Marathon Petroleum’s Revenue by Product Line (2013-2020)

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This statistic highlights Marathon Petroleum’s Revenue by Product Line from 2013 onwards, reported on an annual basis and split across Refined Products, Midstream Services and Transportation segments.
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This statistic highlights Marathon Petroleum’s Revenue by Product Line from 2013 onwards, split across Refined Products, Midstream Services, Transportation, and Others.

The functioning consists of two operating segments: Refining & Marketing and Midstream. Each of these segments is coordinated and managed based upon the nature of the products and services it produces.

Marathon Petroleum’s Revenue by Product Line

Product Line 2018 2019 2020 Contribution in 2020
Refined Products $82.82 $107.41 $66.25 89%
Midstream services, transportation and other $6.66 $8.76 $8.44 11%
Total $89.48 $116.17 $74.69 100%

(All figures are in billions, except percentages.)

Marathon Petroleum’s total revenue did not follow a uniform growth pattern between 2018 and 2020. The total revenue first increased from 2018 to 2019 and then dropped from 2019 to 2020. The revenue generated was the highest in 2019, amounting to $116.17 billion and was the lowest in 2020, standing at $74.69 billion. The company’s total revenue decreased by 16.5% between 2018 and 2020, falling from $89.48 billion in 2018 to $74.69 billion in 2020. The revenue grew by 29.82% from $89.48 billion in 2018 to $116.17 billion in 2019. However, the revenue decreased by a decline rate of 35.7% between 2019 and 2020, when the revenue dropped from $116.17 billion to $74.69 billion.

Total revenue and other income decreased in 2020, as compared to 2019, primarily due to decreased sales of Refining & Marketing segment’s refined products, and lower average refined product sales prices, largely because of the reduced travel and business operations as a result of the COVID-19 pandemic and decline in commodity prices. However, the total revenue increased in 2019 as compared to 2018 due to an increase in the Refining & Marketing segment’s refined product sales volumes, largely due to the Andeavor acquisition on October 1, 2018.

Marathon Petroleum’s revenue can be fragmented into the following product lines:

Refined Products

The company currently operates refineries in the Mid-Continent, Gulf Coast, and West Coast regions of the United States with an overall crude oil refining capacity of 2,874 mbpcd. The functioning of refineries includes crude oil atmospheric and vacuum distillation, catalytic reforming, coking, desulfurization, fluid catalytic cracking, and sulphur recovery units. The company produces numerous refined products, ranging from transportation fuels, such as reformulated gasoline, blend-grade gasoline intended for blending with ethanol and ULSD fuel, to heavy fuel oil and asphalt. Additionally, it manufactures aromatics, propane, propylene, and sulphur.

The revenue from the company’s refined products segment decreased from $82.82 billion in 2018 to $66.25 billion in 2020, resulting in decrease of 20%. Besides, it faced a downfall of 38.3% from $107.41 billion in 2019 to $66.25 billion in 2020, on a yearly basis. The revenue product line contributes 89% of the total revenue in 2020.

Midstream Services, Transportation and Other

The Midstream Services segment transports, stocks, distributes, and retails crude oil and refined products, principally for the Refining & Marketing segment. The Midstream segment primarily reflects the results of MPLX, a diversified, large-cap master limited partnership formed in 2012 that owns and operates midstream energy infrastructure and logistics assets and provides fuel distribution services.

The Midstream services, transportation, and other segments marked an increment from $6.66 billion in 2018 to $8.44 billion in 2020, indicating a growth of 26.7%. However, the revenue dropped from $8.76 billion in 2019 to $8.44 billion in 2020,  which shows a decline of 3.6%, on a yearly basis. The Midstream services, transportation, and other services comprise 11% of the total revenue in 2020.

About the company

Marathon Petroleum Corporation was incorporated on November 9, 2009, in Delaware. The company has over 130 years of experience in the energy business, and is the largest independent petroleum product Refining & Marketing, and Midstream business in the United States. It operates the nation’s largest refining system with approximately 2.9 million barrels per day of crude oil refining capacity.

On October 1, 2018, the company acquired Andeavor. This acquisition substantially increased the geographic diversification and the scale of the company’s assets, which provides increased opportunities to optimize the system. The company’s shares are traded on the NYSE under the ticker symbol of “MPC”.

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