Marathon Reports Strong 3rd Quarter
10/26/17 – 7:31 A.M.
Marathon Petroleum had a strong third quarter. In an SEC filing made Thursday morning, Marathon reported $903 million in earnings for July, August, and September. That’s compared to $145 million in the third quarter of 2016.
CEO Gary Heminger said, “All segments of the business reported strong results in the quarter, highlighting the earnings power of our integrated model.” He added, “I am particularly proud of our dedicated employees for operating our facilities safely and reliably to meet the needs of our customers and the market under extremely challenging weather conditions during the recent hurricanes.”
The refining and marketing segment of Marathon recorded more than $1 billion in income in the third quarter, up $845 million from 2016. The earnings report says the increase was largely due to a more than $3 per barrel increase in crude prices.
Speedway numbers were even with Q3 2016 figures. The convenience store reported $209 million in income over the last three months. A release says Speedway’s new joint venture with Pilot Flying J was offset by lower sales volumes.
Overall, Marathon saw more than $1.5 billion in income for the third quarter of 2017. That’s compared to $436 million a year ago.