Aug 5 (Reuters) - Refiner Marathon Petroleum
beat Wall Street estimates for second-quarter profit on Tuesday,
helped by higher refining margins.
Top U.S. refiners were expected to post higher
second-quarter profits, rebounding from first-quarter losses as
stronger-than-expected diesel margins lifted earnings. The
improved margins helped peers such as Valero Energy ( VLO ) also
surpass Wall Street estimates.
Fuel makers have seen an unexpected boost in profits from
key products in recent months, offering relief after earnings
retreated from 2022 highs driven by a post-pandemic recovery in
demand and supply disruptions following Russia's invasion of
Ukraine.
The company's refining and marketing margin per barrel was
up at $17.58 in the quarter, compared with $17.53 from a year
earlier.
The company reported adjusted profit of $3.96 per share for
the three months ended June 30, compared with analysts' average
estimate of $3.29 per share, according to data compiled by LSEG.