10/30/14 – 7:33 A.M.
Findlay-based Marathon Petroleum Company’s earnings in the third quarter of 2014 dwarfed last years numbers. Figures released by the company this morning show the company earned $672 million between July and September. During the same time period in 2013, Marathon earned $168 million.
Today’s quarterly report also shed some light on the future of the company. A statement from CEO Gary Heminger said Marathon plans to accelerate the growth of MPLX LP. Heminger added, “We believe MPLX’s long-term growth profile represents substantial value to MPC shareholders through our general partner interest, the incentive distribution rights and the potential for meaningful proceeds from asset sales to MPLX.”
Another Marathon Subsidiary, Speedway, showed record earnings. The convenience store chain earned $119 million during the quarter, up from $102 million in 2013. The increase was credited to higher margins on light product and merchandise. Speedway also closed its buyout of Hess retail stores on September 30.
MORE: Marathon Investor Site
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