Summary
Marathon Petroleum Corporation (MPC) filed an 8-K on February 26, 2021, to report revisions to its previously announced fourth quarter and full-year 2020 financial results. The primary adjustment relates to a $93 million increase in the benefit for income taxes on continuing operations, stemming from a reduction in the estimate of state deferred income tax liabilities. This adjustment increases reported net income attributable to MPC by $93 million and net income per share by $0.15 for the fourth quarter of 2020. Importantly, MPC stated that these revisions do not impact segment operating results, discontinued operations, cash flows, or adjusted earnings. The company will publish a revised earnings release, presentation, and investor packet to reflect these changes. Investors should note that these revised figures will be formally incorporated into MPC's upcoming Form 10-K filing.
Key Highlights
- 1MPC revised its Q4 2020 financial results, increasing the income tax benefit by $93 million.
- 2The revision is due to an updated estimate of state deferred income tax liabilities.
- 3Reported net income attributable to MPC for Q4 2020 increased by $93 million to $285 million.
- 4Net income per share for Q4 2020 increased by $0.15 to $0.44.
- 5These revisions do not affect segment operating results, discontinued operations, cash flows, or adjusted earnings.
- 6A revised earnings release and investor materials will be published to reflect these changes.