April 30 (Reuters) - Top U.S. refiner Marathon Petroleum ( MPC )
posted lower first-quarter profit on Tuesday, as
refining margins eased from elevated levels seen early last year
following Russia's invasion of Ukraine in 2022.
Margins and profits of U.S. refiners have normalized after
hitting sky-high levels in 2022, when Russia's invasion of
Ukraine disrupted crude supplies. Earnings through last year
also stabilized on weaker economic activity and an increase in
global refining capacity.
Refining and marketing margin was $18.99 per barrel for the
first quarter, compared with $26.15 per barrel a year earlier,
the biggest U.S. refiner by volume said.
The Findlay, Ohio-based refiner posted net income
attributable to the company of $937 million, or $2.58 per share,
for the three months ended March 31, lower than the $2.7
billion, or $ 6.09 per share, it reported a year earlier.