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Over the past five years, Marathon Petroleum Corporation’s income statement data reveals considerable volatility in its financial performance. In 2020, the company reported relatively low revenue (approximately 69.8 billion USD) and a negative operating income, indicating a challenging start amid an uncertain market environment. The turnaround beginning in 2021 is notable: revenue jumped to roughly 120 billion USD, gross profit more than doubled to near 10 billion USD, and operating income swung from a loss of 12.2 billion USD in 2020 to a profit of 4.3 billion USD. This dramatic improvement continued into 2022, with revenue reaching approximately 177.5 billion USD and operating income surging to 21.5 billion USD—a year-over-year increase exceeding 400% from 2021—suggesting that favorable market conditions and possibly improved operational efficiencies propelled performance. However, a reversal appears in 2023 and 2024. Revenue peaked in 2022 before declining to around 148.4 billion USD in 2023 and further to 138.9 billion USD in 2024. Similarly, gross profit and operating income experienced significant drops, with operating income falling from 21.5 billion USD in 2022 to 6.8 billion USD in 2024—a decline of over 68%—and net income plummeting by more than 75% from 14.5 billion USD to 3.4 billion USD over the same period. These marked year-over-year swings, particularly the sharp declines post-2022, likely reflect sector-specific challenges such as volatile energy prices, margin pressure in refining operations, and broader market corrections. Overall, while the turnaround in 2021–2022 highlights the company’s potential for rapid recovery and growth, the subsequent declines raise concerns about the sustainability of its financial performance in a cyclical and competitive industry.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.