Marathon Petroleum beats by $0.10, misses on revs
- Reports Q1 (Mar) earnings of $0.06 per share, $0.10 better than the Capital IQ Consensus of ($0.04); revenues rose 27.8% year/year to $16.39 bln vs the $19.03 bln two analyst estimate. MPC's first-quarter 2017 results reflect solid contributions from the Speedway and Midstream segments offsetting weak product price realizations and substantial turnaround activity in the Refining & Marketing segment. The turnaround activity for the quarter was the largest in MPC history and was completed ahead of schedule, under budget and with exemplary safety and environmental performance.
- "With this turnaround activity at our three Gulf Coast refineries complete, we are positioned to take advantage of increasing refinery margins, favorable crude oil and refinery feedstock purchase costs, and seasonal improvement in consumer demand for our products," said Gary R. Heminger, chairman, president and chief executive officer. "We also are poised to benefit from our previously announced strategic actions as work remains on schedule to prepare the remaining assets slated for dropdown to MPLX and to complete the full and thorough review of Speedway."
- "Additionally, a special committee of the board and its independent advisor expect to complete the ongoing review of Speedway by mid-2017. We are enthusiastic about the future for MPC and MPLX and remain focused on driving long-term value for our shareholders."