Business Context and Reporting Period
Company: Marathon Petroleum Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: March 18, 2019
Subject: Correction of a typographical error in the "Crude Oil Supply" table originally presented in the 2018 Annual Report on Form 10-K.
Key Financial Metrics and Data
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It exclusively provides corrected operational data regarding crude oil sourcing volumes (in thousand barrels per day, mbpd) for the years 2016, 2017, and 2018.
| Source | 2018 (Revised) | 2017 | 2016 |
|---|---|---|---|
| United States | 1,319 | 999 | 986 |
| Canada | 465 | 381 | 326 |
| Middle East and other international | 297 | 385 | 387 |
| Total | 2,081 | 1,765 | 1,699 |
Material Changes Versus Prior Period
The filing supersedes the 2018 Form 10-K table to correct reported amounts for crude oil sourced from Canada and the Middle East/other international locations for the year 2018. The filing explicitly states that this revision does not change any previously reported financial results of operations or other disclosures contained in the 2018 Form 10-K.
Guidance, Outlook, and Risks
The filing contains no new guidance, outlook, management commentary on future performance, or discussion of risks and contingencies. It notes that crude oil is obtained through negotiated term contracts and spot market purchases, with term contracts generally having market-related pricing provisions. The data includes production from refineries acquired in the Andeavor acquisition from October 1, 2018, forward.
Investor Verification Checklist
- Verify the corrected 2018 crude oil sourcing volumes against the original 2018 Form 10-K to confirm the specific adjustments for Canadian and international sources.
- Confirm that the revised table does not impact previously reported financial results, as stated in the filing.
- Note that the 2018 data includes the Andeavor acquisition refineries only from October 1, 2018, which may affect year-over-year comparisons.