Friday, May 25, 2018
One of America's Great Newspapers ~ Toledo, Ohio


Marathon Petroleum profits down 86 percent

FINDLAY — Marathon Petroleum Corp. today reported a third-quarter profit of $168 million, or 54 cents a share, an 86 percent drop from the same period a year ago when the Findlay-based oil refining and marketing firm had profits of $1.2 billion, or $3.59 a share.

Marathon revenues increased nearly 24 percent to $26.3 billion in the quarter, compared with revenues of $21.2 billion in the same period in 2012.

The company said its profits were down because during the quarter it spent nearly $1.2 billion on a combination of dividends and share repurchases to enhance shareholder value.

Company Chief Executive Officer Gary Heminger said that since Marathon Petroleum became a public company in June, 2011 it has increased its dividend 110 percent and repurchased nearly $3.7 billion, or 17 percent of its shares.

The company spent nearly $1 billion to buy back about 14 million shares in the third quarter. On Wednesday it declared a third-quarter dividend of 42 cents per share, which will be payable Dec. 10.

In mid-morning trading on the New York Stock Exchange, Marathon Petroleum’s stock was up 70 cents to $73.21.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2018 Toledo Blade

To Top

Fetching stories…