Seeking Alpha

Marathon Petroleum's Q4 profit lower but easily tops Street view

  • Marathon Petroleum (MPC+0.4% premarket after Q4 earnings fell 17% Y/Y but easily beat expectations of Wall Street analysts, as adjusted earnings beat forecasts by nearly $1/share.
  • The refining and marketing segment's operating income fell 15% to $971M, primarily due to narrower crude oil differentials and higher turnaround costs.
  • Income from the smaller speedway segment rose 7.8%, and income from the pipeline transportation segment fell 35%.
  • Revenue revenue rose 20% to $24.9B, while total costs and expenses climbed 23% to $23.9B.
  • Gross margins came in at $7.64/bbl, far above Credit Suisse's estimate of $5.03/bbl, as MPC benefited from discounted Gulf coast crudes.

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