- Marathon Petroleum (MPC +7.2%) is one of the day's rare big gainers after reporting a 44% jump in Q2 earnings, boosted by higher crude oil refining margins on the Gulf coast.
- Q2 refining and marketing income from operations rose 40% Y/Y to $1.26B, primarily due to more favorable net product price realizations and a higher U.S. Gulf coast crack spread, which rose by $2.55/bbl from the year-ago quarter.
- Says it is exercising its option to acquire a 35% interest in the Southern Access Extension project; MPC expects to invest ~$295M in the pipeline project.
- Says the FTC had concluded its review of MPC's purchase of Hess' retail business and that the deal would close by the end of the year.
- MPC also raised its quarterly dividend by 19% to $0.50/share, the fourth increase since it was spun off from Marathon Oil three years ago, and increased its stock-buyback program by another $2B over the next two years.
at CNBC.com (Nov 18, 2014)