Marathon Petroleum Corp (MPC)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	27,000,000	26,900,000	26,900,000	26,900,000	26,300,000	26,300,000	26,300,000	26,300,000	25,100,000	26,900,000	27,900,000	32,000,000	31,100,000	31,400,000	31,600,000	31,000,000	28,300,000	28,300,000	27,900,000	27,600,000
Total stockholders’ equity	US$ in thousands	24,404,000	25,862,000	25,714,000	26,858,000	27,715,000	26,304,000	26,306,000	23,972,000	26,206,000	28,280,000	28,921,000	21,592,000	22,199,000	22,453,000	23,741,000	24,088,000	33,694,000	33,738,000	34,207,000	33,951,000
Debt-to-capital ratio		0.53	0.51	0.51	0.50	0.49	0.50	0.50	0.52	0.49	0.49	0.49	0.60	0.58	0.58	0.57	0.56	0.46	0.46	0.45	0.45

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $27,000,000K ÷ ($27,000,000K + $24,404,000K)
= 0.53

The debt-to-capital ratio of Marathon Petroleum Corp has shown relatively stable levels over the past eight quarters, ranging between 0.49 and 0.53. This ratio indicates the proportion of the company's capital that is financed through debt.

With values consistently around 0.50, the company's debt levels constitute approximately half of its total capital structure, which suggests a balanced mix of debt and equity financing.

The slight fluctuations in the ratio from quarter to quarter may be reflective of changes in the company's borrowing activities or capital investments during those periods. Additionally, the consistent levels around 0.50 indicate that Marathon Petroleum Corp has maintained a relatively steady approach to managing its debt obligations in relation to its overall capital structure.

Overall, the stable debt-to-capital ratio of Marathon Petroleum Corp reflects a cautious and balanced approach to leveraging debt as part of its overall capital structure.