02/08/19 – 9:20 A.M.
Marathon Petroleum Corporation’sprofits shrank by 53% during the 4th quarter of 2018 due to the acquisition of Andeavor. The earnings were $951 million. Despite the decrease, revenue jumped 53% in the fourth quarter to over $32.5 billion. Operating profit in all three of Marathons segments, refining and marketing, retail, and midstream, soared.
Chairman and CEO Gary Heminger said that the success stems from Marathon’s business model of having the segments support each other. He added that the company also expanded its continentwide footprint since buying Andeavor. The purchase made Marathon the largest refiner in the U.S. and the fifth largest in the world.