Marathon Petroleum’s quarterly profit surges on fuel demand
2022.11.01 07:01
© Reuters. FILE PHOTO: Cargo shipping containers, surrounded by storage tanks for refined petroleum products, are seen at Marathon Petroleum’s Los Angeles Refinery, in Carson, California, U.S., March 11, 2022. Picture taken March 11, 2022. Picture taken with a dron
(Reuters) -U.S. refiner Marathon Petroleum (NYSE:) reported a jump in quarterly profit on Tuesday, on the back of a surge in demand for fuel and refined products amid tight supplies.
U.S. refiners are posting bumper profits with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia’s invasion of Ukraine and plant closings.
Refining and marketing margin doubled to $30.21 per barrel for the reported quarter compared with last year.
Crude capacity utilization in the third quarter was about 98%, resulting in total throughput of 3 million barrels per day (bpd) compared with 2.8 million bpd last year.
“Market demand for our products remains strong, and our third-quarter results reflect our improving operational and commercial execution,” Chief Executive Michael Hennigan said in a statement.
Against the backdrop of bumper results, the refiner also increased its dividend by 30% to 75 cents per share on Tuesday.
Net income attributable to the company stood at $4.5 billion, or $9.06 per share, for the third quarter ended Sept. 30, up from $694 million, or $1.10 per share, a year earlier.
