Marathon Petroleum’s Refining Assets Shine in 2Q
Thanks to strong performance from its refining segment, Marathon Petroleum increased second-quarter earnings to $1.06 billion from $483 million a year ago. The refining segment capitalized on strong refining margins and wide crude spreads by processing record volumes to deliver operating income of $1.03 billion, versus $562 million a year ago. That growth comes despite $232 million of earnings that were dropped down to MPLX in February, demonstrating the strength of Marathon’s refining asset bas...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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