Marathon Petroleum Corporation is reporting a net income of $192 million for the fourth quarter of 2020.
That number is down from a net income of $443 million in the fourth quarter of 2019.
The company says it had an adjusted net loss of $608 million for the fourth quarter of 2020, compared to an adjusted net income of $1 billion for the fourth quarter of 2019.
“The COVID-19 pandemic presented unprecedented challenges in 2020,” said President and Chief Executive Officer Michael J. Hennigan.
“The rollout of vaccines in 2021 provides support for the return of global mobility and transportation fuel demand, increasing optimism around steps toward economic recovery and prospects for our industry.”
“Throughout the year, we took aggressive action to reposition the company for long-term success. We focused on optimizing our portfolio through the sale of Speedway, indefinitely idling higher cost refineries, structurally reducing operating costs, and expanding our renewable fuel portfolio. Our Dickinson facility began producing renewable diesel and we are advancing discussions with feedstock suppliers and potential commercial partners for the Martinez renewables project. Today we announced our 2021 capital outlook which is yet again below prior year spending levels. And, as we enter 2021 and progress toward the close of the $21 billion sale of our Speedway business, our top priorities remain reducing debt to strengthen our balance sheet and efficiently returning capital to shareholders.”
Marathon recently announced the hiring of a new Executive Vice President and Chief Financial Officer.
Read more about that here.