8-KEarnings & ResultsExhibits & Filings

Marathon Petroleum Corp 8-K Report, Financial Results (May 1, 2017)

Filed May 1, 2017For Securities:MPC

Summary

Marathon Petroleum Corporation (MPC) filed an 8-K on May 1, 2017, primarily to disclose a change in its segment reporting presentation for the first quarter of 2017. This change is a result of the contribution of certain terminal, pipeline, and storage assets to its sponsored master limited partnership, MPLX LP, completed on March 1, 2017. Previously reported within the Refining & Marketing segment, these assets are now classified under the new Midstream segment. Investors should note that MPC has recast comparable prior period information in its First Quarter 2017 Investor Relations Packet to reflect this revised segment presentation. The recasting of results for pipeline and storage assets is effective from January 1, 2015, and for terminal assets from April 1, 2016. This restatement provides a more consistent view of the company's operational structure and financial performance across its evolving business segments, particularly highlighting the growing importance of its midstream operations.

Key Highlights

  • 1MPC has revised its segment reporting to reflect the contribution of terminal, pipeline, and storage assets to MPLX LP.
  • 2These assets are now presented under a dedicated 'Midstream' segment, previously part of 'Refining & Marketing'.
  • 3The change in segment presentation was effective for the first quarter of 2017.
  • 4Comparable prior period financial information has been recast to align with the new segment structure.
  • 5Recasting for pipeline and storage assets is effective from January 1, 2015.
  • 6Recasting for terminal assets is effective from April 1, 2016.
  • 7The First Quarter 2017 Investor Relations Packet, containing the recast data, is furnished as an exhibit.

Frequently Asked Questions

The primary purpose of this 8-K filing is to inform investors about Marathon Petroleum Corporation's (MPC) revised segment reporting presentation for the first quarter of 2017, following the contribution of certain assets to MPLX LP.

MPC changed its segment reporting because it completed the contribution of certain terminal, pipeline, and storage assets to its sponsored master limited partnership, MPLX LP, on March 1, 2017. These assets are now more appropriately classified and presented under a separate Midstream segment.

MPC has recast comparable prior period financial information in its First Quarter 2017 Investor Relations Packet to reflect the new segment presentation. This means historical results are adjusted to show how they would have been reported under the revised segment structure, providing a more consistent basis for comparison.

The detailed financial information, including the recast segment data, can be found in Marathon Petroleum Corporation's First Quarter 2017 Investor Relations Packet, which is furnished as Exhibit 99.1 to this 8-K filing and is available on MPC's investor relations website.