Marathon Petroleum Profit Soars on Strong Fuel Demand

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Marathon Petroleum Profit Soars on Strong Fuel Demand

Reuters2022-08-02

U.S. refiner Marathon Petroleum reported a jump in quarterly adjusted profit on Tuesday, riding on a surge in demand for fuel and refined products amid tight supplies.

Easing COVID-19 curbs and a travel boom have helped fuel demand near pre-pandemic levels this year, while Western sanctions against Russia over the Ukraine invasion have tightened an already-supplied market.

Refining capacity has especially been low because several less profitable operations were forced to close in the past two years due to the COVID-driven demand drop and a shift towards the production of cleaner fuels.

Marathon's refining and marketing margins rose to $37.54 per barrel in the second quarter ended June 30, from $12.45 per barrel year earlier.

Adjusted income was $5.69 billion, or $10.61 per share, compared with $437 million, or 67 cents per share, a year earlier. The year-ago quarter had benefited from a $11.68 billion gain on the sale of the Speedway unit.

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PearlynCSY
·2022-08-03
Brazil's Petrobras leapfrogs oil majors in dividend payouts. Brazil's state-controlled oil company Petrobras will distribute at least twice as much as the biggest international oil producers in second quarter dividends, boosting the government's coffers amid a tense presidential campaign.The five biggest Western oil producers - Exxon Mobil Corp, Chevron Corp., Shell PLC, TotalEnergies and BP - posted record cash distributions to shareholders in recent days of between $4 billion and $7.6 billion. But none came close to Petrobras's $17 billion payout. Brazil's government, which controls the producer with a majority of its voting shares, last month asked Petrobras and other state-controlled companies to increase dividends to finance extra federal spending.Petrobras said higher oil p
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