Home / Business and Economy / Marathon Petroleum Reports Highest Quarterly Profit in Four Years
Marathon Petroleum Reports Highest Quarterly Profit in Four Years
4 Aug
Summary
- Marathon Petroleum reported its highest quarterly profit in four years.
- Refining margins for gasoline, diesel, and jet fuel significantly increased.
- The company's renewable diesel unit shifted to profitability.
- Marathon's profit of $17.73 per share surpassed analyst expectations.
Marathon Petroleum announced its strongest quarterly profit in four years, exceeding analyst expectations. This significant financial performance was largely due to extended disruptions affecting crude oil shipments through the Strait of Hormuz.
These supply chain issues caused refining margins for key products like gasoline, diesel, and jet fuel to soar. Marathon's refining and marketing margin doubled compared to the previous year, reaching $36.33 per barrel.
The company's renewable diesel segment also showed remarkable improvement, moving from a loss to a profit of $258 million. This turnaround was supported by better margins, increased throughputs, and enhanced regulatory credit values.
For the second quarter, Marathon reported an adjusted profit of $17.73 per share, surpassing the LSEG-compiled average analyst estimate of $13.73 per share.
