Benzinga | Nov 6, 2020 07:50AM EST

Marathon Petroleum Says In Conjunction With Form 10-Q Preparation, Refined Estimate Of Expected Benefit From Tax Loss Carryback Provided Under Cares Act; Recorded Incremental Benefit For Income Taxes On Continuing Operations Of $132M In Q3

On November 2, 2020, Marathon Petroleum Corporation ("MPC" or the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2020. Subsequent to the release of preliminary earnings, and in conjunction with the preparation of its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 (the "Form 10-Q"), the Company refined its estimate of the expected benefit from the tax loss carryback provided under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). As a result, the Company recorded an incremental benefit for income taxes on continuing operations of $132 million in the third quarter of 2020. This revision also increased the income tax receivable related to this estimated benefit, which is reported on the Company's balance sheet in Other Current Assets, by the same amount as of September 30, 2020. This estimated benefit is subject to change based on actual results for the fourth quarter of 2020. Refer to the below table for a summary of the revisions to the results to be reported in the Form 10-Q.