Summary
Marathon Petroleum Corporation (MPC) filed an 8-K on May 2, 2016, primarily to disclose a change in its segment reporting for the first quarter of 2016. This change follows the March 31, 2016, contribution of MPC's inland marine business to its master limited partnership, MPLX LP. The inland marine business and MPC's investment in an ocean vessel joint venture (Crowley Ocean Partners LLC) have been reclassified from the Refining & Marketing segment to the Midstream segment. This reclassification impacts how investors will view the company's performance across its business segments going forward. Comparable historical data within the provided Investor Relations Packet (Exhibit 99.1) has been restated to reflect this new segment structure, allowing for a more consistent year-over-year comparison under the updated reporting framework. Investors should refer to the furnished Investor Relations Packet for detailed financial information and analysis based on this revised segment presentation.
Key Highlights
- 1MPC has revised its segment reporting presentation for the first quarter of 2016.
- 2The change is due to the contribution of MPC's inland marine business to MPLX LP on March 31, 2016.
- 3MPC's inland marine business and its investment in Crowley Ocean Partners LLC are now reported under the Midstream segment.
- 4Previously, these operations were included within the Refining & Marketing segment.
- 5Comparable prior period information in the First Quarter 2016 Investor Relations Packet has been recast to reflect the new segment presentation.
- 6The Investor Relations Packet, which contains the recast financial information, is furnished as Exhibit 99.1 to the 8-K.