5/1/14 – 7:35 A.M.
Marathon Petroleum’s first quarter earnings were down compared to the same time frame last year. In the company’s SEC filing, Marathon announced earnings of $199 million. That’s down from $725 million the first quarter of 2013. President and CEO Gary Heminger says the earnings included pretax pension settlement expenses of $64 million. Heminger added the rough winter created extra challenges.
The first three months of the year were busy for Marathon. The company completed refining turnarounds totaling nearly $470 million. Marathon also bought a biodiesel facility in April.
The company’s Speedway subsidiary also saw income drop from the first quarter of 2013. The convenience store chain posted income of $58 million, compared to $67 million last year. The rough winter hurt income. The company also saw higher operation costs from opening more stores.Read More →