Marathon Petroleum Corp (MPC)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	27,000,000	26,300,000	25,100,000	31,100,000	28,300,000
Total assets	US$ in thousands	85,987,000	89,904,000	85,373,000	85,158,000	98,556,000
Debt-to-assets ratio		0.31	0.29	0.29	0.37	0.29

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $27,000,000K ÷ $85,987,000K
= 0.31

The debt-to-assets ratio of Marathon Petroleum Corp has shown variability over the past five years. In 2023, the ratio stood at 0.32, slightly higher compared to the prior year but consistent with the levels seen in 2021. This indicates that 32% of the company's assets were financed by debt. The ratio had spiked in 2020 to 0.37, suggesting a higher reliance on debt financing that year. However, the ratio decreased in 2019 to 0.29, indicating a lower proportion of assets financed by debt compared to the other years analyzed. Overall, the trend in the debt-to-assets ratio suggests a relatively stable financial position for Marathon Petroleum Corp, with fluctuations within a reasonable range over the years.