Marathon Petroleum 3Q Earnings Slip; Shares Starting to Look Attractive After Sell-Off
Marathon Petroleum reported a decrease in earnings in the third quarter to $737 million compared with $903 million last year largely on weaker refining and marketing results. A narrowing in refining margins compared with the year before contributed to refining and marketing segment operating earnings falling to $666 million from $1.1 billion the year before. However, the decline is largely attributable to $230 million of earnings dropped down to MPLX. The drop down combined with growth in volume...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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