financetom
Business
financetom
/
Business
/
Marathon Petroleum posts lower Q1 profit as margins decline
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Marathon Petroleum posts lower Q1 profit as margins decline
Apr 30, 2024 4:08 AM

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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BlackBerry Working With AMD to Create Robotics Platform
BlackBerry Working With AMD to Create Robotics Platform
Apr 9, 2024
03:37 AM EDT, 04/09/2024 (MT Newswires) -- BlackBerry (BB) on Tuesday unveiled a new precision robotics platform in collaboration with chipmaker AMD (AMD). The collaboration, called BlackBerry QNX, will provide a reasonably priced robotics platform with enhanced performance, reliability, and scalability for robotic applications in industry and medicine, according to the companies. The platform combines BlackBerry's real-time software tools with...
Bain Capital raises $429 million with Axis Bank stake sale, source says
Bain Capital raises $429 million with Axis Bank stake sale, source says
Apr 9, 2024
SYDNEY (Reuters) -Bain Capital has sold its Axis Bank stake at 1,071 rupees ($12.87) per share to raise $429 million, according to a source with direct knowledge of the matter. The source could not be identified due to the confidential nature of the information. Bain Capital and Axis Bank did not immediately respond to a request for comment. Bain sold...
Goldman's China co-head Morse to retire, Bloomberg News reports
Goldman's China co-head Morse to retire, Bloomberg News reports
Apr 9, 2024
April 9 (Reuters) - Goldman Sachs Group's ( GS ) co-head of its China business E.G. Morse will retire after 16 years at the company, Bloomberg News said on Tuesday, citing an internal memo. ...
Former Tesla CEO says it is a 'shame' company is cancelling low-cost car plans
Former Tesla CEO says it is a 'shame' company is cancelling low-cost car plans
Apr 9, 2024
HONG KONG, April 9 (Reuters) - A Tesla founder and former chief executive said on Tuesday it was a shame to hear that the automaker was scrapping its low-cost car plans amid fierce competition in China. Martin Eberhard was speaking at the HSBC Global Investment Summit in Hong Kong. On Friday, Reuters reported that Tesla was cancelling its long-promised inexpensive...
Copyright 2023-2026 - www.financetom.com All Rights Reserved