Jan 30 (Reuters) - U.S. refiner Marathon Petroleum beat quarterly profit estimates on Tuesday, aided by sustained demand that offset a dip in fuel prices. The shares gained 2.2% in premarket trading.
Despite an increase in global refining capacity, supplies of fuel remain tight amid production cuts by OPEC+ countries and the ongoing war in Ukraine.
Last week, rival Valero Energy beat profit estimates on the back of resilient margins.
Marathon said crude capacity utilization was 91%, resulting in a total throughput of 2.9 million barrels per day (bpd) for the reported quarter.
The company reported adjusted net income of $3.98 per share for the three months ended Dec. 31, compared with analysts' average estimate of $2.20 per share, according to LSEG data.
The Findlay, Ohio-based refiner said net income attributable to company stood at $1.45 billion, or $3.84 per share, for the three months ended Dec. 31, compared with $3.32 billion, or $7.09 per share a year earlier.
