2/1/17 – 7:38 A.M.
Marathon Petroleum earnings were up in the fourth quarter of 2016, but down for the entire year. The company released its full-year results today. In the fourth quarter the company posted $227 million in earnings, up from $187 million during the same time period in 2015. Entire year earnings totaled more than $1.1 billion. That’s down from more than $2.8 billion in 2015.
In a statement, CEO Gary Heminger said, “Our fourth-quarter and full-year 2016 results reflect solid operational and financial performance across the business despite a challenging commodity price and margin environment.”
The Speedway retail stores continue to perform well for Marathon. Speedway saw $734 million in income in 2016. That’s a $61 million increase over 2015. Talking about Speedway, Heminger said “Speedway’s performance highlights the strong value our team is creating for investors.”
Income from refining and marketing operations dropped for the full year. The financial report show $1.5 billion in income for 2016. That’s down more than $2.5 billion from 2015. The segment had an uptick in the fourth quarter though. Income from October through the end of the year was $165 million, up $30 million from 2015 numbers.
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