US Marathon Q2 earnings fall 27% on narrowing of crude differentials

01 August 2013 13:57  [Source: ICIS news]

HOUSTON (ICIS)--Marathon Petroleum’s second-quarter earnings fell 27% year on year to $593m (€445m) on a narrowing of crude oil price differentials, the US-based refiner said on Thursday.

“In addition, our product price realisations, compared to spot market values, were lower in the second quarter of this year due in part to volatility in the Chicago market and compliance with the Renewable Fuel Standard,” CEO Gary Heminger said.

Heminger added that Marathon’s upgraded refinery in Detroit, Michigan, and its recently acquired Galveston Bay refinery in Texas, continue to operate well.

Throughput at Marathon’s seven US refineries was 1.69m bbl/day in the second quarter, up from 1.21m bbl/day in the 2012 second quarter, but refining and marketing gross margins fell to $6.18/bbl, from $11.13/bbl.

Marathon Petroleum is the fourth-largest refiner in the US.

($1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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