Marathon Petroleum 2Q Revenue Climbs with Higher Midstream Rates, Volumes

Dow Jones08-06

Marathon Petroleum recorded a smaller profit but higher revenue and better-than-expected adjusted earnings in the second quarter.

U.S.-listed shares of the company rose 6% in premarket trading.

The oil company posted a profit of $1.52 billion, or $4.33 a share, compared with $2.23 billion, or $5.32 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $4.12 a share. Analysts surveyed by FactSet had been expecting $3.09 a share.

Adjusted earnings in its refining and marketing business were down due to lower market crack spreads, while results were higher in its midstream segment due to higher rates, volumes and contributions from recently acquired assets.

Revenue jumped to $38.36 billion from $36.82 billion in the year-ago quarter, topping analyst projections for a small decline to $36.66 billion, according to FactSet.

Chief Executive Maryann Mannen said the business generated $3.2 billion of net cash through its operations during the quarter and returned that same amount to shareholders through stock buybacks and dividends.

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