MPC reports impressive second quarter results
Earnings per share beat estimates
Marathon Petroleum Corporation (MPC) reported second-quarter earnings per share (EPS) of 412,090, beating analysts' consensus estimate of 309.
The company's revenue also surpassed expectations, coming in at 1975%, or $3.553 million, above estimates. This strong performance was driven by high volume and strong performance in the midstream segment.
However, weak demand hit Marathon's refining margins, which came in at 17.37 barrels per day (bbl/d) compared with 22.10 bbl/d a year ago. Despite this, Marathon Petroleum's adjusted EPS of 412 surpassed the consensus estimate.
The company's CEO, Michael Hennigan, said that he was "pleased with the company's overall performance in the second quarter." He added that "our strong midstream performance and high volume helped to offset the impact of weaker refining margins."
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