2022 Q1 Form 10-Q Financial Statement

#000151029522000039 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $38.06B $22.71B
YoY Change 67.58% 2.28%
Cost Of Revenue $35.07B $21.08B
YoY Change 66.33% 3.65%
Gross Profit $2.990B $1.627B
YoY Change 83.77% -12.62%
Gross Profit Margin 7.86% 7.16%
Selling, General & Admin $603.0M $575.0M
YoY Change 4.87% -22.51%
% of Gross Profit 20.17% 35.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $805.0M $844.0M
YoY Change -4.62% -2.2%
% of Gross Profit 26.92% 51.87%
Operating Expenses $603.0M $575.0M
YoY Change 4.87% -22.51%
Operating Profit $1.716B $217.0M
YoY Change 690.78% -101.79%
Interest Expense -$282.0M -$333.0M
YoY Change -15.32% 6.73%
% of Operating Profit -16.43% -153.46%
Other Income/Expense, Net $20.00M -$20.00M
YoY Change -200.0% 0.0%
Pretax Income $1.454B -$136.0M
YoY Change -1169.12% -98.91%
Income Tax $282.0M $34.00M
% Of Pretax Income 19.39%
Net Earnings $845.0M -$242.0M
YoY Change -449.17% -97.38%
Net Earnings / Revenue 2.22% -1.07%
Basic Earnings Per Share $1.50 -$0.37
Diluted Earnings Per Share $1.49 -$0.37
COMMON SHARES
Basic Shares Outstanding 564.0M shares 651.0M shares
Diluted Shares Outstanding 568.0M shares 651.0M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.60B $624.0M
YoY Change 1598.24% -63.08%
Cash & Equivalents $7.148B $624.0M
Short-Term Investments $3.449B
Other Short-Term Assets $648.0M $2.695B
YoY Change -75.96% 176.41%
Inventory $9.482B $8.407B
Prepaid Expenses
Receivables $15.66B $7.468B
Other Receivables $0.00 $0.00
Total Short-Term Assets $36.39B $30.36B
YoY Change 19.85% 93.47%
LONG-TERM ASSETS
Property, Plant & Equipment $38.48B $38.49B
YoY Change -0.04% -15.09%
Goodwill $8.256B $8.256B
YoY Change 0.0% -35.04%
Intangibles
YoY Change
Long-Term Investments $5.514B $5.435B
YoY Change 1.45% -3.91%
Other Assets $2.318B $2.594B
YoY Change -10.64% -40.55%
Total Long-Term Assets $54.56B $56.29B
YoY Change -3.07% -20.3%
TOTAL ASSETS
Total Short-Term Assets $36.39B $30.36B
Total Long-Term Assets $54.56B $56.29B
Total Assets $90.95B $86.65B
YoY Change 4.96% 0.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.79B $9.953B
YoY Change 98.84% 22.79%
Accrued Expenses $1.396B $976.0M
YoY Change 43.03% -43.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.075B $1.786B
YoY Change -39.81% 4.44%
Total Short-Term Liabilities $25.12B $16.09B
YoY Change 56.17% 18.54%
LONG-TERM LIABILITIES
Long-Term Debt $25.63B $30.69B
YoY Change -16.49% 2.66%
Other Long-Term Liabilities $3.328B $4.178B
YoY Change -20.34% -14.4%
Total Long-Term Liabilities $28.96B $34.87B
YoY Change -16.95% 0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.12B $16.09B
Total Long-Term Liabilities $28.96B $34.87B
Total Liabilities $59.65B $57.17B
YoY Change 4.34% 5.64%
SHAREHOLDERS EQUITY
Retained Earnings $13.42B $4.029B
YoY Change 233.09% -36.85%
Common Stock $33.34B $33.23B
YoY Change 0.32% 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.71B $15.16B
YoY Change 49.83% 0.09%
Treasury Stock Shares 442.0M shares 329.0M shares
Shareholders Equity $23.97B $21.59B
YoY Change
Total Liabilities & Shareholders Equity $90.95B $86.65B
YoY Change 4.96% 0.39%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $845.0M -$242.0M
YoY Change -449.17% -97.38%
Depreciation, Depletion And Amortization $805.0M $844.0M
YoY Change -4.62% -2.2%
Cash From Operating Activities $2.513B $454.0M
YoY Change 453.52% -159.11%
INVESTING ACTIVITIES
Capital Expenditures $495.0M $304.0M
YoY Change 62.83% -68.03%
Acquisitions
YoY Change
Other Investing Activities -$215.0M -$98.00M
YoY Change 119.39% 880.0%
Cash From Investing Activities $1.708B -$267.0M
YoY Change -739.7% -75.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.750B -$23.00M
YoY Change -12056.52% 475.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.364B $16.00M
YoY Change -14875.0% -99.21%
NET CHANGE
Cash From Operating Activities $2.513B $454.0M
Cash From Investing Activities $1.708B -$267.0M
Cash From Financing Activities -$2.364B $16.00M
Net Change In Cash $1.857B $203.0M
YoY Change 814.78% 23.03%
FREE CASH FLOW
Cash From Operating Activities $2.513B $454.0M
Capital Expenditures $495.0M $304.0M
Free Cash Flow $2.018B $150.0M
YoY Change 1245.33% -108.73%

Facts In Submission

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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 SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information and disclosures derived from our audited annual financial statements, prepared in accordance with GAAP, have been condensed or omitted from these interim financial statements.
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CY2021Q4 us-gaap Crude Oil And Natural Gas Liquids
CrudeOilAndNaturalGasLiquids
2639000000 USD
CY2022Q1 mpc Energy Related Inventory Refined Products
EnergyRelatedInventoryRefinedProducts
5675000000 USD
CY2021Q4 mpc Energy Related Inventory Refined Products
EnergyRelatedInventoryRefinedProducts
4460000000 USD
CY2022Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
992000000 USD
CY2021Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
956000000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
9482000000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
8055000000 USD
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
61052000000 USD
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
23907000000 USD
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
37145000000 USD
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
60633000000 USD
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
23193000000 USD
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
37440000000 USD
CY2022Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
36000000 USD
CY2021Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
14000000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
108000000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
63000000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
4000000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-6000000 USD
CY2022Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-5000000 USD
CY2021Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-3000000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
99000000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
66000000 USD
CY2022Q1 us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
5000000 USD
CY2021Q1 us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
-5000000 USD
CY2022Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
27132000000 USD
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
25948000000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
143000000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
129000000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
280000000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
280000000 USD
CY2022Q1 us-gaap Debt Current
DebtCurrent
1075000000 USD
CY2021Q4 us-gaap Debt Current
DebtCurrent
571000000 USD
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
25634000000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
24968000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
38058000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22711000000 USD
CY2022Q1 mpc Matching Buy Sell Receivables
MatchingBuySellReceivables
7150000000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
278000000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
336000000 USD
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1000000 USD
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
495000000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
304000000 USD
CY2022Q1 mpc Increase Decrease In Accrual For Capital Expenditures
IncreaseDecreaseInAccrualForCapitalExpenditures
-34000000 USD
CY2021Q1 mpc Increase Decrease In Accrual For Capital Expenditures
IncreaseDecreaseInAccrualForCapitalExpenditures
-48000000 USD
CY2022Q1 mpc Capital Expenditure
CapitalExpenditure
461000000 USD
CY2021Q1 mpc Capital Expenditure
CapitalExpenditure
256000000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-512000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-2000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-10000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-14000000 USD
CY2021Q1 mpc Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Settlement Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociPensionAndOtherPostretirementBenefitPlansForSettlementGainLossBeforeTax
0 USD
CY2021Q1 mpc Other Comprehensive Income Loss Reclassification Adjustment From Aoci
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCI
1000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1000000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-511000000 USD
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-67000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-1000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
0 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-16000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-6000000 USD
CY2022Q1 mpc Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Settlement Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociPensionAndOtherPostretirementBenefitPlansForSettlementGainLossBeforeTax
-2000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
-1000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7000000 USD
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-74000000 USD
CY2022Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
416000000 USD
CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
401000000 USD
CY2022Q1 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
6000000 USD
CY2021Q4 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
6000000 USD
CY2020Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
187000000 USD
CY2020Q4 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
4000000 USD

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