Loading…
Wednesday, September 17, 2014
Current Weather
Loading Current Weather....
Published: Wednesday, 8/1/2012 - Updated: 2 years ago

Profit rises by $12M at Marathon Petroleum

BY KRIS TURNER
BLADE BUSINESS WRITER
Marathon Petroleum Corp., headquartered in Findlay, says that profit in the second quarter increased to $814 million from $802 million, although the company's revenue declined 2.6 percent. Marathon Petroleum Corp., headquartered in Findlay, says that profit in the second quarter increased to $814 million from $802 million, although the company's revenue declined 2.6 percent.
THE BLADE Enlarge | Buy This Photo

FINDLAY -- Marathon Petroleum Corp. posted a profit of $814 million for the second quarter of 2012, up $12 million from the year- earlier period.

The gain translates to $2.38 a share. The company reported a profit of $802 million, or $2.24 a share, in the second quarter of 2011.

"We have created significant value for our shareholders," President and Chief Executive Officer Gary Heminger said in a conference call to discuss the earnings, which were released Tuesday morning.

Revenue fell 2.6 percent to $20.26 billion.

Marathon Petroleum's earnings showed generally positive trends across the board. Its Speedway stores and refining and marketing division both posted increases.

Speedway's earnings rose to $107 million from $80 million a year ago. The refining and marketing segment reported earning $1.32 billion, up from $1.26 billion.

The pipeline transportation division reported earnings dipped to $50 million from $54 million a year ago.

The earnings "will have a neutral to slight positive impact on the shares," Paul Cheng, a Barclays Capital analyst, wrote in a report.

The company's stock fell 17 cents a share Tuesday to close at $47.30 a share. It is up about 43 percent this year.

Marathon Petroleum executives did not comment on reports that they are considering buying thousands of Sunoco brand gas stations.

They said they are not considering spinning off Speedway at this time. "It's not to say that things don't change," said Garry Peiffer, executive vice president of corporate planning and investor and government relations.

In July, the company filed paperwork for an initial public offering that would spin off more than half of its pipelines into a separate operation.

That deal is valued at $365 million.

Contact Kris Turner at: kturner@theblade.com or 419-724-6103.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.