Marathon Petroleum's Earnings Enjoy Hurricane Bump; Shareholder Returns Continue, but Stock Near FVE
Marathon Petroleum reported strong third-quarter earnings as it was able to maintain high levels of utilization in the wake of Hurricane Harvey to capitalize on the strong margins and wide crude spreads that followed. Third-quarter earnings jumped to $903 million from $145 million the year before as refining operating income soared to $1.1 billion from $252 million last year on a combination of higher volumes and stronger margins. Refinery total throughput exceeded 2 million barrels a day during...Marathon Petroleum is an independent petroleum refining and marketing, retail and midstream company. The company's segments include: Refining and Marketing, which refines crude oil and other feedstocks at its refineries, purchases refined products and ethanol for resale and distributes refined products; Retail, which sells transportation fuels and convenience products in the retail market across the U.S.; and Midstream, which transports, stores, distributes and markets crude oil and refined products via refining logistics assets, pipelines, terminals, towboats and barges, gathers, processes and transports natural gas, and gathers, transports, fractionates, stores and markets natural gas liquids.
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