The U.S. Energy Information Administration releases its weekly
inventory report at 10:30 a.m. ET, with most analysts expecting
crude oil inventories rising for the second week in a row. Crude
oil for March delivery is up 52 cents this morning at $99.00 a
barrel ahead of the report.
In earnings news, Marathon Petroleum Corp (
) is up sharply in the Wednesday pre-trade -- rising despite
reporting a Q4 net loss of $75 million, or $0.21 per share,
compared with a $0.64 per share gain in the year-ago quarter.
Instead, traders are focusing on MPC's announcement mpc is
evaluating strategic alternatives for some or all of its midstream
assets, including, but not limited to, the possible formation and
initial public offering of a master limited partnership (
). At last look, MPC shares were up 7.8%, after earlier climbing
Separately, it said the "small loss" in Q4 largely due to the
rapid increase in the price of West Texas Intermediate (
) crude oil during the period. The Thomson Reuters analyst mean
expected MPC to post a $1.02 a share Q4 profit. For the full year,
net income was a positive $2.4 billion, or $6.67 a share.
One-time MPC corporate parent Marathon Oil (
) also is on tap to release its
latest financial results during today's regular trading session.
MRO is seen returning an $0.84 a share Q4 profit.
Elsewhere, Endeavor International Corp (
) was flat last night at $10.58 a share in Tuesday's after hours
with the oil and gas company announcing plans to issue up to $500
million in new senior notes due 2020 in a private placement with
eligible investors. Net proceeds of the offering will fund END's
previously announced acquisition of oilfield interests in the U.K.
North Sea as well as paying down senior term loans due next
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