The company said net income attributable to MPC decreased $4.84 billion in 2023 compared with 2022, citing lower Refining & Marketing margins and lower net gains on the disposal of assets as the main factors.

1. 01

   The company said net income attributable to MPC decreased $4.84 billion in 2023 compared with 2022, citing lower Refining & Marketing margins and lower net gains on the disposal of assets as the main factors.

2. 02

   The company said its Refining & Marketing margin, excluding LIFO inventory adjustments, was $23.16 per barrel in 2023, compared with $28.10 per barrel in 2022, and that segment adjusted EBITDA for the segment fell by $5.71 billion.

3. 03

   The company said on December 15, 2023 that MPLX used $303 million of cash on hand to buy the remaining 40% interest in MarkWest Torñado GP, L.L.C. for approximately $270 million, including cash paid for working capital, and extended the term of a gathering and processing agreement by approximately $33 million.

4. 04

   The company said on August 1, 2023 that MPC sold its 25% interest in South Texas Gateway Terminal LLC to an affiliate of Gibson Energy, and that MPC received proceeds of $270 million and recognized a gain on the sale of $106 million.

Key figures

Fiscal year ended December 31, 2023

Revenue

$148.4B

Operating income

$14.5B

Net income

$9.7B

EPS

$23.63

Operating cash flow

$14.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.