MARATHON PETROLEUM CORP, 10-Q filed on 5/4/2015
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2015
Apr. 30, 2015
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Mar. 31, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus (Q1,Q2,Q3,FY)
Q1 
 
Trading Symbol
MPC 
 
Entity Registrant Name
Marathon Petroleum Corp 
 
Entity Central Index Key
0001510295 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
271,637,136 
Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues and other income:
 
 
Sales and other operating revenues (including consumer excise taxes)
$ 17,191 
$ 23,285 
Income from equity method investments
15 
35 
Net gain on disposal of assets
5 
1 
Other income
29 
24 
Total revenues and other income
17,240 
23,345 
Costs and expenses:
 
 
Cost of revenues (excludes items below)
13,044 
20,540 
Purchases from related parties
76 
159 
Consumer excise taxes
1,832 
1,515 
Depreciation and amortization
363 
320 
Selling, general and administrative expenses
358 
346 
Other taxes
97 
104 
Total costs and expenses
15,770 
22,984 
Income from operations
1,470 
361 
Net interest and other financial income (costs)
(81)
(46)
Income before income taxes
1,389 
315 
Provision for income taxes
486 
108 
Net income
903 
207 
Less net income attributable to noncontrolling interests
12 
8 
Net income attributable to MPC
$ 891 
$ 199 
Basic:
 
 
Net income attributable to MPC per share
$ 3.26 
$ 0.68 
Weighted average shares outstanding (in shares)
273 
293 
Diluted:
 
 
Net income attributable to MPC per share
$ 3.24 
$ 0.67 
Weighted average shares outstanding (in shares)
275 
295 
Dividends paid (in USD per share)
$ 0.50 
$ 0.42 
Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
Net income
$ 903 
$ 207 
Defined benefit postretirement and post-employment plans:
 
 
Actuarial changes, net of tax of $5 and $4
8 
7 
Prior service costs, net of tax of ($5) and ($5)
(8)
(8)
Other comprehensive income (loss)
0 
(1)
Comprehensive income
903 
206 
Less comprehensive income attributable to noncontrolling interests
12 
8 
Comprehensive income attributable to MPC
$ 891 
$ 198 
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
Actuarial changes, tax
$ 5 
$ 4 
Prior service costs, tax
$ (5)
$ (5)
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Current assets:
 
 
Cash and cash equivalents
$ 2,078 
$ 1,494 
Receivables, less allowance for doubtful accounts of $12 and $13
3,364 
4,058 
Inventories
5,437 
5,642 
Other current assets
174 
145 
Total current assets
11,053 
11,339 
Equity method investments
902 
865 
Property, plant and equipment, net
16,241 
16,261 
Goodwill
1,566 
1,566 
Other noncurrent assets
420 
429 
Total assets
30,182 
30,460 
Current liabilities:
 
 
Accounts payable
5,387 
6,661 
Payroll and benefits payable
474 
427 
Consumer excise taxes payable
455 
463 
Accrued taxes
933 
647 
Long-term debt due within one year
776 
27 
Other current liabilities
321 
354 
Total current liabilities
8,346 
8,579 
Long-term debt
5,967 
6,610 
Deferred income taxes
2,019 
2,014 
Defined benefit postretirement plan obligations
1,123 
1,099 
Deferred credits and other liabilities
747 
768 
Total liabilities
18,202 
19,070 
Commitments and contingencies (see Note 21)
   
   
MPC stockholders’ equity:
 
 
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)
0 
0 
Common stock:
 
 
Issued – 364 million and 363 million shares (par value $0.01 per share, 1 billion shares authorized)
4 
4 
Held in treasury, at cost – 92 million and 89 million shares
(6,512)
(6,299)
Additional paid-in capital
9,890 
9,844 
Retained earnings
8,269 
7,515 
Accumulated other comprehensive loss
(313)
(313)
Total MPC stockholders’ equity
11,338 
10,751 
Noncontrolling interests
642 
639 
Total equity
11,980 
11,390 
Total liabilities and equity
$ 30,182 
$ 30,460 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Allowance for doubtful accounts
$ 12 
$ 13 
Preferred stock:
 
 
Shares issued
0 
0 
Shares outstanding
0 
0 
Par value
$ 0.01 
 
Shares authorized
30,000,000 
 
Common stock:
 
 
Shares issued
364,000,000 
363,000,000 
Par value
$ 0.01 
 
Shares authorized
1,000,000,000 
 
Treasury stock
(92,000,000)
(89,000,000)
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Operating activities:
 
 
Net income
$ 903 
$ 207 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
363 
320 
Pension and other postretirement benefits, net
26 
82 
Deferred income taxes
(2)
(14)
Net gain on disposal of assets
(5)
(1)
Equity method investments, net
2 
6 
Changes in the fair value of derivative instruments
(12)
(25)
Changes in:
 
 
Current receivables
691 
139 
Inventories
205 
(1,000)
Current accounts payable and accrued liabilities
(939)
1,011 
All other, net
(42)
41 
Net cash provided by operating activities
1,190 
766 
Investing activities:
 
 
Additions to property, plant and equipment
(389)
(267)
Disposal of assets
11 
2 
Investments – acquisitions, loans and contributions
(42)
(123)
Investments - redemptions, repayments and return of capital
1 
0 
All other, net
31 
28 
Net cash used in investing activities
(388)
(360)
Financing activities:
 
 
Long-term debt – borrowings
528 
270 
Long-term debt – repayments
(421)
(6)
Debt issuance costs
(4)
0 
Issuance of common stock
21 
13 
Common stock repurchased
(209)
(689)
Dividends paid
(136)
(123)
Distributions to noncontrolling interests
(9)
(6)
All other, net
12 
9 
Net cash used in financing activities
(218)
(532)
Net increase (decrease) in cash and cash equivalents
584 
(126)
Cash and cash equivalents at beginning of period
1,494 
2,292 
Cash and cash equivalents at end of period
$ 2,078 
$ 2,166 
Consolidated Statements of Equity (USD $)
In Millions, unless otherwise specified
Total
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Beginning balance at Dec. 31, 2013
$ 11,332 
$ 4 
$ (4,155)
$ 9,768 
$ 5,507 
$ (204)
$ 412 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Net income
207 
 
 
 
199 
 
8 
Dividends declared
(124)
 
 
 
(124)
 
 
Distributions to noncontrolling interests
(6)
 
 
 
 
 
(6)
Other comprehensive income
(1)
 
 
 
 
(1)
 
Shares repurchased
(689)
 
(689)
0 
 
 
 
Shares returned - stock based compensation
 
 
(5)
 
 
 
 
Shares issued - stock based compensation
 
 
 
14 
 
 
 
Net shares issued - stock based compensation
9 
 
 
 
 
 
 
Stock-based compensation
21 
 
 
21 
 
 
0 
Other
(9)
 
 
 
9 
 
 
Ending balance at Mar. 31, 2014
10,758 
4 
(4,849)
9,803 
5,591 
(205)
414 
Beginning balance at Dec. 31, 2014
11,390 
4 
(6,299)
9,844 
7,515 
(313)
639 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Net income
903 
 
 
 
891 
 
12 
Dividends declared
(137)
 
 
 
(137)
 
 
Distributions to noncontrolling interests
(9)
 
 
 
 
 
(9)
Other comprehensive income
0 
 
 
 
 
 
 
Shares repurchased
(209)
 
(209)
0 
 
 
 
Shares returned - stock based compensation
 
 
(4)
 
 
 
 
Shares issued - stock based compensation
 
 
 
21 
 
 
 
Net shares issued - stock based compensation
17 
 
 
 
 
 
 
Stock-based compensation
25 
 
 
25 
 
 
0 
Ending balance at Mar. 31, 2015
$ 11,980 
$ 4 
$ (6,512)
$ 9,890 
$ 8,269 
$ (313)
$ 642 
Consolidated Statement of Equity - Shares
Total
Common Stock
Treasury Stock
Number of shares held in treasury (beginning balance) at Dec. 31, 2013
 
 
(65,000,000)
Number of common shares issued (beginning balance) at Dec. 31, 2013
 
362,000,000 
 
Number of shares issued - stock-based compensation
 
1,000,000 
 
Number of shares repurchased
(8,000,000)
 
(8,000,000)
Number of shares held in treasury (ending balance) at Mar. 31, 2014
 
 
(73,000,000)
Number of common shares issued (ending balance) at Mar. 31, 2014
 
363,000,000 
 
Number of shares held in treasury (beginning balance) at Dec. 31, 2014
(89,000,000)
 
(89,000,000)
Number of common shares issued (beginning balance) at Dec. 31, 2014
363,000,000 
363,000,000 
 
Number of shares issued - stock-based compensation
 
1,000,000 
 
Number of shares repurchased
(2,000,000)
 
(3,000,000)
Number of shares held in treasury (ending balance) at Mar. 31, 2015
(92,000,000)
 
(92,000,000)
Number of common shares issued (ending balance) at Mar. 31, 2015
364,000,000 
364,000,000 
 
Description of the Business and Basis of Presentation
Description of the Business and Basis of Presentation
Description of the Business and Basis of Presentation
Description of the Business—Our business consists of refining and marketing, retail marketing and pipeline transportation operations conducted primarily in the Midwest, Gulf Coast, East Coast and Southeast regions of the United States, through subsidiaries, including Marathon Petroleum Company LP, Speedway LLC and its subsidiaries (“Speedway”) and MPLX LP and its subsidiaries (“MPLX”).
See Note 9 for additional information about our operations.
Basis of Presentation—All significant intercompany transactions and accounts have been eliminated.
These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the Securities and Exchange Commission applicable to interim period financial statements and do not include all of the information and disclosures required by United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements.
These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year.
Accounting Standards
Accounting Standards
Accounting Standards
Recently Adopted
In June 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for the elimination of the concept of development stage entity (“DSE”) from U.S. GAAP and removes the related incremental reporting. The standards update eliminates the additional financial statement requirements specific to a DSE and was adopted in the first quarter of 2015. In addition, the portion to amend the consolidation model that eliminates the special provisions in the variable interest entity ("VIE") rules for assessing the sufficiency of the equity of a DSE is effective in the first quarter of 2016. Adoption of this standard update in the first quarter of 2015 and 2016 has not and is not expected to have an impact on our consolidated results of operations, financial position or cash flows.
In April 2014, the FASB issued an accounting standards update that redefines the criteria for determining discontinued operations and introduces new disclosures related to these disposals. The updated definition of a discontinued operation is the disposal of a component (or components) of an entity or the classification of a component (or components) of an entity as held for sale that represents a strategic shift for an entity and has (or will have) a major impact on an entity’s operations and financial results. The standard requires disclosure of additional financial information for discontinued operations and individually material components not qualifying for discontinued operation presentation, as well as information regarding an entity’s continuing involvement with the discontinued operation. The accounting standards update was effective prospectively for annual periods beginning on or after December 15, 2014, and interim periods within those years. Adoption of this standards update in the first quarter of 2015 did not have an impact on our consolidated results of operations, financial position or cash flows.
Not Yet Adopted
In April 2015, the FASB issued an accounting standards update clarifying whether a customer should account for a cloud computing arrangement as an acquisition of a software license or as a service arrangement by providing characteristics that a cloud computing arrangement must have in order to be accounted for as a software license acquisition. The change is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. Retrospective or prospective application is allowed and early adoption is permitted. Adoption of this standard is not expected to have a material impact on our consolidated results of operations, financial position or cash flows.
In April 2015, the FASB issued an update to simplify the presentation of debt issuance costs. The update requires that all debt issue costs be presented on the balance sheet as a direct reduction of the liability. The change is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. Retrospective application is required and early adoption is permitted. Adoption of this standard is not expected to have a material impact on our consolidated results of operations, financial position or cash flows.
In February 2015, the FASB issued an accounting standards update making targeted changes to the current consolidation guidance. The new standard changes the way certain decisions are made related to substantive rights, related parties, and decision making fees when applying the VIE consolidation model and eliminates certain guidance for limited partnerships and similar entities under the voting interest consolidation model. The update is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. Early adoption is permitted. At this point, we have not determined the impact of the new standards update on our consolidated financial statements and related disclosures. 
In August 2014, the FASB issued an accounting standards update requiring management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Management will be required to assess if there is substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Disclosures will be required if conditions give rise to substantial doubt and the type of disclosure will be determined based on whether management’s plans will be able to alleviate the substantial doubt. The accounting standards update will be effective for the first annual period ending after December 15, 2016, and for annual periods and interim periods thereafter with early application permitted.
In May 2014, the FASB issued an accounting standards update for revenue recognition that is aligned with the International Accounting Standards Board’s revenue recognition standard issued on the same day. The guidance in the update states that revenue is recognized when a customer obtains control of a good or service. Recognition of the revenue will involve a multiple step approach including identifying the contract, identifying the separate performance obligations, determining the transaction price, allocating the price to the performance obligations and then recognizing the revenue as the obligations are satisfied. Additional disclosures will be required to provide adequate information to understand the nature, amount, timing and uncertainty of reported revenues and revenues expected to be recognized. The accounting standards update will be effective on a retrospective or modified retrospective basis for annual reporting periods beginning after December 15, 2016, and interim periods within those years, with no early adoption permitted. At this point, we have not determined the impact of the new standard on our consolidated financial statements.
MPLX LP
MPLX LP
MPLX LP
MPLX is a publicly traded master limited partnership that was formed by us to own, operate, develop and acquire pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon-based products.
As of March 31, 2015, we owned a 71.5 percent interest in MPLX, including the two percent general partner interest. We consolidate this entity for financial reporting purposes since we have a controlling financial interest, and we record a noncontrolling interest for the interest owned by the public.
On March 1, 2014, we sold MPLX a 13 percent interest in MPLX Pipe Line Holdings LP (“Pipe Line Holdings”) for $310 million. MPLX financed this transaction with $40 million of cash on-hand and $270 million of borrowings on its bank revolving credit facility.
On December 1, 2014, we sold and contributed interests in Pipe Line Holdings totaling 30.5 percent to MPLX for $600 million in cash and 2.9 million MPLX common units valued at $200 million. MPLX financed the cash portion of this transaction with $600 million of borrowings on its bank revolving credit facility.
The sales and contribution of our interests in Pipe Line Holdings to MPLX resulted in a change in our ownership in Pipe Line Holdings, but not a change in control. We accounted for them as transactions between entities under common control and did not record a gain or loss.
On December 8, 2014, MPLX completed a public offering of 3.5 million common units at a price to the public of $66.68 per common unit, for aggregate net proceeds of $221 million. MPLX used the net proceeds from this offering to repay borrowings under its bank revolving credit facility and for general partnership purposes. On December 10, 2014, we exercised our right to maintain our two percent general partner interest in MPLX by purchasing 130 thousand general partner units for $9 million.
On February 12, 2015, MPLX completed a public offering of $500 million aggregate principal amount of four percent unsecured senior notes due February 15, 2025 (the “MPLX Senior Notes”). See Note 16 for more information.
Acquisitions and Investments
Acquisitions and Investments
Acquisitions and Investments
Acquisition of Hess’ Retail Operations and Related Assets
On September 30, 2014, we acquired from Hess Corporation (“Hess”) all of Hess’ retail locations, transport operations and shipper history on various pipelines, including approximately 40,000 barrels per day on Colonial Pipeline for $2.82 billion. We refer to these assets as “Hess’ Retail Operations and Related Assets.” The transaction was funded with a combination of debt and available cash. The transaction provided for an adjustment for working capital, which was finalized for $3 million during the first quarter of 2015, reducing our total consideration. This amount is consistent with the estimate we used in prior periods and therefore, the fair value of the assets acquired and liabilities assumed remain unchanged from year-end 2014.
The purchase price allocation resulted in the recognition of $629 million in goodwill by our Speedway segment. The goodwill primarily relates to the expected benefits of a significantly expanded retail platform that should enable growth in new markets, as well as the potential for higher merchandise sales by utilizing Speedway’s marketing approach at the acquired locations. We also expect strategic benefits from the financial and operational scale we expect to realize across our entire retail network. The goodwill is deductible for tax purposes.
The following unaudited pro forma financial information presents consolidated results assuming Hess’ Retail Operations and Related Assets acquisition occurred on January 1, 2013. The pro forma financial information does not give effect to potential synergies that could result from the acquisition and is not necessarily indicative of the results of future operations.
 
Three Months Ended 
 March 31,
(In millions, except per share data)
2014
Sales and other operating revenues (including consumer excise taxes)
$
26,017

Net income attributable to MPC
182

Net income attributable to MPC per share – basic
$
0.62

Net income attributable to MPC per share – diluted
0.62


The pro forma information includes adjustments to align accounting policies, an adjustment to depreciation expense to reflect the fair value of property, plant and equipment, increased amortization expense related to identifiable intangible assets, additional interest expense related to financing the acquisition, as well as the related income tax effects.
Acquisition of Biodiesel Facility
On April 1, 2014, we purchased a biodiesel facility in Cincinnati, Ohio from Felda Iffco Sdn Bhd, Malaysia for $40 million. The plant currently produces biodiesel, glycerin and other by-products and has a capacity of approximately 60 million gallons per year.
Neither goodwill nor a gain from a bargain purchase was recognized in conjunction with the acquisition.
Assuming the acquisition had been made at the beginning of any period presented, the consolidated pro forma results would not be materially different from reported results.
Investments in Pipeline Companies
In July 2014, we exercised our option to acquire a 35 percent ownership interest in Enbridge Inc.’s Southern Access Extension pipeline (“SAX”) through our investment in Illinois Extension Pipeline Company, LLC (“Illinois Extension Pipeline”). During the three months ended March 31, 2015, we made contributions of $37 million to Illinois Extension Pipeline to fund our portion of the construction costs for the SAX project. We have contributed $157 million since project inception. We account for our ownership interest in Illinois Extension Pipeline as an equity method investment. See Note 21 for information on future contributions to Illinois Extension Pipeline.
In March 2014, we acquired from Chevron Raven Ridge Pipe Line Company an additional seven percent interest in Explorer Pipeline Company (“Explorer”) for $77 million, bringing our ownership interest to 25 percent. As a result of this increase in our ownership, we now account for our investment in Explorer using the equity method of accounting rather than the cost method. The cumulative impact of the change was applied as an adjustment to 2014 retained earnings.
Variable Interest Entity
Variable Interest Entity
Variable Interest Entity
As stated in Note 4, we have a 35 percent ownership interest in Illinois Extension Pipeline through our contributions to the SAX project. Illinois Extension Pipeline Company LLC is considered a VIE because it is a development stage entity and the equity in the entity is not sufficient to fund the current stage of development, which is the construction of the SAX pipeline. Our maximum exposure to loss due to this VIE at March 31, 2015 was $157 million, which equates to our contributions to-date to fund our portion of the construction costs for the project.
We are not the primary beneficiary of this VIE and, therefore, do not consolidate it because we do not have the power to control the activities that significantly influence the economic activities of the entity. The activities that most significantly impact the VIE’s economic performance during the construction phase are the actual construction costs and risks associated with the construction process. Through our vote, we have shared power to direct the construction activities, but do not have the sole ability to control the construction activities.
Related Party Transactions
Related Party Transactions
Related Party Transactions
Our related parties include:
•
Centennial Pipeline LLC (“Centennial”), in which we have a 50 percent noncontrolling interest. Centennial owns a refined products pipeline and storage facility.
•
Explorer, in which we have a 25 percent interest. Explorer owns and operates a refined products pipeline.
•
LOCAP LLC (“LOCAP”), in which we have a 59 percent noncontrolling interest. LOCAP owns and operates a crude oil pipeline.
•
LOOP LLC (“LOOP”), in which we have a 51 percent noncontrolling interest. LOOP owns and operates the only U.S. deepwater oil port.
•
TAAE, in which we have a 43 percent noncontrolling interest, TACE, in which we have a 60 percent noncontrolling interest and TAME, in which we have a 67 percent direct and indirect noncontrolling interest. These companies each own an ethanol production facility.
•
Other equity method investees.
Sales to related parties, which are included in sales and other operating revenues (including consumer excise taxes) on the consolidated statements of income, were $1 million and $2 million for the three months ended March 31, 2015 and 2014, respectively.
Purchases from related parties were as follows:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Centennial
$
—

 
$
9

Explorer
7

 
13

LOCAP
5

 
5

LOOP
13

 
53

TAAE
13

 
16

TACE
16

 
27

TAME
20

 
34

Other equity method investees
2

 
2

Total
$
76

 
$
159


Related party purchases from Centennial consist primarily of refinery feedstocks and refined product transportation costs. Related party purchases from Explorer consist primarily of refined product transportation costs. Related party purchases from LOCAP, LOOP and other equity method investees consist primarily of crude oil transportation costs and crude oil purchases. Related party purchases from TAAE, TACE and TAME consist of ethanol purchases.
Receivables from related parties, which are included in receivables, less allowance for doubtful accounts on the consolidated balance sheets, were as follows:
(In millions)
March 31,
2015
 
December 31,
2014
Centennial
$
—

 
$
2

Explorer
—

 
2

TAME
—

 
3

Other equity method investees
1

 
—

Total
$
1

 
$
7


Payables to related parties, which are included in accounts payable on the consolidated balance sheets, were as follows: 
(In millions)
March 31,
2015
 
December 31,
2014
Explorer
$
3

 
$
3

LOCAP
2

 
2

LOOP
5

 
4

TAAE
1

 
2

TACE
1

 
2

TAME
2

 
5

Total
$
14

 
$
18

Income per Common Share
Income per Common Share
Income per Common Share
We compute basic earnings per share by dividing net income attributable to MPC by the weighted average number of shares of common stock outstanding. Diluted income per share assumes exercise of certain stock-based compensation awards, provided the effect is not anti-dilutive. The number of shares that were anti-dilutive was immaterial in the three months ended March 31, 2015 and 2014.
MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities. Due to the presence of participating securities, we have calculated our earnings per share using the two-class method.
 
Three Months Ended 
 March 31,
(In millions, except per share data)
2015
 
2014
Basic earnings per share:
 
 
 
Allocation of earnings:
 
 
 
Net income attributable to MPC
$
891

 
$
199

Income allocated to participating securities
1

 
—

Income available to common stockholders – basic
$
890

 
$
199

Weighted average common shares outstanding
273

 
293

Basic earnings per share
$
3.26

 
$
0.68

Diluted earnings per share:
 
 
 
Allocation of earnings:
 
 
 
Net income attributable to MPC
$
891

 
$
199

Income allocated to participating securities
1

 
—

Income available to common stockholders – diluted
$
890

 
$
199

Weighted average common shares outstanding
273

 
293

Effect of dilutive securities
2

 
2

Weighted average common shares, including dilutive effect
275

 
295

Diluted earnings per share
$
3.24

 
$
0.67

Equity
Equity
Equity
As of March 31, 2015, our board of directors had approved $8.0 billion in total share repurchase authorizations. Since January 1, 2012, we have repurchased a total of $6.48 billion of our common stock, leaving $1.52 billion available for repurchases. Through March 31, 2015, we have acquired 92 million shares at an average cost per share of $70.95 under these authorizations.
We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be discontinued at any time.
Total share repurchases were as follows for the three months ended March 31, 2015 and 2014:
 
Three Months Ended 
 March 31,
(In millions, except per share data)
2015
 
2014
Number of shares repurchased
2

 
8

Cash paid for shares repurchased
$
209

 
$
689

Effective average cost per delivered share
$
95.03

 
$
87.60


At March 31, 2015, we had agreements to acquire 88,394 common shares for $9 million, which were settled in early April 2015.
Segment Information
Segment Information
Segment Information
We have three reportable segments: Refining & Marketing; Speedway; and Pipeline Transportation. Each of these segments is organized and managed based upon the nature of the products and services it offers.
•
Refining & Marketing – refines crude oil and other feedstocks at our refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that we own or operate. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to our Speedway segment and to independent entrepreneurs who operate Marathon® retail outlets.
•
Speedway – sells transportation fuels and convenience products in retail markets in the Midwest, East Coast and Southeast regions of the United States.
•
Pipeline Transportation – transports crude oil and other feedstocks to our refineries and other locations, delivers refined products to wholesale and retail market areas. This segment includes the aggregated operations of MPLX.

On September 30, 2014, we acquired Hess’ Retail Operations and Related Assets, substantially all of which are part of the Speedway segment. Segment information for the periods prior to the acquisition do not include amounts for these operations. See Note 4.
Segment income represents income from operations attributable to the reportable segments. Corporate administrative expenses and costs related to certain non-operating assets are not allocated to the reportable segments. In addition, certain items that affect comparability (as determined by the chief operating decision maker) are not allocated to the reportable segments.
 
(In millions)
Refining & Marketing
 
Speedway
 
Pipeline Transportation
 
Total
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Customer
$
12,644

 
$
4,531

 
$
16

 
$
17,191

Intersegment(a)
2,733

 
—

 
134

 
2,867

Segment revenues
$
15,377

 
$
4,531

 
$
150

 
$
20,058

Segment income from operations(b)
$
1,316

 
$
168

 
$
67

 
$
1,551

Income from equity method investments
6

 
—

 
9

 
15

Depreciation and amortization(c)
267

 
63

 
20

 
350

Capital expenditures and investments(d)
229

 
45

 
81

 
355

(In millions)
Refining & Marketing
 
Speedway
 
Pipeline Transportation
 
Total
Three Months Ended March 31, 2014
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Customer
$
19,810

 
$
3,458

 
$
17

 
$
23,285

Intersegment(a)
2,233

 
1

 
129

 
2,363

Segment revenues
$
22,043

 
$
3,459

 
$
146

 
$
25,648

Segment income from operations(b)
$
362

 
$
58

 
$
72

 
$
492

Income from equity method investments
24

 
—

 
11

 
35

Depreciation and amortization(c)
261

 
28

 
19

 
308

Capital expenditures and investments(d)
178

 
32

 
130

 
340

(a) 
Management believes intersegment transactions were conducted under terms comparable to those with unaffiliated parties.
(b) 
Corporate overhead expenses attributable to MPLX are included in the Pipeline Transportation segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments.
(c) 
Differences between segment totals and MPC totals represent amounts related to unallocated items and are included in “Items not allocated to segments” in the reconciliation below.
(d) 
Capital expenditures include changes in capital accruals, acquisitions and investments in affiliates.

The following reconciles segment income from operations to income before income taxes as reported in the consolidated statements of income:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Segment income from operations
$
1,551

 
$
492

Items not allocated to segments:
 
 
 
Corporate and other unallocated items(a)(b)
(80
)
 
(67
)
Pension settlement expenses(c)
(1
)
 
(64
)
Net interest and other financial income (costs)
(81
)
 
(46
)
Income before income taxes
$
1,389

 
$
315

(a) 
Corporate and other unallocated items consists primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets.
(b) 
Corporate overhead expenses attributable to MPLX are included in the Pipeline Transportation segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments.
(c) 
See Note 19.
The following reconciles segment capital expenditures and investments to total capital expenditures:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Segment capital expenditures and investments
$
355

 
$
340

Less: Investments in equity method investees
42

 
123

Plus: Items not allocated to segments:
 
 
 
Capital expenditures not allocated to segments
21

 
25

Capitalized interest
8

 
6

Total capital expenditures(a)
$
342

 
$
248

(a) 
Capital expenditures include changes in capital accruals. See Note 17 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows.
Other Items
Other Items
Other Items
Net interest and other financial income (costs) was:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Interest income
$
1

 
$
2

Interest expense
(80
)
 
(49
)
Interest capitalized
8

 
6

Other financial costs
(10
)
 
(5
)
Net interest and other financial income (costs)
$
(81
)
 
$
(46
)
Income Taxes
Income Taxes
Income Taxes
The combined federal, state and foreign income tax rate was 35 percent and 34 percent for the three months ended March 31, 2015 and 2014, respectively. The effective tax rate for the three months ended March 31, 2015 and 2014 is equivalent to or slightly less than the U.S. statutory rate of 35 percent primarily due to certain permanent benefit differences, including the domestic manufacturing deduction, partially offset by state and local tax expense.
We are continuously undergoing examination of our income tax returns, which have been completed for our U.S. federal and state income tax returns through the 2009 and 2003 tax years, respectively. We had $15 million of unrecognized tax benefits as of March 31, 2015. Pursuant to our tax sharing agreement with Marathon Oil, the unrecognized tax benefits related to pre-spinoff operations for which Marathon Oil was the taxpayer remain the responsibility of Marathon Oil and we have indemnified Marathon Oil accordingly. See Note 21 for indemnification information.
Inventories
Inventories
Inventories
(In millions)
March 31,
2015
 
December 31,
2014
Crude oil and refinery feedstocks
$
2,107

 
$
2,219

Refined products
2,862

 
2,955

Materials and supplies
302

 
302

Merchandise
166

 
166

Total (at cost)
$
5,437

 
$
5,642


Inventories are carried at the lower of cost or market value. The cost of inventories of crude oil and refinery feedstocks, refined products and merchandise is determined primarily under the last-in, first-out (“LIFO”) method. During the three months ended March 31, 2015, we recorded LIFO liquidations caused by permanently decreased levels in refined products inventory volumes. Cost of revenues increased and income from operations decreased by approximately $30 million for the three months ended March 31, 2015 as a result of the LIFO liquidations. There were no liquidations of LIFO inventories for the three months ended March 31, 2014.
Property, Plant and Equipment
Property, Plant and Equipment
Property, Plant and Equipment
(In millions)
March 31,
2015
 
December 31,
2014
Refining & Marketing
$
18,225

 
$
18,001

Speedway
4,674

 
4,639

Pipeline Transportation
2,083

 
2,044

Corporate and Other
639

 
618

Total
25,621

 
25,302

Less accumulated depreciation
9,380

 
9,041

Property, plant and equipment, net
$
16,241

 
$
16,261



Included in construction in progress at March 31, 2015 is $136 million of costs associated with a residual fuel hydrocracker project at our Garyville refinery, intended to increase margins by upgrading residual fuel to ultra-low sulfur diesel and gas oil. We are deferring a final investment decision on this project as we further evaluate the implications of current market conditions on the project. If a decision is made to not pursue this project, there could be a future impairment of the costs incurred for the project.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
Fair Values—Recurring
The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables.
 
 
March 31, 2015
 
Fair Value Hierarchy
 
 
 
 
 
 
(In millions)
Level 1
 
Level 2
 
Level 3
 
Netting and Collateral(a)
 
Net Carrying Value on Balance Sheet(b)
 
Collateral Pledged Not Offset
Commodity derivative instruments, assets
$
94

 
$
—

 
$
—

 
$
(66
)
 
$
28

 
$
40

Other assets
2

 
—

 
—

 
 N/A

 
2

 
—

Total assets at fair value
$
96

 
$
—

 
$
—

 
$
(66
)
 
$
30

 
$
40

 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative instruments, liabilities
$
79

 
$
—

 
$
—

 
$
(79
)
 
$
—

 
$
—

Contingent consideration, liability(c)
—

 
—

 
490

 
 N/A

 
490

 
—

Total liabilities at fair value
$
79

 
$
—

 
$
490

 
$
(79
)
 
$
490

 
$
—

 
 
December 31, 2014
 
Fair Value Hierarchy
 
 
 
 
 
 
(In millions)
Level 1
 
Level 2
 
Level 3
 
Netting and Collateral(a)
 
Net Carrying Value on Balance Sheet(b)
 
Collateral Pledged Not Offset
Commodity derivative instruments, assets
$
317

 
$
—

 
$
—

 
$
(258
)
 
$
59

 
$
—

Other assets
2

 
—

 
—

 
 N/A

 
2

 
—

Total assets at fair value
$
319

 
$
—

 
$
—

 
$
(258
)
 
$
61

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative instruments, liabilities
$
180

 
$
—

 
$
—

 
$
(180
)
 
$
—

 
$
—

Contingent consideration, liability(c)
—

 
—

 
478

 
 N/A

 
478

 
—

Total liabilities at fair value
$
180

 
$
—

 
$
478

 
$
(180
)
 
$
478

 
$
—

(a) 
Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of March 31, 2015, cash collateral of $13 million was netted with the mark-to-market derivative liabilities. As of December 31, 2014, $78 million was netted with mark-to-market derivative assets.
(b) 
We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
(c) 
Includes $189 million and $174 million classified as current at March 31, 2015 and December 31, 2014, respectively.
Commodity derivatives in Level 1 are exchange-traded contracts for crude oil and refined products measured at fair value with a market approach using the close-of-day settlement prices for the market. Commodity derivatives are covered under master netting agreements with an unconditional right to offset. Collateral deposits in futures commission merchant accounts covered by master netting agreements related to Level 1 commodity derivatives are classified as Level 1 in the fair value hierarchy.
The contingent consideration represents the fair value as of March 31, 2015 and December 31, 2014 of the amount we expect to pay to BP related to the earnout provision associated with our 2013 acquisition of BP’s refinery in Texas City, Texas and related logistics and marketing assets. We refer to these assets as the “Galveston Bay Refinery and Related Assets.” The fair value of the contingent consideration was estimated using an income approach and is therefore a Level 3 liability. The amount of cash to be paid under the arrangement is based on both a market-based crack spread and refinery throughput volumes for the months during which the earnout applies, as well as established thresholds that cap the annual and total payment. The earnout payment cannot exceed $200 million per year for the first three years of the arrangement or $250 million per year for the last three years of the arrangement, with the total cumulative payment capped at $700 million over the six-year period commencing in 2014. Any excess or shortfall from the annual cap for a current year’s earnout calculation will not affect subsequent years’ calculations. The fair value calculation used significant unobservable inputs, including: (1) an estimate of monthly refinery throughput volumes; (2) a range of internal and external monthly crack spread forecasts from $9 to $18 per barrel; and (3) a range of risk-adjusted discount rates from five percent to 10 percent. An increase or decrease in crack spread forecasts or refinery throughput volume expectations may result in a corresponding increase or decrease in the fair value. Increases to the fair value as a result of increasing forecasts for both of these unobservable inputs, however, are limited as the earnout payment is subject to annual caps. An increase or decrease in the discount rate may result in a decrease or increase to the fair value, respectively. The fair value of the contingent consideration is reassessed each quarter, with changes in fair value recorded in cost of revenues.
In 2015, we expect to pay BP approximately $189 million for the second year’s contingent earnout. We paid BP $180 million in the third quarter of 2014 for the first year’s contingent earnout.
The following is a reconciliation of the beginning and ending balances recorded for liabilities classified as Level 3 in the fair value hierarchy.
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Beginning balance
$
478

 
$
625

Unrealized and realized losses included in net income
12

 
14

Ending balance
$
490

 
$
639


We did not hold any Level 3 derivative instruments during the three months ended March 31, 2015 and 2014. See Note 15 for the income statement impacts of our derivative instruments.

Fair Values – Reported
The following table summarizes financial instruments on the basis of their nature, characteristics and risk at March 31, 2015 and December 31, 2014, excluding the derivative financial instruments and contingent consideration reported above.
 
March 31, 2015
 
December 31, 2014
(In millions)
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Financial assets:
 
 
 
 
 
 
 
Investments
$
27

 
$
2

 
$
26

 
$
2

Other
31

 
30

 
32

 
32

Total financial assets
$
58

 
$
32

 
$
58

 
$
34

Financial liabilities:
 
 
 
 
 
 
 
Long-term debt(a)
$
6,843

 
$
6,377

 
$
6,571

 
$
6,265

Deferred credits and other liabilities
20

 
20

 
17

 
17

Total financial liabilities
$
6,863

 
$
6,397

 
$
6,588

 
$
6,282

(a) 
Excludes capital leases, however, includes amount classified as short-term debt.
Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payables. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments, (2) our investment-grade credit rating and (3) our historical incurrence of and expected future insignificance of bad debt expense, which includes an evaluation of counterparty credit risk.
Fair values of our financial assets included in investments and other financial assets and of our financial liabilities included in deferred credits and other liabilities are measured primarily using an income approach and most inputs are internally generated, which results in a Level 3 classification. Estimated future cash flows are discounted using a rate deemed appropriate to obtain the fair value. Other financial assets primarily consist of environmental remediation receivables. Deferred credits and other liabilities primarily consist of insurance liabilities and environmental remediation liabilities.
Fair value of fixed-rate long-term debt is measured using a market approach, based upon the average of quotes from major financial institutions and a third-party service for our debt. Because these quotes cannot be independently verified to the market, they are considered Level 3 inputs. Fair value of variable-rate long-term debt approximates the carrying value.
Derivatives
Derivatives
Derivatives
For further information regarding the fair value measurement of derivative instruments, including any effect of master netting agreements or collateral, see Note 14. We do not designate any of our commodity derivative instruments as hedges for accounting purposes.
Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of foreign-sourced crude oil and (4) the acquisition of ethanol for blending with refined products.
The following table presents the gross fair values of derivative instruments, excluding cash collateral, and where they appear on the consolidated balance sheets as of March 31, 2015 and December 31, 2014:
 
March 31, 2015
 
 
(In millions)
Asset
 
Liability
 
Balance Sheet Location
Commodity derivatives
$
94

 
$
79

 
Other current assets
 
 
 
 
 
 
 
December 31, 2014
 
 
(In millions)
Asset
 
Liability
 
Balance Sheet Location
Commodity derivatives
$
317

 
$
180

 
Other current assets

The table below summarizes open commodity derivative contracts as of March 31, 2015.
 
Position
 
Total Barrels (In thousands)
Crude oil(a)
 
 
 
Exchange-traded
Long
 
11,454

Exchange-traded
Short
 
(23,733
)
Refined Products(b)
 
 
 
Exchange-traded
Long
 
3,378

Exchange-traded
Short
 
(2,402
)
(a) 
96 percent of these contracts expire in the second quarter of 2015.
(b) 
100 percent of these contracts expire in the second quarter of 2015.

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
 
Gain (Loss)
(In millions)
Three Months Ended March 31,
Income Statement Location
2015
 
2014
Sales and other operating revenues
$
14

 
$
10

Cost of revenues
45

 
(61
)
Total
$
59

 
$
(51
)
Debt
Debt
Debt
Our outstanding borrowings at March 31, 2015 and December 31, 2014 consisted of the following:
(In millions)
March 31,
2015
 
December 31,
2014
Marathon Petroleum Corporation:
 
 
 
Revolving credit agreement due 2017
$
—

 
$
—

Term loan agreement due 2019
700

 
700

3.500% senior notes due March 1, 2016
750

 
750

5.125% senior notes due March 1, 2021
1,000

 
1,000

3.625% senior notes due September 15, 2024
750

 
750

6.500% senior notes due March 1, 2041
1,250

 
1,250

4.750% senior notes due September 15, 2044
800

 
800

5.000% senior notes due September 15, 2054
400

 
400

Consolidated subsidiaries:
 
 
 
Capital lease obligations due 2015-2028
366

 
372

MPLX bank revolving credit facility due 2019
—

 
385

MPLX term loan facility due 2019
250

 
250

MPLX 4.000% senior notes due February 15, 2025
500

 
—

Trade receivables securitization facility due 2016
—

 
—

Total
6,766

 
6,657

Unamortized discount
(28
)
 
(26
)
Fair value adjustments(a)
5

 
6

Amounts due within one year
(776
)
 
(27
)
Total long-term debt due after one year
$
5,967

 
$
6,610

(a) 
The $20 million gain on the termination of our interest rate swap agreements in 2012 is being amortized over the remaining life of the 3.50 percent senior notes.
MPLX Senior Notes – On February 12, 2015, MPLX completed a public offering of $500 million aggregate principal amount of MPLX Senior Notes, the net proceeds of which were approximately $495 million, after deducting underwriting discounts. The net proceeds of this offering were used to repay the amounts outstanding under the MPLX revolving credit agreement (the “MPLX Credit Agreement”), as well as for general partnership purposes. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2015.
There were no borrowings or letters of credit outstanding under the MPC revolving credit facility or the trade receivables securitization facility at March 31, 2015. As of March 31, 2015, eligible trade receivables supported available borrowings of $978 million under the $1.3 billion trade receivables facility. During the three months ended March 31, 2015, MPLX borrowed $30 million under the MPLX Credit Agreement at an average interest rate of 1.5 percent, per annum, and repaid $415 million of these borrowings. At March 31, 2015, MPLX had no borrowings and no letters of credit outstanding under the MPLX Credit Agreement, resulting in total unused loan availability of $1 billion, or 100 percent of the borrowing capacity.
Supplemental Cash Flow Information
Supplemental Cash Flow Information
Supplemental Cash Flow Information
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Net cash provided by operating activities included:
 
 
 
Interest paid (net of amounts capitalized)
$
128

 
$
80

Net income taxes paid to taxing authorities
160

 
5



The consolidated statements of cash flows exclude changes to the consolidated balance sheets that did not affect cash. The following is a reconciliation of additions to property, plant and equipment to total capital expenditures:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Additions to property, plant and equipment
$
389

 
$
267

Decrease in capital accruals
(47
)
 
(19
)
Total capital expenditures
$
342

 
$
248

Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
The following table shows the changes in accumulated other comprehensive loss by component. Amounts in parentheses indicate debits.
(In millions)
Pension Benefits
 
Other Benefits
 
Gain on Cash Flow Hedge
 
Workers Compensation
 
Total
Balance as of December 31, 2013
$
(161
)
 
$
(50
)
 
$
4

 
$
3

 
$
(204
)
Other comprehensive income (loss) before reclassifications
(43
)
 
1

 
—

 
—

 
(42
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 
 
 
 
Amortization – prior service credit(a)
(12
)
 
(1
)
 
—

 
—

 
(13
)
   – actuarial loss(a)
13

 
1

 
—

 
—

 
14

   – settlement loss(a)
64

 
—

 
—

 
—

 
64

Tax effect
(24
)
 
—

 
—

 
—

 
(24
)
Other comprehensive income (loss)
(2
)
 
1

 
—

 
—

 
(1
)
Balance as of March 31, 2014
$
(163
)
 
$
(49
)
 
$
4

 
$
3

 
$
(205
)
(In millions)
Pension Benefits
 
Other Benefits
 
Gain on Cash Flow Hedge
 
Workers Compensation
 
Total
Balance as of December 31, 2014
$
(217
)
 
$
(104
)
 
$
4

 
$
4

 
$
(313
)
Other comprehensive loss before reclassifications
(1
)
 
(1
)
 
—

 
—

 
(2
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 
 
 
 
Amortization – prior service credit(a)
(12
)
 
(1
)
 
—

 
—

 
(13
)
   – actuarial loss(a)
13

 
3

 
—

 
—

 
16

   – settlement loss(a)
1

 
—

 
—

 
—

 
1

Tax effect
(1
)
 
(1
)
 
—

 
—

 
(2
)
Other comprehensive income (loss)
—

 
—

 
—

 
—

 
—

Balance as of March 31, 2015
$
(217
)
 
$
(104
)
 
$
4

 
$
4

 
$
(313
)
(a) 
These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 19.
Defined Benefit Pension and Other Postretirement Plans
Defined Benefit Pension and Other Postretirement Plans
Defined Benefit Pension and Other Postretirement Plans
The following summarizes the components of net periodic benefit costs:
 
Three Months Ended March 31,
 
Pension Benefits
 
Other Benefits
(In millions)
2015
 
2014
 
2015
 
2014
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
23

 
$
23

 
$
8

 
$
7

Interest cost
18

 
20

 
8

 
8

Expected return on plan assets
(26
)
 
(28
)
 
—

 
—

Amortization – prior service credit
(12
)
 
(12
)
 
(1
)
 
(1
)
                      – actuarial loss
13

 
13

 
3

 
1

                      – settlement loss
1

 
64

 
—

 
—

Net periodic benefit cost
$
17

 
$
80

 
$
18

 
$
15


 
During the three months ended March 31, 2015, we made no contributions to our funded pension plans. We have no required funding for 2015, but may make voluntary contributions at our discretion. Current benefit payments related to unfunded pension and other postretirement benefit plans were $4 million and $5 million, respectively, during the three months ended March 31, 2015.
During the three months ended March 31, 2015 and 2014, we determined that lump sum payments to employees retiring in the respective years will exceed the plans’ total service and interest costs for the year. Settlement losses are required to be recorded when lump sum payments exceed total service and interest costs. As a result, during the three months ended March 31, 2015 and 2014, we recorded pension settlement expenses of $1 million and $64 million related to our lump sum payments made during the first three months of 2015 and 2014, respectively.
Stock-Based Compensation Plans
Stock-Based Compensation Plans
Stock-Based Compensation Plans
Stock Option Awards
The following table presents a summary of our stock option award activity for the three months ended March 31, 2015:
 
  Number of Shares
 
Weighted Average Exercise Price
Outstanding at December 31, 2014
4,751,438

 
$
45.47

Granted
354,001

 
101.78

Exercised
(577,831
)
 
36.13

Forfeited, canceled or expired
(24,383
)
 
79.69

Outstanding at March 31, 2015
4,503,225

 
50.91


The grant date fair value of stock option awards granted during the three months ended March 31, 2015 was $27.00 per share. The fair value of stock options granted to our employees is estimated on the date of the grant using the Black Scholes option-pricing model, which employs various assumptions.

Restricted Stock Awards
The following table presents a summary of restricted stock award activity for the three months ended March 31, 2015:
 
Shares of Restricted Stock (“RS”)
 
Restricted Stock Units (“RSU”)
 
Number of Shares
 
Weighted Average Grant Date Fair Value
 
Number of Units
 
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014
515,073

 
$
77.23

 
411,093

 
$
37.30

Granted
47,969

 
101.57

 
6,204

 
93.19

RS’s Vested/RSU’s Issued
(68,011
)
 
63.45

 
—

 
—

Forfeited
(15,374
)
 
77.07

 
(425
)
 
89.54

Outstanding at March 31, 2015
479,657

 
81.63

 
416,872

 
38.08


Performance Unit Awards
The following table presents a summary of the activity for performance unit awards to be settled in shares for the three months ended March 31, 2015:
 
Number of Units
 
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014
5,791,825

 
$
0.88

Granted
2,389,450

 
0.95

Settled
(2,035,833
)
 
0.85

Outstanding at March 31, 2015
6,145,442

 
0.92


The performance unit awards granted during the three months ended March 31, 2015 have a grant date fair value of $0.95 per unit, as calculated using a Monte Carlo valuation model.
MPLX Awards
During the three months ended March 31, 2015, MPLX granted equity-based compensation awards under the MPLX LP 2012 Incentive Compensation Plan. The compensation expense for these awards is not material to our consolidated financial statements.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
We are the subject of, or a party to, a number of pending or threatened legal actions, contingencies and commitments involving a variety of matters, including laws and regulations relating to the environment. Some of these matters are discussed below. For matters for which we have not recorded an accrued liability, we are unable to estimate a range of possible loss because the issues involved have not been fully developed through pleadings and discovery. However, the ultimate resolution of some of these contingencies could, individually or in the aggregate, be material.
Environmental matters—We are subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites and certain other locations including presently or formerly owned or operated retail marketing sites. Penalties may be imposed for noncompliance.
At March 31, 2015 and December 31, 2014, accrued liabilities for remediation totaled $177 million and $185 million, respectively. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties if any that may be imposed. Receivables for recoverable costs from certain states, under programs to assist companies in clean-up efforts related to underground storage tanks at presently or formerly owned or operated retail marketing sites, was $66 million and $67 million at March 31, 2015 and December 31, 2014, respectively.
We are involved in a number of environmental enforcement matters arising in the ordinary course of business. While the outcome and impact on us cannot be predicted with certainty, management believes the resolution of these environmental matters will not, individually or collectively, have a material adverse effect on our consolidated results of operations, financial position or cash flows.
Lawsuits—In May 2007, the Kentucky attorney general filed a lawsuit against us and Marathon Oil in state court in Franklin County, Kentucky for alleged violations of Kentucky’s emergency pricing and consumer protection laws following Hurricanes Katrina and Rita in 2005. The lawsuit alleges that we overcharged customers by $89 million during September and October 2005. The complaint seeks disgorgement of these sums, as well as penalties, under Kentucky’s emergency pricing and consumer protection laws. We are vigorously defending this litigation. We believe that this is the first lawsuit for damages and injunctive relief under the Kentucky emergency pricing laws to progress this far and it contains many novel issues. In May 2011, the Kentucky attorney general amended his complaint to include a request for immediate injunctive relief as well as unspecified damages and penalties related to our wholesale gasoline pricing in April and May 2011 under statewide price controls that were activated by the Kentucky governor on April 26, 2011 and which have since expired. The court denied the attorney general’s request for immediate injunctive relief, and the remainder of the 2011 claims likely will be resolved along with those dating from 2005. If the lawsuit is resolved unfavorably in its entirety, it could materially impact our consolidated results of operations, financial position or cash flows. However, management does not believe the ultimate resolution of this litigation will have a material adverse effect.
We are a defendant in a number of other lawsuits and other proceedings arising in the ordinary course of business. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe that the resolution of these other lawsuits and proceedings will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.
Guarantees—We have provided certain guarantees, direct and indirect, of the indebtedness of other companies. Under the terms of most of these guarantee arrangements, we would be required to perform should the guaranteed party fail to fulfill its obligations under the specified arrangements. In addition to these financial guarantees, we also have various performance guarantees related to specific agreements.
Guarantees related to indebtedness of equity method investees—We hold interests in an offshore oil port, LOOP, and a crude oil pipeline system, LOCAP. Both LOOP and LOCAP have secured various project financings with throughput and deficiency agreements. Under the agreements, we are required to advance funds if the investees are unable to service their debt. Any such advances are considered prepayments of future transportation charges. The duration of the agreements vary but tend to follow the terms of the underlying debt, which extend through 2037. Our maximum potential undiscounted payments under these agreements for the debt principal totaled $172 million as of March 31, 2015.
We hold an interest in a refined products pipeline through our investment in Centennial, and have guaranteed our portion of the payment of Centennial’s principal, interest and prepayment costs, if applicable, under a Master Shelf Agreement, which is scheduled to expire in 2024. The guarantee arose in order for Centennial to obtain adequate financing. Our maximum potential undiscounted payments under this agreement for debt principal totaled $37 million as of March 31, 2015.
Marathon Oil indemnifications—In conjunction with our spinoff from Marathon Oil, we have entered into arrangements with Marathon Oil providing indemnities and guarantees with recorded values of $2 million as of March 31, 2015, which consist of unrecognized tax benefits related to MPC, its consolidated subsidiaries and the refining, marketing and transportation business operations prior to our spinoff which are not already reflected in the unrecognized tax benefits described in Note 11, and other contingent liabilities Marathon Oil may incur related to taxes. Furthermore, the separation and distribution agreement and other agreements with Marathon Oil to effect our spinoff provide for cross-indemnities between Marathon Oil and us. In general, Marathon Oil is required to indemnify us for any liabilities relating to Marathon Oil’s historical oil and gas exploration and production operations, oil sands mining operations and integrated gas operations, and we are required to indemnify Marathon Oil for any liabilities relating to Marathon Oil’s historical refining, marketing and transportation operations. The terms of these indemnifications are indefinite and the amounts are not capped.

Other guarantees—We have entered into other guarantees with maximum potential undiscounted payments totaling $82 million as of March 31, 2015, which primarily consist of a commitment to contribute cash to an equity method investee for certain catastrophic events, up to $50 million per event, in lieu of procuring insurance coverage and leases of assets containing general lease indemnities and guaranteed residual values.
General guarantees associated with dispositions – Over the years, we have sold various assets in the normal course of our business. Certain of the related agreements contain performance and general guarantees, including guarantees regarding inaccuracies in representations, warranties, covenants and agreements, and environmental and general indemnifications that require us to perform upon the occurrence of a triggering event or condition. These guarantees and indemnifications are part of the normal course of selling assets. We are typically not able to calculate the maximum potential amount of future payments that could be made under such contractual provisions because of the variability inherent in the guarantees and indemnities. Most often, the nature of the guarantees and indemnities is such that there is no appropriate method for quantifying the exposure because the underlying triggering event has little or no past experience upon which a reasonable prediction of the outcome can be based.
Contractual commitments—At March 31, 2015, our contractual commitments to acquire property, plant and equipment and advance funds to equity method investees totaled $2.0 billion, which includes $520 million of contingent consideration associated with the acquisition of the Galveston Bay Refinery and Related Assets, $703 million for contributions to North Dakota Pipeline Company LLC and $148 million for contributions to Illinois Extension Pipeline. See Note 4 for additional information on our investments in the SAX project. See Note 14 for additional information on the contingent consideration.
Subsequent Events
Subsequent Events
Subsequent Events

On April 29, 2015, our board of directors authorized the sale of its marine business to MPLX. Subject to the approval of the MPLX board of directors, the negotiation of a definitive agreement and the satisfaction of customary closing conditions, the transaction is expected to close in the next several months. Upon completion, we will account for this sale as a transaction between entities under common control and will not record a gain or loss.
On April 29, 2015, our Board of Directors approved a two-for-one stock split in the form of a stock dividend, which will be distributed on June 10, 2015 to shareholders of record at the close of business on May 20, 2015. The total number of authorized shares of common stock and common stock par value per share remain unchanged. The stock split will require retroactive restatement of all historical share and per share data beginning in the second quarter ending June 30, 2015. All share and per share data information included in this report are presented on a pre-split basis. The pro forma basic earnings per share on a post-split basis were $1.63 and $0.34 for the three months ended March 31, 2015 and March 31, 2014, respectively, and diluted earnings per share were $1.62 and $0.34 for the same time periods. The stock is expected to trade on a split-adjusted basis beginning June 11, 2015.
Supplementary Statistics
Supplementary Statistics
Supplementary Statistics (Unaudited)
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Income from Operations by segment
 
 
 
Refining & Marketing
$
1,316

 
$
362

Speedway
168

 
58

Pipeline Transportation(a)
67

 
72

Items not allocated to segments:
 
 
 
  Corporate and other unallocated items(a)
(80
)
 
(67
)
  Pension settlement expenses
(1
)
 
(64
)
Income from operations
$
1,470

 
$
361

Capital Expenditures and Investments(b)
 
 
 
Refining & Marketing
$
229

 
$
178

Speedway
45

 
32

Pipeline Transportation
81

 
130

Corporate and Other(c)
29

 
31

Total
$
384

 
$
371

(a) 
Corporate overhead expenses attributable to MPLX are included in the Pipeline Transportation segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments.
(b) 
Capital expenditures include changes in capital accruals, acquisitions and investments in affiliates.
(c) 
Includes capitalized interest of $8 million and $6 million for the three months ended March 31, 2015 and 2014, respectively.

Supplementary Statistics (Unaudited)
 
Three Months Ended 
 March 31,
 
2015
 
2014
MPC Consolidated Refined Product Sales Volumes (thousands of barrels per day)(a)(b)
2,246

 
1,964

Refining & Marketing Operating Statistics
 
 
 
Refining & Marketing refined product sales volume (thousands of barrels per day)(c)
2,233

 
1,951

Refining & Marketing gross margin (dollars per barrel)(d)
$
16.14

 
$
14.46

Crude oil capacity utilization percent(e)
97

 
85

Refinery throughputs (thousands of barrels per day):(f)
 
 
 
Crude oil refined
1,672

 
1,450

Other charge and blendstocks
180

 
200

Total
1,852

 
1,650

Sour crude oil throughput percent
56

 
49

WTI-priced crude oil throughput percent
20

 
21

Refined product yields (thousands of barrels per day):(f)
 
 
 
Gasoline
911

 
837

Distillates
553

 
514

Propane
36

 
34

Feedstocks and special products
298

 
220

Heavy fuel oil
30

 
30

Asphalt
50

 
43

Total
1,878

 
1,678

Refinery direct operating costs (dollars per barrel):(g)
 
 
 
Planned turnaround and major maintenance
$
0.79

 
$
3.15

Depreciation and amortization
1.42

 
1.55

Other manufacturing(h)
4.26

 
5.95

Total
$
6.47

 
$
10.65

Refining & Marketing Operating Statistics By Region - Gulf Coast
 
 
 
Refinery throughputs (thousands of barrels per day):(i)
 
 
 
Crude oil refined
1,031

 
860

Other charge and blendstocks
179

 
211

Total
1,210

 
1,071

Sour crude oil throughput percent
70

 
60

WTI-priced crude oil throughput percent
5

 
3

Refined product yields (thousands of barrels per day):(i)
 
 
 
Gasoline
523

 
489

Distillates
342

 
319

Propane
25

 
21

Feedstocks and special products
307

 
245

Heavy fuel oil
15

 
15

Asphalt
14

 
7

Total
1,226

 
1,096

Refinery direct operating costs (dollars per barrel):(g)
 
 
 
Planned turnaround and major maintenance
$
0.80

 
$
3.83

Depreciation and amortization
1.14

 
1.25

Other manufacturing(h)
3.99

 
5.87

Total
$
5.93

 
$
10.95

 
 
 
 
Supplementary Statistics (Unaudited)
 
 
 
 
Three Months Ended 
 March 31,
 
2015
 
2014
Refining & Marketing Operating Statistics By Region – Midwest
 
 
 
Refinery throughputs (thousands of barrels per day):(i)
 
 
 
Crude oil refined
641

 
590

Other charge and blendstocks
36

 
48

Total
677

 
638

Sour crude oil throughput percent
34

 
34

WTI-priced crude oil throughput percent
43

 
47

Refined product yields (thousands of barrels per day):(i)
 
 
 
Gasoline
388

 
348

Distillates
211

 
195

Propane
13

 
13

Feedstocks and special products
23

 
33

Heavy fuel oil
16

 
16

Asphalt
36

 
36

Total
687

 
641

Refinery direct operating costs (dollars per barrel):(g)
 
 
 
Planned turnaround and major maintenance
$
0.73

 
$
1.71

Depreciation and amortization
1.85

 
1.91

Other manufacturing(h)
4.51

 
5.54

Total
$
7.09

 
$
9.16

Speedway Operating Statistics(b)
 
 
 
Convenience stores at period-end
2,753

 
1,482

Gasoline and distillate sales (millions of gallons)
1,432

 
773

Gasoline and distillate gross margin (dollars per gallon)(j)
$
0.1970

 
$
0.1156

Merchandise sales (in millions)
$
1,111

 
$
722

Merchandise gross margin (in millions)
$
311

 
$
192

Merchandise gross margin percent
28.0
%
 
26.5
%
Same store gasoline sales volume (period over period)(k)
(1.2
%)
 
(0.7
%)
Same store merchandise sales (period over period)(k)(l)
6.2
%
 
5.3
%
Pipeline Transportation Operating Statistics
 
 
 
Pipeline throughputs (thousands of barrels per day):(m)
 
 
 
Crude oil pipelines
1,221

 
1,171

Refined products pipelines
886

 
819

Total
2,107

 
1,990

(a) 
Total average daily volumes of refined product sales to wholesale, branded and retail (Speedway segment) customers.
(b) 
Includes the impact of Hess’ Retail Operations and Related Assets beginning on the September 30, 2014 acquisition date.
(c) 
Includes intersegment sales.
(d) 
Sales revenue less cost of refinery inputs and purchased products, divided by total refinery throughputs.
(e) 
Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.
(f) 
Excludes inter-refinery volumes of 35 mbpd and 59 mbpd for the three months ended March 31, 2015 and 2014, respectively.
(g) 
Per barrel of total refinery throughputs.
(h) 
Includes utilities, labor, routine maintenance and other operating costs.
(i) 
Includes inter-refinery transfer volumes.
(j) 
The price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees, divided by gasoline and distillate sales volume.
(k) 
Same store comparison includes only locations owned at least 13 months, and therefore excludes locations acquired from Hess.
(l) 
Excludes cigarettes.
(m)  
On owned common-carrier pipelines, excluding equity method investments.
Description of the Business and Basis of Presentation (Policies)
Use of estimates 
These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the Securities and Exchange Commission applicable to interim period financial statements and do not include all of the information and disclosures required by United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements.
Inventories 
Inventories are carried at the lower of cost or market value. The cost of inventories of crude oil and refinery feedstocks, refined products and merchandise is determined primarily under the last-in, first-out (“LIFO”) method.
Derivative instruments 
Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of foreign-sourced crude oil and (4) the acquisition of ethanol for blending with refined products.
Stock-based compensation arrangements 
The fair value of stock options granted to our employees is estimated on the date of the grant using the Black Scholes option-pricing model, which employs various assumptions.
Acquisitions and Investments (Tables)
Business Acquisition, Pro Forma Information [Table Text Block]
The following unaudited pro forma financial information presents consolidated results assuming Hess’ Retail Operations and Related Assets acquisition occurred on January 1, 2013. The pro forma financial information does not give effect to potential synergies that could result from the acquisition and is not necessarily indicative of the results of future operations.
 
Three Months Ended 
 March 31,
(In millions, except per share data)
2014
Sales and other operating revenues (including consumer excise taxes)
$
26,017

Net income attributable to MPC
182

Net income attributable to MPC per share – basic
$
0.62

Net income attributable to MPC per share – diluted
0.62

Related Party Transactions (Tables)
Purchases From Related Parties 
Purchases from related parties were as follows:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Centennial
$
—

 
$
9

Explorer
7

 
13

LOCAP
5

 
5

LOOP
13

 
53

TAAE
13

 
16

TACE
16

 
27

TAME
20

 
34

Other equity method investees
2

 
2

Total
$
76

 
$
159

Receivables From Related Parties 
Receivables from related parties, which are included in receivables, less allowance for doubtful accounts on the consolidated balance sheets, were as follows:
(In millions)
March 31,
2015
 
December 31,
2014
Centennial
$
—

 
$
2

Explorer
—

 
2

TAME
—

 
3

Other equity method investees
1

 
—

Total
$
1

 
$
7

Payables To Related Parties 
Payables to related parties, which are included in accounts payable on the consolidated balance sheets, were as follows: 
(In millions)
March 31,
2015
 
December 31,
2014
Explorer
$
3

 
$
3

LOCAP
2

 
2

LOOP
5

 
4

TAAE
1

 
2

TACE
1

 
2

TAME
2

 
5

Total
$
14

 
$
18

Income per Common Share (Tables)
Summary of Earnings Per Common Share
 
Three Months Ended 
 March 31,
(In millions, except per share data)
2015
 
2014
Basic earnings per share:
 
 
 
Allocation of earnings:
 
 
 
Net income attributable to MPC
$
891

 
$
199

Income allocated to participating securities
1

 
—

Income available to common stockholders – basic
$
890

 
$
199

Weighted average common shares outstanding
273

 
293

Basic earnings per share
$
3.26

 
$
0.68

Diluted earnings per share:
 
 
 
Allocation of earnings:
 
 
 
Net income attributable to MPC
$
891

 
$
199

Income allocated to participating securities
1

 
—

Income available to common stockholders – diluted
$
890

 
$
199

Weighted average common shares outstanding
273

 
293

Effect of dilutive securities
2

 
2

Weighted average common shares, including dilutive effect
275

 
295

Diluted earnings per share
$
3.24

 
$
0.67

Equity (Tables)
Share Repurchases Transacted Through ASR Programs and Open Market Transactions
Total share repurchases were as follows for the three months ended March 31, 2015 and 2014:
 
Three Months Ended 
 March 31,
(In millions, except per share data)
2015
 
2014
Number of shares repurchased
2

 
8

Cash paid for shares repurchased
$
209

 
$
689

Effective average cost per delivered share
$
95.03

 
$
87.60

Segment Information (Tables)
Income From Operations Attributable To Operating Segments 
(In millions)
Refining & Marketing
 
Speedway
 
Pipeline Transportation
 
Total
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Customer
$
12,644

 
$
4,531

 
$
16

 
$
17,191

Intersegment(a)
2,733

 
—

 
134

 
2,867

Segment revenues
$
15,377

 
$
4,531

 
$
150

 
$
20,058

Segment income from operations(b)
$
1,316

 
$
168

 
$
67

 
$
1,551

Income from equity method investments
6

 
—

 
9

 
15

Depreciation and amortization(c)
267

 
63

 
20

 
350

Capital expenditures and investments(d)
229

 
45

 
81

 
355

(In millions)
Refining & Marketing
 
Speedway
 
Pipeline Transportation
 
Total
Three Months Ended March 31, 2014
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Customer
$
19,810

 
$
3,458

 
$
17

 
$
23,285

Intersegment(a)
2,233

 
1

 
129

 
2,363

Segment revenues
$
22,043

 
$
3,459

 
$
146

 
$
25,648

Segment income from operations(b)
$
362

 
$
58

 
$
72

 
$
492

Income from equity method investments
24

 
—

 
11

 
35

Depreciation and amortization(c)
261

 
28

 
19

 
308

Capital expenditures and investments(d)
178

 
32

 
130

 
340

(a) 
Management believes intersegment transactions were conducted under terms comparable to those with unaffiliated parties.
(b) 
Corporate overhead expenses attributable to MPLX are included in the Pipeline Transportation segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments.
(c) 
Differences between segment totals and MPC totals represent amounts related to unallocated items and are included in “Items not allocated to segments” in the reconciliation below.
(d) 
Capital expenditures include changes in capital accruals, acquisitions and investments in affiliates.

Reconciliation Of Segment Income From Operations To Income Before Income Taxes 
The following reconciles segment income from operations to income before income taxes as reported in the consolidated statements of income:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Segment income from operations
$
1,551

 
$
492

Items not allocated to segments:
 
 
 
Corporate and other unallocated items(a)(b)
(80
)
 
(67
)
Pension settlement expenses(c)
(1
)
 
(64
)
Net interest and other financial income (costs)
(81
)
 
(46
)
Income before income taxes
$
1,389

 
$
315

(a) 
Corporate and other unallocated items consists primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets.
(b) 
Corporate overhead expenses attributable to MPLX are included in the Pipeline Transportation segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments.
(c) 
See Note 19.
Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures 
The following reconciles segment capital expenditures and investments to total capital expenditures:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Segment capital expenditures and investments
$
355

 
$
340

Less: Investments in equity method investees
42

 
123

Plus: Items not allocated to segments:
 
 
 
Capital expenditures not allocated to segments
21

 
25

Capitalized interest
8

 
6

Total capital expenditures(a)
$
342

 
$
248

(a) 
Capital expenditures include changes in capital accruals. See Note 17 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows.
Other Items (Tables)
Net Interest And Other Financial Income (Costs)
Net interest and other financial income (costs) was:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Interest income
$
1

 
$
2

Interest expense
(80
)
 
(49
)
Interest capitalized
8

 
6

Other financial costs
(10
)
 
(5
)
Net interest and other financial income (costs)
$
(81
)
 
$
(46
)
Inventories (Tables)
Summary Of Inventories
(In millions)
March 31,
2015
 
December 31,
2014
Crude oil and refinery feedstocks
$
2,107

 
$
2,219

Refined products
2,862

 
2,955

Materials and supplies
302

 
302

Merchandise
166

 
166

Total (at cost)
$
5,437

 
$
5,642

Property, Plant and Equipment (Tables)
Summary Of Property, Plant And Equipment
(In millions)
March 31,
2015
 
December 31,
2014
Refining & Marketing
$
18,225

 
$
18,001

Speedway
4,674

 
4,639

Pipeline Transportation
2,083

 
2,044

Corporate and Other
639

 
618

Total
25,621

 
25,302

Less accumulated depreciation
9,380

 
9,041

Property, plant and equipment, net
$
16,241

 
$
16,261

Fair Value Measurements (Tables)
Assets and Liabilities Accounted for at Fair Value on Recurring Basis 
The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables.
 
 
March 31, 2015
 
Fair Value Hierarchy
 
 
 
 
 
 
(In millions)
Level 1
 
Level 2
 
Level 3
 
Netting and Collateral(a)
 
Net Carrying Value on Balance Sheet(b)
 
Collateral Pledged Not Offset
Commodity derivative instruments, assets
$
94

 
$
—

 
$
—

 
$
(66
)
 
$
28

 
$
40

Other assets
2

 
—

 
—

 
 N/A

 
2

 
—

Total assets at fair value
$
96

 
$
—

 
$
—

 
$
(66
)
 
$
30

 
$
40

 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative instruments, liabilities
$
79

 
$
—

 
$
—

 
$
(79
)
 
$
—

 
$
—

Contingent consideration, liability(c)
—

 
—

 
490

 
 N/A

 
490

 
—

Total liabilities at fair value
$
79

 
$
—

 
$
490

 
$
(79
)
 
$
490

 
$
—

 
 
December 31, 2014
 
Fair Value Hierarchy
 
 
 
 
 
 
(In millions)
Level 1
 
Level 2
 
Level 3
 
Netting and Collateral(a)
 
Net Carrying Value on Balance Sheet(b)
 
Collateral Pledged Not Offset
Commodity derivative instruments, assets
$
317

 
$
—

 
$
—

 
$
(258
)
 
$
59

 
$
—

Other assets
2

 
—

 
—

 
 N/A

 
2

 
—

Total assets at fair value
$
319

 
$
—

 
$
—

 
$
(258
)
 
$
61

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative instruments, liabilities
$
180

 
$
—

 
$
—

 
$
(180
)
 
$
—

 
$
—

Contingent consideration, liability(c)
—

 
—

 
478

 
 N/A

 
478

 
—

Total liabilities at fair value
$
180

 
$
—

 
$
478

 
$
(180
)
 
$
478

 
$
—

(a) 
Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of March 31, 2015, cash collateral of $13 million was netted with the mark-to-market derivative liabilities. As of December 31, 2014, $78 million was netted with mark-to-market derivative assets.
(b) 
We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
(c) 
Includes $189 million and $174 million classified as current at March 31, 2015 and December 31, 2014, respectively.
Reconciliation of Net Beginning and Ending Balances Recorded for Net Assets and Liabilities Classified as Level 3 
The following is a reconciliation of the beginning and ending balances recorded for liabilities classified as Level 3 in the fair value hierarchy.
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Beginning balance
$
478

 
$
625

Unrealized and realized losses included in net income
12

 
14

Ending balance
$
490

 
$
639

Financial Instruments at Fair Value, Excluding Derivative Financial Instruments and Contingent Consideration 
The following table summarizes financial instruments on the basis of their nature, characteristics and risk at March 31, 2015 and December 31, 2014, excluding the derivative financial instruments and contingent consideration reported above.
 
March 31, 2015
 
December 31, 2014
(In millions)
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Financial assets:
 
 
 
 
 
 
 
Investments
$
27

 
$
2

 
$
26

 
$
2

Other
31

 
30

 
32

 
32

Total financial assets
$
58

 
$
32

 
$
58

 
$
34

Financial liabilities:
 
 
 
 
 
 
 
Long-term debt(a)
$
6,843

 
$
6,377

 
$
6,571

 
$
6,265

Deferred credits and other liabilities
20

 
20

 
17

 
17

Total financial liabilities
$
6,863

 
$
6,397

 
$
6,588

 
$
6,282

(a) 
Excludes capital leases
Derivatives (Tables)
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral 
The following table presents the gross fair values of derivative instruments, excluding cash collateral, and where they appear on the consolidated balance sheets as of March 31, 2015 and December 31, 2014:
 
March 31, 2015
 
 
(In millions)
Asset
 
Liability
 
Balance Sheet Location
Commodity derivatives
$
94

 
$
79

 
Other current assets
 
 
 
 
 
 
 
December 31, 2014
 
 
(In millions)
Asset
 
Liability
 
Balance Sheet Location
Commodity derivatives
$
317

 
$
180

 
Other current assets
Open Commodity Derivative Contracts 
The table below summarizes open commodity derivative contracts as of March 31, 2015.
 
Position
 
Total Barrels (In thousands)
Crude oil(a)
 
 
 
Exchange-traded
Long
 
11,454

Exchange-traded
Short
 
(23,733
)
Refined Products(b)
 
 
 
Exchange-traded
Long
 
3,378

Exchange-traded
Short
 
(2,402
)
(a) 
96 percent of these contracts expire in the second quarter of 2015.
(b) 
100 percent of these contracts expire in the second quarter of 2015.

Effect of Commodity Derivative Instruments in Statements of Income 
The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
 
Gain (Loss)
(In millions)
Three Months Ended March 31,
Income Statement Location
2015
 
2014
Sales and other operating revenues
$
14

 
$
10

Cost of revenues
45

 
(61
)
Total
$
59

 
$
(51
)
Debt (Tables)
Outstanding Borrowings
Our outstanding borrowings at March 31, 2015 and December 31, 2014 consisted of the following:
(In millions)
March 31,
2015
 
December 31,
2014
Marathon Petroleum Corporation:
 
 
 
Revolving credit agreement due 2017
$
—

 
$
—

Term loan agreement due 2019
700

 
700

3.500% senior notes due March 1, 2016
750

 
750

5.125% senior notes due March 1, 2021
1,000

 
1,000

3.625% senior notes due September 15, 2024
750

 
750

6.500% senior notes due March 1, 2041
1,250

 
1,250

4.750% senior notes due September 15, 2044
800

 
800

5.000% senior notes due September 15, 2054
400

 
400

Consolidated subsidiaries:
 
 
 
Capital lease obligations due 2015-2028
366

 
372

MPLX bank revolving credit facility due 2019
—

 
385

MPLX term loan facility due 2019
250

 
250

MPLX 4.000% senior notes due February 15, 2025
500

 
—

Trade receivables securitization facility due 2016
—

 
—

Total
6,766

 
6,657

Unamortized discount
(28
)
 
(26
)
Fair value adjustments(a)
5

 
6

Amounts due within one year
(776
)
 
(27
)
Total long-term debt due after one year
$
5,967

 
$
6,610

(a) 
The $20 million gain on the termination of our interest rate swap agreements in 2012 is being amortized over the remaining life of the 3.50 percent senior notes.
Supplemental Cash Flow Information (Tables)
Summary of Supplemental Cash Flow Information 
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Net cash provided by operating activities included:
 
 
 
Interest paid (net of amounts capitalized)
$
128

 
$
80

Net income taxes paid to taxing authorities
160

 
5



Reconciliation of Additions to Property, Plant and Equipment to Total Capital Expenditures 
The consolidated statements of cash flows exclude changes to the consolidated balance sheets that did not affect cash. The following is a reconciliation of additions to property, plant and equipment to total capital expenditures:
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Additions to property, plant and equipment
$
389

 
$
267

Decrease in capital accruals
(47
)
 
(19
)
Total capital expenditures
$
342

 
$
248

Accumulated Other Comprehensive Loss (Tables)
Changes in Accumulated Other Comprehensive Loss by Component
The following table shows the changes in accumulated other comprehensive loss by component. Amounts in parentheses indicate debits.
(In millions)
Pension Benefits
 
Other Benefits
 
Gain on Cash Flow Hedge
 
Workers Compensation
 
Total
Balance as of December 31, 2013
$
(161
)
 
$
(50
)
 
$
4

 
$
3

 
$
(204
)
Other comprehensive income (loss) before reclassifications
(43
)
 
1

 
—

 
—

 
(42
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 
 
 
 
Amortization – prior service credit(a)
(12
)
 
(1
)
 
—

 
—

 
(13
)
   – actuarial loss(a)
13

 
1

 
—

 
—

 
14

   – settlement loss(a)
64

 
—

 
—

 
—

 
64

Tax effect
(24
)
 
—

 
—

 
—

 
(24
)
Other comprehensive income (loss)
(2
)
 
1

 
—

 
—

 
(1
)
Balance as of March 31, 2014
$
(163
)
 
$
(49
)
 
$
4

 
$
3

 
$
(205
)
(In millions)
Pension Benefits
 
Other Benefits
 
Gain on Cash Flow Hedge
 
Workers Compensation
 
Total
Balance as of December 31, 2014
$
(217
)
 
$
(104
)
 
$
4

 
$
4

 
$
(313
)
Other comprehensive loss before reclassifications
(1
)
 
(1
)
 
—

 
—

 
(2
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 
 
 
 
Amortization – prior service credit(a)
(12
)
 
(1
)
 
—

 
—

 
(13
)
   – actuarial loss(a)
13

 
3

 
—

 
—

 
16

   – settlement loss(a)
1

 
—

 
—

 
—

 
1

Tax effect
(1
)
 
(1
)
 
—

 
—

 
(2
)
Other comprehensive income (loss)
—

 
—

 
—

 
—

 
—

Balance as of March 31, 2015
$
(217
)
 
$
(104
)
 
$
4

 
$
4

 
$
(313
)
(a) 
These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 19.
Defined Benefit Pension and Other Postretirement Plans (Tables)
Components of Net Periodic Benefit Costs
The following summarizes the components of net periodic benefit costs:
 
Three Months Ended March 31,
 
Pension Benefits
 
Other Benefits
(In millions)
2015
 
2014
 
2015
 
2014
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
23

 
$
23

 
$
8

 
$
7

Interest cost
18

 
20

 
8

 
8

Expected return on plan assets
(26
)
 
(28
)
 
—

 
—

Amortization – prior service credit
(12
)
 
(12
)
 
(1
)
 
(1
)
                      – actuarial loss
13

 
13

 
3

 
1

                      – settlement loss
1

 
64

 
—

 
—

Net periodic benefit cost
$
17

 
$
80

 
$
18

 
$
15

Stock-Based Compensation Plans (Tables)
Summary of Stock Option Award Activity 
The following table presents a summary of our stock option award activity for the three months ended March 31, 2015:
 
  Number of Shares
 
Weighted Average Exercise Price
Outstanding at December 31, 2014
4,751,438

 
$
45.47

Granted
354,001

 
101.78

Exercised
(577,831
)
 
36.13

Forfeited, canceled or expired
(24,383
)
 
79.69

Outstanding at March 31, 2015
4,503,225

 
50.91

Summary of Restricted Stock Award Activity 
The following table presents a summary of restricted stock award activity for the three months ended March 31, 2015:
 
Shares of Restricted Stock (“RS”)
 
Restricted Stock Units (“RSU”)
 
Number of Shares
 
Weighted Average Grant Date Fair Value
 
Number of Units
 
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014
515,073

 
$
77.23

 
411,093

 
$
37.30

Granted
47,969

 
101.57

 
6,204

 
93.19

RS’s Vested/RSU’s Issued
(68,011
)
 
63.45

 
—

 
—

Forfeited
(15,374
)
 
77.07

 
(425
)
 
89.54

Outstanding at March 31, 2015
479,657

 
81.63

 
416,872

 
38.08

Schedule of Performance Unit Awards 
The following table presents a summary of the activity for performance unit awards to be settled in shares for the three months ended March 31, 2015:
 
Number of Units
 
Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014
5,791,825

 
$
0.88

Granted
2,389,450

 
0.95

Settled
(2,035,833
)
 
0.85

Outstanding at March 31, 2015
6,145,442

 
0.92

Supplementary Statistics (Tables)
Supplementary Statistics 
Supplementary Statistics (Unaudited)
 
Three Months Ended 
 March 31,
(In millions)
2015
 
2014
Income from Operations by segment
 
 
 
Refining & Marketing
$
1,316

 
$
362

Speedway
168

 
58

Pipeline Transportation(a)
67

 
72

Items not allocated to segments:
 
 
 
  Corporate and other unallocated items(a)
(80
)
 
(67
)
  Pension settlement expenses
(1
)
 
(64
)
Income from operations
$
1,470

 
$
361

Capital Expenditures and Investments(b)
 
 
 
Refining & Marketing
$
229

 
$
178

Speedway
45

 
32

Pipeline Transportation
81

 
130

Corporate and Other(c)
29

 
31

Total
$
384

 
$
371

(a) 
Corporate overhead expenses attributable to MPLX are included in the Pipeline Transportation segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments.
(b) 
Capital expenditures include changes in capital accruals, acquisitions and investments in affiliates.
(c) 
Includes capitalized interest of $8 million and $6 million for the three months ended March 31, 2015 and 2014, respectively.
Operating Statistics 
Supplementary Statistics (Unaudited)
 
Three Months Ended 
 March 31,
 
2015
 
2014
MPC Consolidated Refined Product Sales Volumes (thousands of barrels per day)(a)(b)
2,246

 
1,964

Refining & Marketing Operating Statistics
 
 
 
Refining & Marketing refined product sales volume (thousands of barrels per day)(c)
2,233

 
1,951

Refining & Marketing gross margin (dollars per barrel)(d)
$
16.14

 
$
14.46

Crude oil capacity utilization percent(e)
97

 
85

Refinery throughputs (thousands of barrels per day):(f)
 
 
 
Crude oil refined
1,672

 
1,450

Other charge and blendstocks
180

 
200

Total
1,852

 
1,650

Sour crude oil throughput percent
56

 
49

WTI-priced crude oil throughput percent
20

 
21

Refined product yields (thousands of barrels per day):(f)
 
 
 
Gasoline
911

 
837

Distillates
553

 
514

Propane
36

 
34

Feedstocks and special products
298

 
220

Heavy fuel oil
30

 
30

Asphalt
50

 
43

Total
1,878

 
1,678

Refinery direct operating costs (dollars per barrel):(g)
 
 
 
Planned turnaround and major maintenance
$
0.79

 
$
3.15

Depreciation and amortization
1.42

 
1.55

Other manufacturing(h)
4.26

 
5.95

Total
$
6.47

 
$
10.65

Refining & Marketing Operating Statistics By Region - Gulf Coast
 
 
 
Refinery throughputs (thousands of barrels per day):(i)
 
 
 
Crude oil refined
1,031

 
860

Other charge and blendstocks
179

 
211

Total
1,210

 
1,071

Sour crude oil throughput percent
70

 
60

WTI-priced crude oil throughput percent
5

 
3

Refined product yields (thousands of barrels per day):(i)
 
 
 
Gasoline
523

 
489

Distillates
342

 
319

Propane
25

 
21

Feedstocks and special products
307

 
245

Heavy fuel oil
15

 
15

Asphalt
14

 
7

Total
1,226

 
1,096

Refinery direct operating costs (dollars per barrel):(g)
 
 
 
Planned turnaround and major maintenance
$
0.80

 
$
3.83

Depreciation and amortization
1.14

 
1.25

Other manufacturing(h)
3.99

 
5.87

Total
$
5.93

 
$
10.95

 
 
 
 
Supplementary Statistics (Unaudited)
 
 
 
 
Three Months Ended 
 March 31,
 
2015
 
2014
Refining & Marketing Operating Statistics By Region – Midwest
 
 
 
Refinery throughputs (thousands of barrels per day):(i)
 
 
 
Crude oil refined
641

 
590

Other charge and blendstocks
36

 
48

Total
677

 
638

Sour crude oil throughput percent
34

 
34

WTI-priced crude oil throughput percent
43

 
47

Refined product yields (thousands of barrels per day):(i)
 
 
 
Gasoline
388

 
348

Distillates
211

 
195

Propane
13

 
13

Feedstocks and special products
23

 
33

Heavy fuel oil
16

 
16

Asphalt
36

 
36

Total
687

 
641

Refinery direct operating costs (dollars per barrel):(g)
 
 
 
Planned turnaround and major maintenance
$
0.73

 
$
1.71

Depreciation and amortization
1.85

 
1.91

Other manufacturing(h)
4.51

 
5.54

Total
$
7.09

 
$
9.16

Speedway Operating Statistics(b)
 
 
 
Convenience stores at period-end
2,753

 
1,482

Gasoline and distillate sales (millions of gallons)
1,432

 
773

Gasoline and distillate gross margin (dollars per gallon)(j)
$
0.1970

 
$
0.1156

Merchandise sales (in millions)
$
1,111

 
$
722

Merchandise gross margin (in millions)
$
311

 
$
192

Merchandise gross margin percent
28.0
%
 
26.5
%
Same store gasoline sales volume (period over period)(k)
(1.2
%)
 
(0.7
%)
Same store merchandise sales (period over period)(k)(l)
6.2
%
 
5.3
%
Pipeline Transportation Operating Statistics
 
 
 
Pipeline throughputs (thousands of barrels per day):(m)
 
 
 
Crude oil pipelines
1,221

 
1,171

Refined products pipelines
886

 
819

Total
2,107

 
1,990

(a) 
Total average daily volumes of refined product sales to wholesale, branded and retail (Speedway segment) customers.
(b) 
Includes the impact of Hess’ Retail Operations and Related Assets beginning on the September 30, 2014 acquisition date.
(c) 
Includes intersegment sales.
(d) 
Sales revenue less cost of refinery inputs and purchased products, divided by total refinery throughputs.
(e) 
Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.
(f) 
Excludes inter-refinery volumes of 35 mbpd and 59 mbpd for the three months ended March 31, 2015 and 2014, respectively.
(g) 
Per barrel of total refinery throughputs.
(h) 
Includes utilities, labor, routine maintenance and other operating costs.
(i) 
Includes inter-refinery transfer volumes.
(j) 
The price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees, divided by gasoline and distillate sales volume.
(k) 
Same store comparison includes only locations owned at least 13 months, and therefore excludes locations acquired from Hess.
(l) 
Excludes cigarettes.
(m)  
On owned common-carrier pipelines, excluding equity method investments.
MPLX LP (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 0 Months Ended 0 Months Ended 3 Months Ended 0 Months Ended 0 Months Ended
Dec. 1, 2014
MPLX Pipe Line Holdings LP
Mar. 1, 2014
MPLX Pipe Line Holdings LP
Dec. 1, 2014
MPLX Pipe Line Holdings LP
Mar. 1, 2014
MPLX Pipe Line Holdings LP
Dec. 8, 2014
MPLX LP
Dec. 10, 2014
MPLX LP
Dec. 1, 2014
MPLX LP
MPLX Revolver
Mar. 1, 2014
MPLX LP
MPLX Revolver
Mar. 31, 2015
MPLX LP
4.000% senior notes due two thousand twenty five
Senior Notes
Feb. 12, 2015
MPLX LP
4.000% senior notes due two thousand twenty five
Senior Notes
Mar. 1, 2014
MPLX LP
Cash and cash equivalents
Mar. 31, 2015
MPLX LP
General Partner and Limited Partner
Mar. 31, 2015
MPLX LP
General Partner
Dec. 8, 2014
MPLX LP
Limited Partner
Dec. 1, 2014
MPLX LP
Limited Partner
Dec. 8, 2014
MPLX LP
Limited Partner
Dec. 1, 2014
MPLX LP
Limited Partner
Noncontrolling Interest [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MPC's partnership interest in MPLX (in percentage)
 
 
 
 
 
 
 
 
 
 
 
71.50% 
2.00% 
 
 
 
 
Additional interest sold
 
 
30.50% 
13.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sale of ownership interest
$ 600 
$ 310 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash paid for acquisition
 
 
 
 
 
 
600 
270 
 
 
40 
 
 
 
 
 
 
Equity interest issued or issuable, number of shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,900,000 
 
 
Equity interest issued or issuable, value assigned
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200 
Units sold in public offering
 
 
 
 
 
 
 
 
 
 
 
 
 
3,500,000 
 
 
 
Shares issued, price per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 66.68 
 
Proceeds from issuance of common limited partners units
 
 
 
 
221 
 
 
 
 
 
 
 
 
 
 
 
 
General partners' capital account, units issued
 
 
 
 
 
130,000 
 
 
 
 
 
 
 
 
 
 
 
General partners' contributed capital
 
 
 
 
 
9 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
 
 
 
 
 
$ 500 
 
 
 
 
 
 
 
Debt instrument, interest rate
 
 
 
 
 
 
 
 
4.00% 
 
 
 
 
 
 
 
 
Debt instrument, maturity date
 
 
 
 
 
 
 
 
Feb. 15, 2025 
 
 
 
 
 
 
 
 
Acquisitions and Investments (Acquisition of Hess' Retail Operations and Related Assets) (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Hess' Retail Operations and Related Assets
Sep. 30, 2014
Hess' Retail Operations and Related Assets
Business Acquisition [Line Items]
 
 
 
 
Allocation of space on Colonial Pipeline (in barrels per day)
 
 
 
40,000 
Cash paid for acquisition
 
 
$ 2,820 
 
Net working capital adjustment estimate
 
 
(3)
 
Goodwill
$ 1,566 
$ 1,566 
 
$ 629 
Acquisitions and Investments (Schedule of Acquisition Related Pro Forma Financial Information) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Business Combinations [Abstract]
 
Sales and other operating revenues (including consumer excise taxes)
$ 26,017 
Net income attributable to MPC
$ 182 
Net income attributable to MPC per share – basic
$ 0.62 
Net income attributable to MPC per share – diluted
$ 0.62 
Acquisitions and Investments (Acquisition of Biodiesel Facility) (Details) (Felda Iffco Sdn Bhd [Member], USD $)
In Millions, unless otherwise specified
1 Months Ended
Apr. 30, 2014
Apr. 1, 2014
gallons_per_year
Felda Iffco Sdn Bhd [Member]
 
 
Business Acquisition [Line Items]
 
 
Cash paid for acquisition
$ 40 
 
Plant capacity volume
 
60,000,000 
Acquisitions and Investments (Investments in Pipeline Companies) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 0 Months Ended
Mar. 31, 2015
Illinois Extension Pipeline Company LLC
Mar. 31, 2015
Illinois Extension Pipeline Company LLC
Jul. 1, 2014
Illinois Extension Pipeline Company LLC
Mar. 4, 2014
Explorer
Mar. 31, 2015
Explorer
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
Equity method investments, ownership percentage
 
 
35.00% 
 
25.00% 
Cash paid to acquire equity method investments
$ 37 
$ 157 
 
$ 77 
 
Ownership percentage acquired
 
 
 
7.00% 
 
Variable Interest Entity (Details) (Illinois Extension Pipeline Company LLC, Variable Interest Entity, Not Primary Beneficiary, USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Illinois Extension Pipeline Company LLC |
Variable Interest Entity, Not Primary Beneficiary
 
Variable Interest Entity [Line Items]
 
VIE, maximum loss exposure, amount
$ 157 
Related Party Transactions - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Centennial
 
 
Related Party Transaction [Line Items]
 
 
Equity method investments, ownership percentage
50.00% 
 
Explorer
 
 
Related Party Transaction [Line Items]
 
 
Equity method investments, ownership percentage
25.00% 
 
LOCAP
 
 
Related Party Transaction [Line Items]
 
 
Equity method investments, ownership percentage
59.00% 
 
LOOP
 
 
Related Party Transaction [Line Items]
 
 
Equity method investments, ownership percentage
51.00% 
 
TAAE
 
 
Related Party Transaction [Line Items]
 
 
Equity method investments, ownership percentage
43.00% 
 
TACE
 
 
Related Party Transaction [Line Items]
 
 
Equity method investments, ownership percentage
60.00% 
 
TAME
 
 
Related Party Transaction [Line Items]
 
 
Equity method investments, ownership percentage
67.00% 
 
Other equity method investees
 
 
Related Party Transaction [Line Items]
 
 
Sales to related parties
$ 1 
$ 2 
Related Party Transactions - Purchases from Related Parties (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Related Party Transaction [Line Items]
 
 
Purchases from related parties
$ 76 
$ 159 
Centennial
 
 
Related Party Transaction [Line Items]
 
 
Purchases from related parties
0 
9 
Explorer
 
 
Related Party Transaction [Line Items]
 
 
Purchases from related parties
7 
13 
LOCAP
 
 
Related Party Transaction [Line Items]
 
 
Purchases from related parties
5 
5 
LOOP
 
 
Related Party Transaction [Line Items]
 
 
Purchases from related parties
13 
53 
TAAE
 
 
Related Party Transaction [Line Items]
 
 
Purchases from related parties
13 
16 
TACE
 
 
Related Party Transaction [Line Items]
 
 
Purchases from related parties
16 
27 
TAME
 
 
Related Party Transaction [Line Items]
 
 
Purchases from related parties
20 
34 
Other equity method investees
 
 
Related Party Transaction [Line Items]
 
 
Purchases from related parties
$ 2 
$ 2 
Related Party Transactions - Receivables From Related Parties (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Related Party Transaction [Line Items]
 
 
Current receivables from related parties
$ 1 
$ 7 
Centennial
 
 
Related Party Transaction [Line Items]
 
 
Current receivables from related parties
0 
2 
Explorer
 
 
Related Party Transaction [Line Items]
 
 
Current receivables from related parties
0 
2 
TAME
 
 
Related Party Transaction [Line Items]
 
 
Current receivables from related parties
0 
3 
Other equity method investees
 
 
Related Party Transaction [Line Items]
 
 
Current receivables from related parties
$ 1 
$ 0 
Related Party Transactions - Payables To Related Parties (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Related Party Transaction [Line Items]
 
 
Payables to related parties
$ 14 
$ 18 
Explorer
 
 
Related Party Transaction [Line Items]
 
 
Payables to related parties
3 
3 
LOCAP
 
 
Related Party Transaction [Line Items]
 
 
Payables to related parties
2 
2 
LOOP
 
 
Related Party Transaction [Line Items]
 
 
Payables to related parties
5 
4 
TAAE
 
 
Related Party Transaction [Line Items]
 
 
Payables to related parties
1 
2 
TACE
 
 
Related Party Transaction [Line Items]
 
 
Payables to related parties
1 
2 
TAME
 
 
Related Party Transaction [Line Items]
 
 
Payables to related parties
$ 2 
$ 5 
Income Per Common Share - Summary of Earnings Per Common Share (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Basic earnings per share:
 
 
Net income attributable to MPC
$ 891 
$ 199 
Income allocated to participating securities
1 
0 
Income available to common stockholders – basic
890 
199 
Weighted average common shares outstanding (in shares)
273 
293 
Basic (in USD per share)
$ 3.26 
$ 0.68 
Diluted earnings per share:
 
 
Net income attributable to MPC
891 
199 
Income allocated to participating securities
1 
0 
Income available to common stockholders – diluted
$ 890 
$ 199 
Weighted average common shares outstanding (in shares)
273 
293 
Effect of dilutive securities (in shares)
2 
2 
Weighted average common shares, including dilutive effect (in shares)
275 
295 
Diluted (in USD per share)
$ 3.24 
$ 0.67 
Equity - Additional Information (Detail) (USD $)
3 Months Ended 39 Months Ended 1 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
Apr. 30, 2015
Scenario, Forecast
Equity, Class of Treasury Stock [Line Items]
 
 
 
 
Stock repurchase plan authorized amount
$ 8,000,000,000 
 
$ 8,000,000,000 
 
Cash paid for shares repurchased
209,000,000 
689,000,000 
6,480,000,000 
9,000,000 
Stock repurchase plan remaining authorized amount
$ 1,520,000,000 
 
$ 1,520,000,000 
 
Number of shares repurchased
2,000,000 
8,000,000 
92,000,000 
88,394 
Effective average cost per delivered share
$ 95.03 
$ 87.60 
$ 70.95 
 
Equity - Share Repurchases (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 39 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
Equity [Abstract]
 
 
 
Number of shares repurchased
2 
8 
92 
Cash paid for shares repurchased
$ 209 
$ 689 
$ 6,480 
Effective average cost per delivered share
$ 95.03 
$ 87.60 
$ 70.95 
Segment Information - Additional Information (Detail)
3 Months Ended
Mar. 31, 2015
Segment
Segment Reporting [Abstract]
 
Number of reportable segments
3 
Segment Information - Income From Operations Attributable To Operating Segments (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Segment Reporting Information [Line Items]
 
 
Revenues
$ 17,191 
$ 23,285 
Income from operations
1,470 
361 
Income from equity method investments
15 
35 
Depreciation and amortization
363 
320 
Capital expenditures and investments
384 1 2
371 1 2
Intersegment Eliminations
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
2,867 3
2,363 3
Operating Segments
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
20,058 
25,648 
Income from operations
1,551 4
492 4
Income from equity method investments
15 
35 
Depreciation and amortization
350 5
308 5
Capital expenditures and investments
355 2
340 2
Refining & Marketing
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
12,644 
19,810 
Refining & Marketing |
Intersegment Eliminations
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
2,733 
2,233 
Refining & Marketing |
Operating Segments
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
15,377 
22,043 
Income from operations
1,316 
362 
Income from equity method investments
6 
24 
Depreciation and amortization
267 
261 
Capital expenditures and investments
229 
178 
Speedway
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
4,531 
3,458 
Speedway |
Intersegment Eliminations
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
0 
1 
Speedway |
Operating Segments
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
4,531 
3,459 
Income from operations
168 
58 
Income from equity method investments
0 
0 
Depreciation and amortization
63 
28 
Capital expenditures and investments
45 
32 
Pipeline Transportation
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
16 
17 
Pipeline Transportation |
Intersegment Eliminations
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
134 
129 
Pipeline Transportation |
Operating Segments
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
150 
146 
Income from operations
67 4
72 4
Income from equity method investments
9 
11 
Depreciation and amortization
20 
19 
Capital expenditures and investments
81 
130 
Reportable Segment
 
 
Segment Reporting Information [Line Items]
 
 
Revenues
$ 17,191 
$ 23,285 
Segment Information - Reconciliation Of Segment Income From Operations To Income Before Income Taxes (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
Income from operations
$ 1,470 
$ 361 
Net interest and other financial income (costs)
81 
46 
Income before income taxes
1,389 
315 
Operating Segments
 
 
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
Income from operations
1,551 1
492 1
Corporate and Other
 
 
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
Income from operations
(80)1 2
(67)1 2
Segment Reconciling Items
 
 
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
Pension settlement expenses
$ (1)3
$ (64)3
Segment Information - Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures [Line Items]
 
 
Capital expenditures and investments
$ 384 1 2
$ 371 1 2
Plus: Items not allocated to segments:
 
 
Capital expenditures
342 3
248 3
Operating Segments
 
 
Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures [Line Items]
 
 
Capital expenditures and investments
355 2
340 2
Less: Investments in equity method investees
(42)
(123)
Corporate and Other
 
 
Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures [Line Items]
 
 
Capital expenditures and investments
29 1
31 1
Plus: Items not allocated to segments:
 
 
Capital expenditures not allocated to segments
21 
25 
Capitalized interest
$ 8 
$ 6 
Other Items - Net Interest And Other Financial Income (Costs) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Other Income and Expenses [Abstract]
 
 
Interest income
$ 1 
$ 2 
Interest expense
(80)
(49)
Interest capitalized
8 
6 
Other financial costs
(10)
(5)
Net interest and other financial income (costs)
$ 81 
$ 46 
Income Taxes - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Income Tax Disclosure [Abstract]
 
 
Combined federal, state and foreign income tax rate
35.00% 
34.00% 
Statutory rate applied to income before income taxes
35.00% 
 
Unrecognized benefits
$ 15 
 
Inventories - Summary Of Inventories (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Inventory Disclosure [Abstract]
 
 
Crude oil and refinery feedstocks
$ 2,107 
$ 2,219 
Refined products
2,862 
2,955 
Materials and supplies
302 
302 
Merchandise
166 
166 
Total (at cost)
$ 5,437 
$ 5,642 
Inventories - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Inventory Disclosure [Abstract]
 
 
Impact on revenues and costs as a result of LIFO liquidations
$ (30)
$ 0 
Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 25,621 
$ 25,302 
Less accumulated depreciation
9,380 
9,041 
Net property, plant and equipment
16,241 
16,261 
Operating Segments |
Refining & Marketing
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
18,225 
18,001 
Operating Segments |
Speedway
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
4,674 
4,639 
Operating Segments |
Pipeline Transportation
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
2,083 
2,044 
Corporate and Other
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 639 
$ 618 
Property, Plant and Equipment Property, Plant and Equipment (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 25,621 
$ 25,302 
Residual Fuel Hydrocracker - Garyville |
Construction in Progress
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 136 
 
Fair Value Measurements - Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash collateral netted with derivative liabilities
$ 13 
 
Cash collateral netted with derivative assets
 
(78)
Liabilities, current
189 
174 
Fair Value, Measurements, Recurring
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Commodity derivative instruments, assets - netting and collateral
(66)1
(258)1
Commodity derivative instruments, assets - net
28 2
59 2
Commodity derivative instruments, assets - collateral pledged not offset
40 
0 
Other assets
2 
2 
Total assets at fair value
30 
61 
Commodity derivative instruments, liabilities - netting and collateral
(79)1
(180)1
Commodity derivative instruments, liabilities - net
0 2
0 2
Commodity derivative instruments, liabilities - collateral pledged not offset
0 
0 
Contingent consideration, liability
490 3
478 3
Total liabilities at fair value
490 
478 
Fair Value, Measurements, Recurring |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Commodity derivative instruments, assets - gross
94 
317 
Other assets
2 
2 
Total assets at fair value
96 
319 
Commodity derivative instruments, liabilities - gross
79 
180 
Contingent consideration, liability
0 
0 
Total liabilities at fair value
79 
180 
Fair Value, Measurements, Recurring |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Commodity derivative instruments, assets - gross
0 
0 
Other assets
0 
0 
Total assets at fair value
0 
0 
Commodity derivative instruments, liabilities - gross
0 
0 
Contingent consideration, liability
0 
0 
Total liabilities at fair value
0 
0 
Fair Value, Measurements, Recurring |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Commodity derivative instruments, assets - gross
0 
0 
Other assets
0 
0 
Total assets at fair value
0 
0 
Commodity derivative instruments, liabilities - gross
0 
0 
Contingent consideration, liability
490 3
478 3
Total liabilities at fair value
$ 490 
$ 478 
Fair Value Measurements - Narrative (Detail) (USD $)
3 Months Ended 12 Months Ended 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
Fair Value, Measurements, Recurring
Derivative
Mar. 31, 2014
Fair Value, Measurements, Recurring
Derivative
Mar. 31, 2015
Fair Value, Measurements, Recurring
Contingent Consideration
Mar. 31, 2014
Fair Value, Measurements, Recurring
Contingent Consideration
Dec. 31, 2014
Galveston Bay Refinery and Related Assets
Feb. 1, 2013
Galveston Bay Refinery and Related Assets
Jun. 30, 2015
Galveston Bay Refinery and Related Assets
Scenario, Forecast
Mar. 31, 2015
Galveston Bay Refinery and Related Assets
Fair Value, Measurements, Recurring
Minimum
Mar. 31, 2015
Galveston Bay Refinery and Related Assets
Fair Value, Measurements, Recurring
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Maximum earnout payment, year one
 
 
 
 
 
 
 
$ 200,000,000 
 
 
 
Maximum earnout payment, year two
 
 
 
 
 
 
 
200,000,000 
 
 
 
Maximum earnout payment, year three
 
 
 
 
 
 
 
200,000,000 
 
 
 
Maximum earnout payment, year four
 
 
 
 
 
 
 
250,000,000 
 
 
 
Maximum earnout payment, year five
 
 
 
 
 
 
 
250,000,000 
 
 
 
Maximum earnout payment, year six
 
 
 
 
 
 
 
250,000,000 
 
 
 
Total cumulative payment capped over six-year period
 
 
 
 
 
 
 
700,000,000 
 
 
 
Range of internal and external crack spread forecast per barrel
 
 
 
 
 
 
 
 
 
9 
18 
Discount rate
 
 
 
 
 
 
 
 
 
5.00% 
10.00% 
Cash paid for acquisition
 
 
 
 
 
 
180,000,000 
 
189,000,000 
 
 
Unrealized and realized losses included in net income
$ 12,000,000 
$ 14,000,000 
$ 0 
$ 0 
$ 12,000,000 
$ 14,000,000 
 
 
 
 
 
Fair Value Measurements - Reconciliation of Net Beginning and Ending Balances Recorded for Net Assets and Liabilities Classified as Level 3 (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
 
 
Beginning balance
$ 478 
$ 625 
Unrealized and realized losses included in net income
12 
14 
Ending balance
$ 490 
$ 639 
Fair Value Measurements - Financial Instruments at Fair Value, Excluding Derivative Financial Instruments and Contingent Consideration (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Fair Value
 
 
Financial assets:
 
 
Investments
$ 27 
$ 26 
Other assets
31 
32 
Total financial assets
58 
58 
Financial liabilities:
 
 
Long-term debt
6,843 1
6,571 1
Deferred credits and other liabilities
20 
17 
Total financial liabilities
6,863 
6,588 
Carrying Value
 
 
Financial assets:
 
 
Investments
2 
2 
Other assets
30 
32 
Total financial assets
32 
34 
Financial liabilities:
 
 
Long-term debt
6,377 1
6,265 1
Deferred credits and other liabilities
20 
17 
Total financial liabilities
$ 6,397 
$ 6,282 
Derivatives - Classification of Gross Fair Values of Derivative Instruments, Excluding Cash Collateral (Detail) (Commodity derivatives, Other current assets, USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Commodity derivatives |
Other current assets
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset
$ 94 
$ 317 
Liability
$ 79 
$ 180 
Derivatives - Open Commodity Derivative Contracts (Detail)
3 Months Ended
Mar. 31, 2015
Derivative [Line Items]
 
Derivative contract expiration date
Jun. 30, 2015 
Crude Oil Exchange-Traded
 
Derivative [Line Items]
 
Percentage of derivative contracts expiring in the period
96.00% 
Crude Oil Exchange-Traded |
Long
 
Derivative [Line Items]
 
Notional contracts (in thousands of Total Barrels)
11,454,000 1
Crude Oil Exchange-Traded |
Short
 
Derivative [Line Items]
 
Notional contracts (in thousands of Total Barrels)
23,733,000 1
Refined Products Exchange-Traded
 
Derivative [Line Items]
 
Percentage of derivative contracts expiring in the period
100.00% 
Refined Products Exchange-Traded |
Long
 
Derivative [Line Items]
 
Notional contracts (in thousands of Total Barrels)
3,378,000 2
Refined Products Exchange-Traded |
Short
 
Derivative [Line Items]
 
Notional contracts (in thousands of Total Barrels)
2,402,000 2
Derivatives - Effect of Commodity Derivative Instruments in Statements of Income (Detail) (Commodity derivatives, USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Gain (Loss)
$ 59 
$ (51)
Sales and other operating revenues
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Gain (Loss)
14 
10 
Cost of revenues
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Gain (Loss)
$ 45 
$ (61)
Debt - Outstanding Borrowings (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Total
$ 6,766 
$ 6,657 
Unamortized discount
(28)
(26)
Fair value adjustments
5 1
6 1
Amounts due within one year
(776)
(27)
Total long-term debt due after one year
5,967 
6,610 
Interest Rate Swap
 
 
Debt Instrument [Line Items]
 
 
Deferred gain on discontinuation of interest rate fair value hedge
20 
 
Consolidated subsidiaries: |
Capital Lease Obligations
 
 
Debt Instrument [Line Items]
 
 
Capital lease obligations
366 
372 
Debt instrument maturity year, start
Jan. 01, 2015 
 
Debt instrument maturity year, end
Dec. 31, 2028 
 
MPC Revolver |
Line of Credit
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
0 
Line of credit facility, expiration date
Sep. 14, 2017 
 
MPC Term Loan |
Unsecured Debt
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
700 
700 
Line of credit facility, expiration date
Sep. 30, 2019 
 
3.500% senior notes due March 1, 2016 |
Senior Notes
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
750 
750 
Debt instrument, maturity date
Mar. 01, 2016 
 
Debt instrument, interest rate
3.50% 
 
5.125% senior notes due March 1, 2021 |
Senior Notes
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
1,000 
1,000 
Debt instrument, maturity date
Mar. 01, 2021 
 
Debt instrument, interest rate
5.125% 
 
3.625% senior notes due September 15, 2024 |
Senior Notes
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
750 
750 
Debt instrument, maturity date
Sep. 15, 2024 
 
Debt instrument, interest rate
3.625% 
 
6.500% senior notes due March 1, 2041 |
Senior Notes
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
1,250 
1,250 
Debt instrument, maturity date
Mar. 01, 2041 
 
Debt instrument, interest rate
6.50% 
 
4.750% senior notes due September 15, 2044 |
Senior Notes
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
800 
800 
Debt instrument, maturity date
Sep. 15, 2044 
 
Debt instrument, interest rate
4.75% 
 
5.000% senior notes due September 15, 2054 |
Senior Notes
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
400 
400 
Debt instrument, maturity date
Sep. 15, 2054 
 
Debt instrument, interest rate
5.00% 
 
5.000% senior notes due September 15, 2054 |
MPLX LP |
Senior Notes
 
 
Debt Instrument [Line Items]
 
 
Debt instrument, maturity date
Feb. 15, 2025 
 
Debt instrument, interest rate
4.00% 
 
MPLX Revolver |
MPLX LP |
Line of Credit
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
385 
MPLX Term Loan |
MPLX LP |
Unsecured Debt
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
250 
250 
Line of credit facility, expiration date
Dec. 20, 2019 
 
4.000% senior notes due two thousand twenty five |
MPLX LP |
Senior Notes
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
500 
0 
Debt instrument, maturity date
Feb. 15, 2025 
 
Debt instrument, interest rate
4.00% 
 
Trade Receivables Securitization |
Consolidated subsidiaries: |
Secured Debt
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
$ 0 
$ 0 
Line of credit facility, expiration date
Dec. 31, 2016 
 
Debt MPLX Senior Notes (Details) (MPLX LP, Senior Notes, USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Feb. 12, 2015
4.000% senior notes due two thousand twenty five
Debt Instrument [Line Items]
 
 
Debt instrument, face amount
 
$ 500 
Proceeds from (repayments of) debt
$ 495 
 
Debt - Additional Information (Detail) (USD $)
3 Months Ended
Mar. 31, 2015
MPC Revolver
Line of Credit
Dec. 31, 2014
MPC Revolver
Line of Credit
Mar. 31, 2015
Trade Receivables Securitization
Mar. 31, 2015
MPLX Revolver
MPLX LP
Mar. 31, 2015
MPLX Revolver
MPLX LP
Letter of Credit
Mar. 31, 2015
MPLX Revolver
MPLX LP
Line of Credit
Dec. 31, 2014
MPLX Revolver
MPLX LP
Line of Credit
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
Long-term debt, gross
$ 0 
$ 0 
 
 
 
$ 0 
$ 385,000,000 
Current borrowing capacity
 
 
978,000,000 
 
 
 
 
Maximum borrowing capacity
 
 
1,300,000,000 
 
 
 
 
Borrowings during period
 
 
 
30,000,000 
 
 
 
Interest rate during period
 
 
 
1.50% 
 
 
 
Repayments during period
 
 
 
415,000,000 
 
 
 
Borrowings outstanding
 
 
 
 
0 
 
 
Remaining borrowing capacity
 
 
 
$ 1,000,000,000 
 
 
 
Remaining borrowing capacity, percentage
 
 
 
100.00% 
 
 
 
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Net cash provided by operating activities included:
 
 
Interest paid (net of amounts capitalized)
$ 128 
$ 80 
Net income taxes paid to taxing authorities
$ 160 
$ 5 
Supplemental Cash Flow Information - Reconciliation of Additions to Property, Plant and Equipment to Total Capital Expenditures (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]
 
 
Additions to property, plant and equipment
$ 389 
$ 267 
Decrease in capital accruals
(47)
(19)
Total capital expenditures
$ 342 
$ 248 
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
$ (313)
$ (204)
Other comprehensive loss before reclassifications
(2)
(42)
Amounts reclassified from accumulated other comprehensive loss:
 
 
Amortization - prior service credit
(13)1
(13)1
Amortization - actuarial loss
16 1
14 1
Amortization - settlement loss
1 1
64 1
Tax effect
(2)
(24)
Other comprehensive income (loss)
0 
(1)
Ending balance
(313)
(205)
Accumulated Defined Benefit Plans Adjustment |
Pension Benefits
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
(217)
(161)
Other comprehensive loss before reclassifications
(1)
(43)
Amounts reclassified from accumulated other comprehensive loss:
 
 
Amortization - prior service credit
(12)1
(12)1
Amortization - actuarial loss
13 1
13 1
Amortization - settlement loss
1 1
64 1
Tax effect
(1)
(24)
Other comprehensive income (loss)
0 
(2)
Ending balance
(217)
(163)
Accumulated Defined Benefit Plans Adjustment |
Other Benefits
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
(104)
(50)
Other comprehensive loss before reclassifications
(1)
1 
Amounts reclassified from accumulated other comprehensive loss:
 
 
Amortization - prior service credit
(1)1
(1)1
Amortization - actuarial loss
3 1
1 1
Amortization - settlement loss
0 
0 
Tax effect
(1)
0 
Other comprehensive income (loss)
0 
1 
Ending balance
(104)
(49)
Gain on Cash Flow Hedge
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
4 
4 
Other comprehensive loss before reclassifications
0 
0 
Amounts reclassified from accumulated other comprehensive loss:
 
 
Tax effect
0 
0 
Other comprehensive income (loss)
0 
0 
Ending balance
4 
4 
Workers Compensation
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Beginning balance
4 
3 
Other comprehensive loss before reclassifications
0 
0 
Amounts reclassified from accumulated other comprehensive loss:
 
 
Tax effect
0 
0 
Other comprehensive income (loss)
0 
0 
Ending balance
$ 4 
$ 3 
Defined Benefit Pension and Other Postretirement Plans - Components of Net Periodic Benefit Costs (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Pension Benefits
 
 
Components of net periodic benefit cost:
 
 
Service cost
$ 23 
$ 23 
Interest cost
18 
20 
Expected return on plan assets
(26)
(28)
Amortization – prior service credit
(12)
(12)
Amortization – actuarial loss
13 
13 
Amortization - settlement loss
1 
64 
Net periodic benefit cost
17 
80 
Other Benefits
 
 
Components of net periodic benefit cost:
 
 
Service cost
8 
7 
Interest cost
8 
8 
Expected return on plan assets
0 
0 
Amortization – prior service credit
(1)
(1)
Amortization – actuarial loss
3 
1 
Amortization - settlement loss
0 
0 
Net periodic benefit cost
$ 18 
$ 15 
Defined Benefit Pension and Other Postretirement Plans - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Pension Benefits
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Employer contributions
$ 0 
 
Pension settlement expenses
1 
64 
Other Pension Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Benefits paid
4 
 
Other Benefits
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Benefits paid
5 
 
Pension settlement expenses
$ 0 
$ 0 
Stock-Based Compensation Plans - Summary of Stock Option Award Activity (Detail) (Stock Options, USD $)
3 Months Ended
Mar. 31, 2015
Stock Options
 
Number of Shares
 
Outstanding, beginning balance
4,751,438 
Granted
354,001 
Exercised
(577,831)
Forfeited, canceled or expired
(24,383)
Outstanding, ending balance
4,503,225 
Weighted Average Exercise Price
 
Outstanding, beginning balance (in USD per share)
$ 45.47 
Granted (in USD per share)
$ 101.78 
Exercised (in USD per share)
$ 36.13 
Forfeited, canceled or expired (in USD per share)
$ 79.69 
Outstanding, ending balance (in USD per share)
$ 50.91 
Stock-Based Compensation Plans - Narrative (Detail)
3 Months Ended
Mar. 31, 2015
Stock Options
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Grant date fair value (in USD per share)
$ 27.00 
Performance Unit Awards
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Granted (in USD per share)
$ 0.95 
Stock-Based Compensation Plans - Summary of Restricted Stock Award Activity (Detail) (USD $)
3 Months Ended
Mar. 31, 2015
Restricted Stock
 
Number of Shares
 
Outstanding, beginning balance
515,073 
Granted
47,969 
RS’s Vested/RSU’s Issued
(68,011)
Forfeited
(15,374)
Outstanding, ending balance
479,657 
Weighted Average Grant Date Fair Value
 
Outstanding, beginning balance (in USD per share)
$ 77.23 
Granted (in USD per share)
$ 101.57 
RS's Vested/RSU's Issued (in USD per share)
$ 63.45 
Forfeited (in USD per share)
$ 77.07 
Outstanding, ending balance (in USD per share)
$ 81.63 
Restricted Stock Units
 
Number of Shares
 
Outstanding, beginning balance
411,093 
Granted
6,204 
RS’s Vested/RSU’s Issued
0 
Forfeited
(425)
Outstanding, ending balance
416,872 
Weighted Average Grant Date Fair Value
 
Outstanding, beginning balance (in USD per share)
$ 37.30 
Granted (in USD per share)
$ 93.19 
RS's Vested/RSU's Issued (in USD per share)
$ 0.00 
Forfeited (in USD per share)
$ 89.54 
Outstanding, ending balance (in USD per share)
$ 38.08 
Stock-Based Compensation Plans - Summary of Performance Unit Awards (Detail) (Performance Unit Awards, USD $)
3 Months Ended
Mar. 31, 2015
Performance Unit Awards
 
Number of Units
 
Outstanding, beginning balance
5,791,825 
Granted
2,389,450 
Settled
(2,035,833)
Outstanding, ending balance
6,145,442 
Weighted Average Grant Date Fair Value
 
Outstanding, beginning balance (in USD per share)
$ 0.88 
Granted (in USD per share)
$ 0.95 
Settled (in USD per share)
$ 0.85 
Outstanding, ending balance (in USD per share)
$ 0.92 
Commitments and Contingencies (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Loss Contingencies [Line Items]
 
 
Accrued liabilities for remediation
$ 177 
$ 185 
Receivables for recoverable costs
66 
67 
Contractual commitments to acquire property, plant and equipment and advance funds to equity method investees
2,000 
 
Galveston Bay Refinery and Related Assets
 
 
Loss Contingencies [Line Items]
 
 
Contractual commitments to acquire property, plant and equipment and advance funds to equity method investees
520 
 
North Dakota Pipeline
 
 
Loss Contingencies [Line Items]
 
 
Contractual commitments to acquire property, plant and equipment and advance funds to equity method investees
703 
 
Illinois Extension Pipeline Company LLC
 
 
Loss Contingencies [Line Items]
 
 
Contractual commitments to acquire property, plant and equipment and advance funds to equity method investees
148 
 
Indemnification Agreement |
Marathon Oil Companies
 
 
Loss Contingencies [Line Items]
 
 
Guarantee obligation current carrying value
2 
 
Other Guarantees |
Equity method investees
 
 
Loss Contingencies [Line Items]
 
 
Maximum potential undiscounted payments
82 
 
Guarantee obligations maximum exposure per event
50 
 
Guarantee of Indebtedness of Others |
Financial Guarantee |
LOOP and LOCAP LLC
 
 
Loss Contingencies [Line Items]
 
 
Line of credit facility, expiration date
Dec. 31, 2037 
 
Maximum potential undiscounted payments
172 
 
Master Shelf Agreement |
Financial Guarantee |
Centennial
 
 
Loss Contingencies [Line Items]
 
 
Line of credit facility, expiration date
Dec. 31, 2024 
 
Maximum potential undiscounted payments
37 
 
Pending Litigation
 
 
Loss Contingencies [Line Items]
 
 
Loss contingency, inestimable loss
Text Block 
 
Pending Litigation |
Emergency Pricing And Consumer Protection Laws
 
 
Loss Contingencies [Line Items]
 
 
Alleged amount overcharged from customers
$ 89 
 
Loss contingency, period of occurrence
during September and October 2005 
 
Plaintiff
Commonwealth of Kentucky 
 
Loss contingency, inestimable loss 
For matters for which we have not recorded an accrued liability, we are unable to estimate a range of possible loss because the issues involved have not been fully developed through pleadings and discovery.
Subsequent Events Subsequent Events (Details)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Subsequent Events [Abstract]
 
 
Basic earnings per share on a post-split basis
$ 1.63 
$ 0.34 
Diluted earnings per share on a post-split basis
$ 1.62 
$ 0.34 
Supplementary Statistics - Supplementary Statistics (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Supplementary Statistics [Line Items]
 
 
Income from operations
$ 1,470 
$ 361 
Capital expenditures and investments
384 1 2
371 1 2
Operating Segments
 
 
Supplementary Statistics [Line Items]
 
 
Income from operations
1,551 3
492 3
Capital expenditures and investments
355 2
340 2
Operating Segments |
Refining & Marketing
 
 
Supplementary Statistics [Line Items]
 
 
Income from operations
1,316 
362 
Capital expenditures and investments
229 
178 
Operating Segments |
Speedway
 
 
Supplementary Statistics [Line Items]
 
 
Income from operations
168 
58 
Capital expenditures and investments
45 
32 
Operating Segments |
Pipeline Transportation
 
 
Supplementary Statistics [Line Items]
 
 
Income from operations
67 3
72 3
Capital expenditures and investments
81 
130 
Corporate and Other
 
 
Supplementary Statistics [Line Items]
 
 
Income from operations
(80)3 4
(67)3 4
Capital expenditures and investments
29 1
31 1
Capitalized interest
8 
6 
Segment Reconciling Items
 
 
Supplementary Statistics [Line Items]
 
 
Pension settlement expenses
$ (1)5
$ (64)5
Supplementary Statistics - Operating Statistics (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Operating Statistics [Line Items ]
 
 
MPC Consolidated Refined Product Sales Volumes (thousands of barrels per day)
2,246,000 1 2
1,964,000 1 2
Refining & Marketing
 
 
Refining & Marketing Operating Statistics
 
 
Refining & Marketing refined product sales volume (thousands of barrels per day)
2,233,000 3
1,951,000 3
Refining & Marketing gross margin (dollars per barrel)
16.14 4
14.46 4
Crude oil capacity utilization percent
97.00% 5
85.00% 5
Refinery throughputs (thousands of barrels per day)
1,852,000 6
1,650,000 6
Sour crude oil throughput percent
56.00% 
49.00% 
WTI-priced crude oil throughput percent
20.00% 
21.00% 
Refined product yields (thousands of barrels per day)
1,878,000 6
1,678,000 6
Inter-refinery transfers
35,000 
59,000 
Refinery direct operating costs (dollars per barrel):
 
 
Planned turnaround and major maintenance
0.79 7
3.15 7
Depreciation and amortization
1.42 7
1.55 7
Other manufacturing
4.26 7 8
5.95 7 8
Total
6.47 7
10.65 7
Refining & Marketing |
Crude oil refined
 
 
Refining & Marketing Operating Statistics
 
 
Refinery throughputs (thousands of barrels per day)
1,672,000 6
1,450,000 6
Refining & Marketing |
Other charge and blendstocks
 
 
Refining & Marketing Operating Statistics
 
 
Refinery throughputs (thousands of barrels per day)
180,000 6
200,000 6
Refining & Marketing |
Gasoline
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
911,000 6
837,000 6
Refining & Marketing |
Distillates
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
553,000 6
514,000 6
Refining & Marketing |
Propane
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
36,000 6
34,000 6
Refining & Marketing |
Feedstocks and special products
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
298,000 6
220,000 6
Refining & Marketing |
Heavy fuel oil
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
30,000 6
30,000 6
Refining & Marketing |
Asphalt
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
50,000 6
43,000 6
Refining & Marketing |
Gulf Coast:
 
 
Refining & Marketing Operating Statistics
 
 
Refinery throughputs (thousands of barrels per day)
1,210,000 9
1,071,000 9
Sour crude oil throughput percent
70.00% 
60.00% 
WTI-priced crude oil throughput percent
5.00% 
3.00% 
Refined product yields (thousands of barrels per day)
1,226,000 9
1,096,000 9
Refinery direct operating costs (dollars per barrel):
 
 
Planned turnaround and major maintenance
0.80 7
3.83 7
Depreciation and amortization
1.14 7
1.25 7
Other manufacturing
3.99 7 8
5.87 7 8
Total
5.93 7
10.95 7
Refining & Marketing |
Gulf Coast: |
Crude oil refined
 
 
Refining & Marketing Operating Statistics
 
 
Refinery throughputs (thousands of barrels per day)
1,031,000 9
860,000 9
Refining & Marketing |
Gulf Coast: |
Other charge and blendstocks
 
 
Refining & Marketing Operating Statistics
 
 
Refinery throughputs (thousands of barrels per day)
179,000 9
211,000 9
Refining & Marketing |
Gulf Coast: |
Gasoline
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
523,000 9
489,000 9
Refining & Marketing |
Gulf Coast: |
Distillates
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
342,000 9
319,000 9
Refining & Marketing |
Gulf Coast: |
Propane
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
25,000 9
21,000 9
Refining & Marketing |
Gulf Coast: |
Feedstocks and special products
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
307,000 9
245,000 9
Refining & Marketing |
Gulf Coast: |
Heavy fuel oil
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
15,000 9
15,000 9
Refining & Marketing |
Gulf Coast: |
Asphalt
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
14,000 9
7,000 9
Refining & Marketing |
Midwest:
 
 
Refining & Marketing Operating Statistics
 
 
Refinery throughputs (thousands of barrels per day)
677,000 9
638,000 9
Sour crude oil throughput percent
34.00% 
34.00% 
WTI-priced crude oil throughput percent
43.00% 
47.00% 
Refined product yields (thousands of barrels per day)
687,000 9
641,000 9
Refinery direct operating costs (dollars per barrel):
 
 
Planned turnaround and major maintenance
0.73 7
1.71 7
Depreciation and amortization
1.85 7
1.91 7
Other manufacturing
4.51 7 8
5.54 7 8
Total
7.09 7
9.16 7
Refining & Marketing |
Midwest: |
Crude oil refined
 
 
Refining & Marketing Operating Statistics
 
 
Refinery throughputs (thousands of barrels per day)
641,000 9
590,000 9
Refining & Marketing |
Midwest: |
Other charge and blendstocks
 
 
Refining & Marketing Operating Statistics
 
 
Refinery throughputs (thousands of barrels per day)
36,000 9
48,000 9
Refining & Marketing |
Midwest: |
Gasoline
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
388,000 9
348,000 9
Refining & Marketing |
Midwest: |
Distillates
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
211,000 9
195,000 9
Refining & Marketing |
Midwest: |
Propane
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
13,000 9
13,000 9
Refining & Marketing |
Midwest: |
Feedstocks and special products
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
23,000 9
33,000 9
Refining & Marketing |
Midwest: |
Heavy fuel oil
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
16,000 9
16,000 9
Refining & Marketing |
Midwest: |
Asphalt
 
 
Refining & Marketing Operating Statistics
 
 
Refined product yields (thousands of barrels per day)
36,000 9
36,000 9
Speedway
 
 
Speedway Operating Statistics(b)
 
 
Convenience stores at period-end
2,753 1
1,482 
Gasoline and distillate sales (millions of gallons)
1,432,000,000 
773,000,000 
Gasoline and distillate gross margin (dollars per gallon)
0.1970 10
0.1156 11
Merchandise sales (in millions)
$ 1,111 
$ 722 
Merchandise gross margin (in millions)
$ 311 
$ 192 
Merchandise margin percent
28.00% 
26.50% 
Same store gasoline sales volume (period over period) percentage
(1.20%)12
(0.70%)12
Merchandise sales excluding cigarettes (period over period) percentage
6.20% 11 12
5.30% 11 12
Pipeline Transportation
 
 
Pipeline Transportation Operating Statistics
 
 
Pipeline throughputs (thousands of barrels per day)
2,107,000 13
1,990,000 13
Pipeline Transportation |
Crude oil pipelines
 
 
Pipeline Transportation Operating Statistics
 
 
Pipeline throughputs (thousands of barrels per day)
1,221,000 13
1,171,000 13
Pipeline Transportation |
Refined products pipelines
 
 
Pipeline Transportation Operating Statistics
 
 
Pipeline throughputs (thousands of barrels per day)
886,000 13
819,000 13