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Marathon Petroleum (MPC) Misses Q1 Earnings, Beats Revenues

Findlay, Ohio-based Marathon Petroleum Corp. MPC is a leading independent refiner, transporter and marketer of petroleum products. The company, in its current form, came into existence following the 2011 spin-off of Houston, Texas-based Marathon Oil Corp.’s MRO refining/sales business into a separate, independent and publicly traded entity. Marathon Petroleum operates in three segments: Refining and Marketing, Speedway (Retail), and Pipeline Transportation.

Currently, Marathon Petroleum has a Zacks Rank #3 (Hold) but that could change following its first quarter 2016 earnings report which has just released.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Marathon Petroleum misses on earnings. Earnings per share came in at 6 cents, below the Zacks Consensus Estimate of 17 cents.

Revenue: Revenues above expectations. Revenues of $12,830 million surpassed the Zacks Consensus Estimate of $10,881 million.

Key Stats: Operating loss from the Refining & Marketing segment was 62 million compared with $1,292 million profit in the year-ago quarter. Total refined product sales volumes were 2,148 thousand barrels per day (mbpd), lower than 2,233 mbpd in the year-ago quarter. Throughput fell from 1,852 mbpd in the year-ago quarter to 1,774 mbpd.   

Check back later for our full write up on this Marathon Petroleum earnings report later!

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MARATHON OIL CP (MRO): Free Stock Analysis Report
 
MARATHON PETROL (MPC): Free Stock Analysis Report
 
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