Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
Doing some research...
Over 2021–2024 Marathon Petroleum’s balance sheet shows a peak in total assets in 2022 (USD 89,904m), followed by a steady decline to USD 78,858m in 2024 (a drop of USD 11,046m, ≈12.3% from the 2022 high). Total liabilities were relatively stable after a 2021→2022 rise (USD 51,792m → 54,817m) and eased only slightly to USD 54,352m by 2024 (down ≈0.8% from 2022). Because assets fell while liabilities stayed roughly constant, stockholders’ equity contracted sharply from USD 27,715m in 2022 to USD 17,745m in 2024 (a decline of USD 9,970m, ≈36%). As a result leverage increased: liabilities/assets rose from about 60.7% in 2021 to roughly 68.9% in 2024, and the equity/assets ratio fell from ~30.7% to ~22.5%. The pattern — weakening assets with stable liabilities — suggests the equity decline is driven more by asset reductions (asset sales, lower inventory valuations, or impairments) and/or capital distributions (dividends/share buybacks) than by large new borrowing. This is consistent with the refining/midstream industry cycle: strong post‑pandemic margins and working capital in 2021–22 often inflated asset values, while 2023–24 margin normalization and periodic impairments or inventory revaluation can shrink assets and equity. The rising leverage increases financial risk and reduces balance‑sheet flexibility if adverse market conditions persist. Note that the 2025 row contains zeros and appears to be missing data, so 2025 is not available for analysis.
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.