FINDLAY — Marathon Petroleum Corp. today reported a 22 percent increase in quarterly earnings, helped by higher sales from its Galveston Bay plant.
Marathon, the third-largest stand-alone U.S. refining company, said its first-quarter profit was $725 million, or $2.17 per share, compared with $596 million or $1.70 per share, a year earlier.
Earnings met the analysts’ average estimate, according to Thomson Reuters.
Marathon finalized its purchase of the Galveston Bay refinery in February. The plant, known for a 2005 explosion that killed 15 workers, was purchased from BP Plc as part of a $2.4 billion sale of Gulf Coast assets.
Marathon Petroleum's stock was down $3.04 a share to $79.37 at 10:40 a.m.
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