Home > Boards > Commodities > Energy > Oil & Gas - Energy - Commodities - Resources

Marathon Petroleum (MPC) Drops Despite Narrowing Losses

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
DiscoverGold Member Profile
Member Level 
Followed By 545
Posts 72,773
Boards Moderated 42
Alias Born 03/10/04
160x600 placeholder
Top Company News of the Day
The chicken producer has attracted interest from suitors including agricultural investment firm Continental Grain.
Coca-Cola North America to Increase Spending With Minority-Owned Media Companies
Top Stories of the Day
Soybeans Turn Higher on Chinese Export Purchases
Front Month Nymex RBOB Gasoline Rose 1.32% to Settle at $2.1969 -- Data Talk
Front Month Nymex Natural Gas Fell 0.75% to Settle at $3.1910 -- Data Talk
Verizon Buys Indoor Positioning Company Senion
Personal Income Seen Down 2.7% in May -- Data Week Ahead Update
STOXX Europe 600 Index Ends 0.70% Higher at 455.23 -- Data Talk
FTSE 100 Index Ends 0.64% Higher at 7062.29 -- Data Talk
DAX Ends 1.00% Higher at 15603.24 -- Data Talk
CAC-40 Index Ends 0.51% Higher at 6602.54 -- Data Talk
STOXX Europe 50 Index Ends 0.60% Higher at 3546.36 -- Data Talk
EURO STOXX 50 Index Ends 0.71% Higher at 4112.33 -- Data Talk
FTSE 100 Closes Higher Despite Opening Fall
Shipments of U.S. Corn to China Turn Higher
Bayer Files for U.S., EU Approval of Aliqopa/Rituximab Combo
Amazon Germany Workers Strike on Prime Day, Request Collective Agreement -- Update
Amazon Germany Workers Strike on Prime Day, Request Collective Agreement
Alset EHome in Strategic Agreement With Tesla for Solar Panels, EV Chargers
Spain Hires Banks for 10-Year Bond Syndication
U.S. Economic Growth Picked Up in May -- Chicago Fed
FTSE Struggles, Tesco's Outlook Disappoints Investors, But Profit Remains Resilient
Naturgy to Invest $1.09 Billion in Spanish Networks via Distribution Unit
DiscoverGold Member Level  Tuesday, 05/04/21 12:40:30 PM
Re: None
Post # of 5627 
Marathon Petroleum (MPC) Drops Despite Narrowing Losses
By: TheStreet | May 4, 2021

• Marathon Petroleum traded lower even after the oil refiner narrowed its losses and topped first-quarter estimates.

Shares of Marathon Petroleum (MPC) slipped Tuesday even after the oil refiner narrowed its losses and topped first-quarter estimates.

Shares of the Findlay, Ohio, company dropped 0.8% to $56.71 at last check.

Marathon Petroleum reported a GAAP net loss of $242 million, or 37 cents a share compared to a net loss of $9.2 billion, or $14.25 a share, in the year-ago period. The oil refiner posted an adjusted net loss of $132 million, or 20 cents a share.

Revenue rose 9% to $22.88 billion from $20.99 billion in the same period a year ago.

A survey of analysts by FactSet produced consensus estimates of a GAAP loss of 71 cents a share, or an adjusted loss of 72 cents a share, on revenue of $19.35 billion.

"During the first quarter, our industry continued to struggle with effects of the pandemic," said Michael J. Hennigan, Marathon's president and chief executive officer, in a statement.

"With the COVID-19 vaccination roll-out, we are beginning to see increases in global mobility and demand for transportation fuels. For the first time since the pandemic began our Refining and Marketing business generated positive adjusted EBITDA," he added.

In addition, Hennigan said that Marathon Petroleum will continue to reposition itself with the pending sale of Speedway and its investments in renewables projects.

For the second quarter, FactSet's survey is calling for GAAP earnings of 21 cents a share, or adjusted earnings of 48 cents, on revenue of $20.74 billion.

Read Full Story »»»

DiscoverGold

Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences