Marathon Petroleum Posts $1.4 Billion In Income During Third Quarter

11/1/18 – 7:30 A.M.

Marathon Petroleum posted some big numbers in the third quarter of this year, but they weren’t quite as high as the figures from the third quarter of 2017. The company’s third-quarter earnings statement show overall income for the quarter totaled $1.4 billion. That’s down from $1.5 billion one year ago.

In a statement, CEO Gary Heminger said, “This was another impressive quarter.” He added, “Our team’s strong execution drove over $1.2 billion of cash from operations, allowing us to return $607 million to shareholders.”

The refining and marketing segment saw a $431 million decline from the third quarter of 2017 to this year. The segment had $666 million worth of income in 2018 compared to nearly $1.1 billion a year ago. Marathon says lower Midwest and Gulf Coast crack spreads led to the decline.

Speedway also saw a decline from 2018 numbers. The convenience store chain posted $161 million in income during the third quarter, compared to $208 million during the third quarter of 2017. The company says higher operating expenses and lower light product margins were responsible for the lower income figures.

Marathon’s midstream segment had a big third quarter. It posted $679 million in income compared to $355 million the year before.

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