1/29/14 – 9:17 A.M.
Findlay-based Marathon Petroleum’s earnings for 2013 were down compared to the previous year. The company released its year end and fourth quarter data today. The numbers show Marathon earned $626 million in the fourth quarter of 2013, compared to $755 million in the same time period from the year before. For the entire year earnings were $2.11 billion, down from $3.39 billion in 2012.
In a release, CEO Gary Heminger said Marathon made large investments into several segments in 2013, including the transportation and retail. The company also bought the Gavelston Bay refinery in Texas; which can refine 451,000 barrels per day according to the Marathon website.
Heminger adds that Marathon also increased emphasis on more stable earnings sources. In the release Heminger said, “We executed our first drop-down of assets to MPLX LP, the master limited partnership we created in late 2012.” The company also announced investments in Enbridge Energy Partners L.P.’s Sandpiper and Southern Access Extension pipeline projects.Read More →