Marathon Posts Lower Second Quarter Earnings

7/27/17 – 8:38 A.M.

Marathon Petroleum is reporting lower earnings in the second quarter of 2017 compared to the same time period last year. The company says the refining and marketing division posted $562 million in income between April and the end of June. That’s compared to more than $1 billion in 2016. A release says lower crude oil prices had an impact on earnings for the three month period.

Marathon subsidiary Speedway posted the best second quarter in the company’s history. The convenience store chain had $239 million in income, compared to $193 million a year ago. Marathon says higher product margins and reduced operating expenses helped drive numbers up.

The company’s midstream segment also saw increased income. Midstream segments include MPLX, and posted $332 million in the second quarter. That’s up from $253 million the year before.

In a statement, CEO Gary Heminger said, “we expect good underlying economic growth will continue to support strong demand for our products.” He added, “MPC continues to focus on driving results while delivering on the strategic actions designed to further enhance shareholder value.”