Marathon Petroleum Slips 5%, But $1 Above Day Lows After Reporting In-Line Q1
Marathon Petroleum Corp. ( MPC ) today reported that in Q1 it earned $725 million or $2.17 a share, up from $596 million or $1.70 a share, a year earlier. Revenue jumped 15% to $23.33 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of $2.17 a share on revenue of $19.8 billion. However, there are reportedly concerns about lower margins and higher costs.
Reuters reported: "Marathon Petroleum Corp expects the narrowed spread between U.S. crude benchmark West Texas Intermediate and London's Brent crude to widen again, though not necessarily to the $20-level seen earlier this year, company executives said on Tuesday."
It said: "That spread, which surpassed $20 in February but has dropped below $10, has been a boon for refiners like Marathon with multiple plants in the U.S. Midwest that have abundant access to cheaper U.S. inland and Canadian heavy crudes."
MPC shares are down 5.5% at under $78 but well above a day low $76.85.