Seeking Alpha

Marathon Petroleum profit plunges 86% amid higher costs

  • Marathon Petroleum's (MPC) Q3 earnings tumbled 86% due to higher costs which masked a 24% rise in revenue.
  • Operating income for the refining and marketing segment fell 87% to $227M; income from the smaller speedway and pipeline transportation segments rose to $102M from $76M a year earlier.
  • Consolidated refined product sales volume rose 33%.
  • Total costs and expenses rose 34% to nearly $26B.
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