7/31/14 – 7:25 A.M.
Marathon Petroleum is reporting a solid second quarter. The company’s second-quarter earnings report was released this morning, and shows earnings of $855 million. That’s compared to $593 million during the second-quarter of 2013. One big reason for the increase is because the company paid $55 million less for pretax pension settlement expenses.
Income from the refining and marketing segment of Marathon reached more than $1.2 billion last quarter. During the second-quarter of last year that number was $903 million. The company says the increase was due to “more favorable net product price realizations.”
Income from Speedway was $94 million. That’s down from $123 million for the same time last year. That’s despite merchandise sales being higher for the same time frame. The company says Speedway had a lower gross margin on gas, plus higher operating expenses as a result of adding new stores.
MORE: Marathon Earnings Report
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