- 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.
Marathon Petroleum's Q4 profit lower but easily tops Street view
Jan 29 2014, 08:58 ET