Marathon Petroleum (MPC) FY2014 results: revenue $97.8 billion, down 2.3% on the year
Marathon Petroleum Corp. (MPC) reported revenue of $97.8 billion for fiscal 2014, the year ended 31 December 2014, down 2.3% on the year before. Net income was $2.5 billion, up 19.5%, and diluted earnings per share $4.39. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$97.8 billion
-2.3% on the year
FY2009FY2014
Operating margin
4.1%
3.4% a year earlier
FY2009FY2014
Net income
$2.5 billion
+19.5% on the year
FY2009FY2014
Diluted EPS
$4.39
+32.2% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
97,817
100,160
82,243
-2.3%
Selling, general and administrative
1,375
1,248
1,223
+10.2%
Operating income
4,051
3,425
5,347
+18.3%
Operating margin
4.1%
3.4%
6.5%
Interest expense
229
195
191
+17.4%
Pre-tax income
3,835
3,246
5,238
+18.1%
Income tax
1,280
1,113
1,845
+15.0%
Effective tax rate
33.4%
34.3%
35.2%
Net income
2,524
2,112
3,389
+19.5%
Net margin
2.6%
2.1%
4.1%
Diluted EPS
$4.39
$3.32
$4.95
+32.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,110
3,405
4,492
-8.7%
Capital expenditure
1,480
1,206
1,369
+22.7%
Free cash flow
1,630
2,199
3,123
-25.9%
Free cash flow margin
1.7%
2.2%
3.8%
Cash from investing
-4,543
-2,756
-1,452
Cash from financing
635
-3,217
-1,259
Depreciation and amortisation
1,326
1,220
995
+8.7%
Share-based compensation
40.0
42.0
35.0
-4.8%
Buybacks
2,131
2,793
1,350
-23.7%
Dividends paid
524
484
407
+8.3%
Dividend per share
$0.92
$0.77
$0.60
+19.5%
Diluted shares, weighted
574m
634m
684m
-9.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
10,751
10,920
11,694
-1.5%
Non-controlling interest
639
412
411
+55.1%
Debt
6,575
3,396
3,361
+93.6%
Other liabilities
12,495
13,657
11,757
-8.5%
Total liabilities and equity
30,460
28,385
27,223
+7.3%
Fixed assets
16,261
13,921
12,643
+16.8%
Goodwill
1,566
938
930
+67.0%
Intangible assets
287
n/a
n/a
Cash and equivalents
1,494
2,292
4,860
-34.8%
Receivables
4,058
5,559
4,610
-27.0%
Inventory
5,642
4,689
3,449
+20.3%
Other assets
1,152
986
731
+16.8%
Total assets
30,460
28,385
27,223
+7.3%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.