Marathon Petroleum Posts Bumper Profit on High Demand, Tight Supply

Reuters2023-05-02

Marathon Petroleum Corp posted a bumper profit on Tuesday, benefiting from higher margins on sustained fuel demand and tight crude supplies, and announced an additional $5 billion share repurchase authorization.

Pandemic-era closure of facilities and demand recovery have boosted margins for refiners, with crude supplies also coming under pressure after Russia's invasion of Ukraine.

Strong demand for refined products has also helped the company, with jet fuel recently sprinting higher while diesel demand fell.

Refining and marketing margin was $26.15 per barrel for the January-March quarter, compared with $15.31 per barrel for the first quarter of 2022.

The Findlay, Ohio-based refiner said net income attributable to the company stood at $2.7 billion, or $6.09 per share, for the three months ended March 31, compared with $845 million, or $1.49 per share, a year earlier.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2332593449?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-05-02 19:42","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2332593449","market":"us","top_or_hot":-1,"title":"Marathon Petroleum Posts Bumper Profit on High Demand, Tight Supply","media":"Reuters","content":"<html><head></head><body><p>Marathon Petroleum Corp posted a bumper profit on Tuesday, benefiting from higher margins on sustained fuel demand and tight crude supplies, and announced an additional $5 billion share repurchase authorization.</p><p>Pandemic-era closure of facilities and demand recovery have boosted margins for refiners, with crude supplies also coming under pressure after Russia&#39;s invasion of Ukraine.</p><p>Strong demand for refined products has also helped the company, with jet fuel recently sprinting higher while diesel demand fell.</p><p>Refining and marketing margin was $26.15 per barrel for the January-March quarter, compared with $15.31 per barrel for the first quarter of 2022.</p><p>The Findlay, Ohio-based refiner said net income attributable to the company stood at $2.7 billion, or $6.09 per share, for the three months ended March 31, compared with $845 million, or $1.49 per share, a year earlier.</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Marathon Petroleum Posts Bumper Profit on High Demand, Tight Supply</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarathon Petroleum Posts Bumper Profit on High Demand, Tight Supply\n</h2>\n\n<h4 class=\"meta\">\n\n2023-05-02 19:42 北京时间&nbsp;&nbsp;&nbsp;<strong>Reuters</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Marathon Petroleum Corp posted a bumper profit on Tuesday, benefiting from higher margins on sustained fuel demand and tight crude supplies, and announced an additional $5 billion share repurchase ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MPC","symbol_name":"马拉松原油","start_time":0,"source_url":"","article_id":"2332593449","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2332593449","pubTimestamp":1683027727,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"Marathon Petroleum Corp posted a bumper profit on Tuesday, benefiting from higher margins on sustain","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"MPC":"马拉松原油"},"translate_title":"马拉松石油公司在高需求、供应紧张的情况下获得丰厚利润","themeId":"ec9f6f0df2b6498587e7f5318b2eff2b","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MPC":0.9},"content_text":"Marathon Petroleum Corp posted a bumper profit on Tuesday, benefiting from higher margins on sustained fuel demand and tight crude supplies, and announced an additional $5 billion share repurchase authorization.Pandemic-era closure of facilities and demand recovery have boosted margins for refiners, with crude supplies also coming under pressure after Russia's invasion of Ukraine.Strong demand for refined products has also helped the company, with jet fuel recently sprinting higher while diesel demand fell.Refining and marketing margin was $26.15 per barrel for the January-March quarter, compared with $15.31 per barrel for the first quarter of 2022.The Findlay, Ohio-based refiner said net income attributable to the company stood at $2.7 billion, or $6.09 per share, for the three months ended March 31, compared with $845 million, or $1.49 per share, a year earlier.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2332593449"}