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MRO » Topics » 13. Equity Method Investments

These excerpts taken from the MRO 10-K filed Feb 29, 2008.

13. Equity Method Investments

 

(In millions)    December 31    2007    2006

EGHoldings (a)

       $ 1,014    $ –

Alba Plant LLC

         395      420

Atlantic Methanol Production Company LLC

         245      257

Pilot Travel Centers LLC

         493      510

LOOP LLC

         183      156

Other

         300      196
                

Total

         $ 2,630    $ 1,539

(a)

As discussed in Note 4, Marathon no longer consolidates EGHoldings effective May 1, 2007. Marathon’s investment is accounted for prospectively using the equity method of accounting and therefore EGHoldings’ results for May 1, 2007 through December 31, 2007 are included in the income data below.

Summarized financial information of investees accounted for by the equity method of accounting follows:

 

(In millions)    2007    2006    2005

Income data – year:

         

Revenues and other income

    $ 14,133    $ 11,873    $ 10,088

Income from operations

      1,098      746      556

Net income

      1,038      710      474

Balance sheet data – December 31:

         

Current assets

    $ 1,279    $ 817   

Noncurrent assets

      5,998      3,637   

Current liabilities

      1,512      755   

Noncurrent liabilities

      1,378      1,119       

Marathon’s carrying value of its equity method investments is $356 million higher than the underlying net assets of investees. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets except for $159 million of the excess related to goodwill.

Dividends and partnership distributions received from equity method investees (excluding distributions that represented a return of capital previously contributed) were $502 million in 2007, $191 million in 2006 and $200 million in 2005.

 

 

13. Equity Method
Investments

 






































































































(In millions)  December 31  2007  2006

EGHoldings (a)

    $1,014  $–

Alba Plant LLC

     395   420

Atlantic Methanol Production Company LLC

     245   257

Pilot Travel Centers LLC

     493   510

LOOP LLC

     183   156

Other

     300   196
          

Total

     $2,630  $1,539




(a)

As discussed in Note 4, Marathon no longer consolidates EGHoldings effective May 1, 2007.
Marathon’s investment is accounted for prospectively using the equity method of accounting and therefore EGHoldings’ results for May 1, 2007 through December 31, 2007 are included in the income data below.

Summarized financial information of investees accounted for by the equity method of accounting follows:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 


























































































































(In millions)  2007  2006  2005

Income data – year:

      

Revenues and other income

  $14,133  $11,873  $10,088

Income from operations

   1,098   746   556

Net income

   1,038   710   474

Balance sheet data – December 31:

      

Current assets

  $1,279  $817  

Noncurrent assets

   5,998   3,637  

Current liabilities

   1,512   755  

Noncurrent liabilities

   1,378   1,119    

Marathon’s carrying value of its equity method investments is $356 million higher than the
underlying net assets of investees. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets except for $159 million of the excess related to goodwill.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:3%">Dividends and partnership distributions received from equity method investees (excluding distributions that represented a return of capital previously
contributed) were $502 million in 2007, $191 million in 2006 and $200 million in 2005.

 

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EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 29, 2008

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