logo
Plus   Neg
Share
Email

Marathon Petroleum Q4 Profit Falls More Than 50%

Marathon Petroleum Corp. (MPC) Wednesday reported a sharp fall in fourth quarter net profit attributable to MPC to $443 million, or $0.68 per share from $951 million, or $1.35 per share last year. Non controlling interests for the quarter was a loss of $201 million, while it recorded a profit of $224 million. Net income came in at $262 million, compared to $1.195 billion last year.

The company noted that Fourth-quarter results include a pre-tax charge of $1.2 billion primarily related to a midstream goodwill impairment related to MPLX LP.

On an adjusted basis, earnings for the quarter were $1.0 billion or $1.56 per share.

On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.86 per shares. Analysts estimates usually exclude special items.

Revenue for the quarter was slightly down at $31.375 billion, compared to $32.541 billion in the prior year. Wall Street was looking for $22.88 billion.

For the full year, the company reported $2.637 billion, down from $2.780 billion in the prior year. On a per share basis, earnings attributable for the year was $3.97, down from $5.28 in the previous year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The media mogul and Billionaire Sumner Redstone passed away on Tuesday at the age of 97, his family's holding company National Amusements said in a statement on Wednesday. He was Chairman Emeritus of ViacomCBS and chief executive officer of National Amusements. Customers in the U.S. are preferring digital or touchless payment methods due to concerns arising from the COVID-19 pandemic, a survey said. According to the survey by Rapyd Financial Network, the coronavirus pandemic has raised health and safety concerns around using cash and coins, and is accelerating the pre-existing trend toward digital transactions. American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until December 31, 2020 in response to lower travel demand due to the coronavirus pandemic. This means that the travelers need not pay penalties for changing the origin and destination cities.
Follow RTT