U.S. refiner Marathon Petroleum Corp beat estimates for quarterly profit on Thur...
) beat estimates for quarterly profit on Thursday, benefiting from better-than-expected earnings from its refining segment as well as higher sales in its gas stations business.
Refiners in the United States have suffered from a lack of low-cost heavy crude in a market that has been hit by sanctions on Venezuela and Iran, and production cuts from Canada’s Alberta province and OPEC members. The company’s earnings from its refining and marketing segment fell 11.6% to $906 million, but beat analysts’ estimates of $623.5 million, according to IBES data from Refinitiv.
“One-times that drove the 1Q19 miss are now firmly in the rear view mirror and MPC looks all set to capture its synergy benefits,” Credit Suisse analyst Manav Gupta said.
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