Published on 1 May 2024 on Zacks via Yahoo Finance
Marathon (MPC) Beats on Q1 Earnings, Approves $5B Buyback Again
Independent oil refiner and marketer Marathon Petroleum Corporation MPC reported first-quarter adjusted earnings per share of $2.78, which comfortably beat the Zacks Consensus Estimate of $2.53. The outperformance primarily reflects the stronger-than-expected performance of its Refining & Marketing segment. Operating income of the segment totaled $766 billion, surpassing the consensus mark of $660 million.
However, the company’s bottom line fell from the year-ago adjusted profit of $6.09 due to a higher unit operating cost and a drop in refining margin.