 |
Louisiana Light • 2 days | 81.18 | +0.12 | +0.15% | ||
|
Bonny Light • 29 days | 86.00 | -0.62 | -0.72% | ||
|
Opec Basket • 2 days | 81.37 | -0.08 | -0.10% | ||
|
Mars US • 266 days | 75.97 | -1.40 | -1.81% | ||
|
Gasoline • 4 hours | 2.461 | -0.007 | -0.29% |
|
Bonny Light • 29 days | 86.00 | -0.62 | -0.72% | ||
|
Girassol • 29 days | 87.27 | -0.38 | -0.43% | ||
|
Opec Basket • 2 days | 81.37 | -0.08 | -0.10% |
|
Peace Sour • 11 hours | 72.28 | +0.69 | +0.96% | ||
|
Light Sour Blend • 11 hours | 72.28 | +0.69 | +0.96% | ||
|
Syncrude Sweet Premium • 11 hours | 79.18 | +0.89 | +1.14% | ||
|
Central Alberta • 11 hours | 72.28 | +0.69 | +0.96% |
|
Eagle Ford • 3 days | 74.07 | +0.63 | +0.86% | ||
|
Oklahoma Sweet • 2 days | 75.00 | +2.00 | +2.74% | ||
|
Kansas Common • 3 days | 67.75 | +0.50 | +0.74% | ||
|
Buena Vista • 4 days | 83.27 | -2.82 | -3.28% |
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Marathon Petroleum Tops Profit Estimates On Strong Fuel Demand
Strong U.S. fuel demand helped Marathon Petroleum (NYSE: MPC) easily beat analyst estimates after reporting on Tuesday an adjusted net income of $3.2 billion for the third quarter of 2023.
Adjusted earnings per share came in at $8.14, above the analyst consensus estimate of $7.75 compiled by The Wall Street Journal.
In the refining and marketing segment, adjusted EBITDA was $16.06 per barrel for the third quarter of 2023, down from $19.87 per barrel for the third quarter of 2022, due to lower market crack spreads.
The refining and marketing (R&M) margin for Marathon Petroleum was $26.16 per barrel for the third quarter of 2023, down from $30.21 per barrel for the third quarter of 2022.
Refining operating costs per barrel fell to $5.14 for the third quarter of 2023, versus $5.63 for the third quarter of 2022, primarily driven by lower energy costs, Marathon Petroleum said.
Crude capacity utilization was around 94%, resulting in total throughput of 3.0 million barrels per day (bpd) for the third quarter of 2023, the company said.
“The business generated $5 billion of net cash provided by operating activities and we returned $3.1 billion through share repurchases and dividends during the quarter,” President and CEO Michael J. Hennigan said.
“Demonstrating our commitment to return capital, we increased our quarterly dividend by 10% and increased our share repurchase authorization by $5 billion.”
Marathon Petroleum reported earnings days after Valero Energy (NYSE: VLO), the second largest U.S. refiner by capacity, opened the refiners’ earnings season, announcing last week higher-than-expected profits for the third quarter of 2023, amid continued strong product demand in America.
“Our refineries operated well and achieved 95 percent throughput capacity utilization, which is a testament to our team’s relentless focus on operational excellence,” said Lane Riggs, Valero’s CEO and president.
Phillips 66 (NYSE: PSX), however, missed analyst expectations despite stronger refining margins compared to the second quarter.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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