The following table should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data.
Year Ended December 31,
(In millions, except per share data)
2018(a)
2017(b)
2016
2015(a)
2014(a)
Statements of Income Data
Sales and other operating revenue(c)
$
96,504
$
74,733
$
63,339
$
72,051
$
97,817
Income from operations
5,571
4,018
2,386
4,708
4,149
Net income
3,606
3,804
1,213
2,868
2,555
Net income attributable to MPC
2,780
3,432
1,174
2,852
2,524
Net income attributable to MPC per share:
Basic
$
5.36
$
6.76
$
2.22
$
5.29
$
4.42
Diluted
$
5.28
$
6.70
$
2.21
$
5.26
$
4.39
Dividends per share
$
1.84
$
1.52
$
1.36
$
1.14
$
0.92
Statements of Cash Flows Data
Net cash provided by operating activities
$
6,158
$
6,612
$
4,017
$
4,076
$
3,130
Acquisitions, net of cash acquired(a)
3,822
249
—
1,218
2,821
Common stock repurchased
3,287
2,372
197
965
2,131
Dividends paid
954
773
719
613
524
December 31,
(In millions)
2018(a)
2017
2016
2015(a)
2014(a)
Balance Sheets Data
Total assets
$
92,940
$
49,047
$
44,413
$
43,115
$
30,425
Long-term debt, including capitalized leases(d)
27,524
12,946
10,572
11,925
6,602
(a)
On October 1, 2018, we acquired Andeavor. On December 4, 2015, MPLX, our consolidated subsidiary, merged with MarkWest. On September 30, 2014, we acquired Hess’ Retail Operations and Related Assets. The financial results for these operations are included in our consolidated results from the date of acquisition.
(b)
Earnings for 2017 include a tax benefit of approximately $1.5 billion or $2.93 per diluted share as a result of re-measuring certain net deferred tax liabilities using the lower corporate tax rate enacted in the fourth quarter 2017.
(c)
Includes sales to related parties. The 2018 period reflects an election to present certain taxes on a net basis concurrent with our adoption of ASU 2014-09, Revenue - Revenue from Contracts with Customers (“ASC 606”).
(d)
Includes amounts due within one year. During 2018, MPC assumed Andeavor senior notes with an aggregate principal amount of $3.374 billion and MPLX issued $7.75 billion aggregate principal amount of senior notes. MPLX used $4.1 billion of the net proceeds of the offering to repay the 364-day term loan facility drawn on in January to fund the cash portion of the consideration for the February 1, 2018 dropdown and used $750 million of the net proceeds to redeem the 5.500 percent senior notes due February 2023 issued by MPLX and MarkWest. Also included in 2018 are Andeavor Logistics senior notes with an aggregate principal amount of $3.75 billion. During 2017, MPLX issued $2.25 billion aggregate principal amount of senior notes and used the net proceeds to fund the $1.5 billion cash portion of the consideration paid to MPC for the dropdown of assets on March 1, 2017. During 2015, in connection with the MarkWest Merger, MPLX assumed MarkWest Senior Notes with an aggregate principal amount of $4.1 billion and used its credit facility to repay $850 million of the $943 million of borrowings under MarkWest’s credit facility. During 2014, we issued $1.95 billion aggregate principal amount of senior notes and entered into a $700 million term loan agreement to fund a portion of the Hess’ Retail Operations and Related Assets acquisition.
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