adjusted EBITDA from Continuing |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Net income (loss) attributable to MPC |
$ |
845 |
$ |
(242) |
|
Net income attributable to noncontrolling interests |
327 |
306 |
|||
Income from discontinued operations, net of tax |
— |
(234) |
|||
Provision for income taxes on continuing operations |
282 |
34 |
|||
Net interest and other financial costs |
262 |
353 |
|||
Depreciation and amortization |
805 |
844 |
|||
Refining planned turnaround costs |
145 |
112 |
|||
Storm impacts |
— |
47 |
|||
Litigation |
(27) |
— |
|||
Adjusted EBITDA from continuing operations |
$ |
2,639 |
$ |
1,220 |
Reconciliation of Income from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Income from discontinued operations, net of tax |
$ |
— |
$ |
234 |
|
Provision for income taxes |
— |
69 |
|||
Net interest and other financial costs |
— |
4 |
|||
Depreciation and amortization |
— |
2 |
|||
Transaction-related costs |
— |
23 |
|||
Adjusted EBITDA from discontinued operations |
$ |
— |
$ |
332 |
Маржа переработки и сбыта
Маржа переработки определяется как выручка от продаж за вычетом затрат на сырье для переработки и закупленную продукцию.
Reconciliation of Refining & Marketing Income (Loss) from Operations to Refining & Marketing Gross Margin and Refining & Marketing Margin (unaudited) |
|||||
Three Months Ended March 31, |
|||||
(In millions) |
2022 |
2021 |
|||
Refining & Marketing income (loss) from operations |
$ |
768 |
$ |
(598) |
|
Plus (Less): |
|||||
Selling, general and administrative expenses |
508 |
456 |
|||
Income from equity method investments |
(12) |
(5) |
|||
Net gain on disposal of assets |
— |
(3) |
|||
Other income |
(181) |
(54) |
|||
Refining & Marketing gross margin |
1,083 |
(204) |
|||
Plus (Less): |
|||||
Operating expenses (excluding depreciation and amortization) |
2,389 |
2,275 |
|||
Depreciation and amortization |
461 |
478 |
|||
Gross margin excluded from and other income included in Refining & Marketing margin(a) |
14 |
(179) |
|||
Other taxes included in Refining & Marketing margin |
(43) |
(24) |
|||
Refining & Marketing margin |
$ |
3,904 |
$ |
2,346 |
|
Refining & Marketing margin by region: |
|||||
Gulf Coast |
$ |
1,653 |
$ |
834 |
|
Mid-Continent |
1,293 |
978 |
|||
West Coast |
958 |
534 |
|||
Refining & Marketing margin |
$ |
3,904 |
$ |
2,346 |
|
(a) |
Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income. |
ИСТОЧНИК Marathon Petroleum Corporation
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