Marathon Petroleum Corp. (MPC) reported fourth-quarter adjusted net income per share of $1.30, compared to an adjusted loss per share of $0.94, a year ago. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.55, for the quarter. Analysts' estimates typically exclude special items.
Net income was $774 million, or $1.27 per share, compared with net income of $285 million, or $0.44 per share, last year. Total revenues and other income increased to $35.61 billion from $18.19 billion, last year. Analysts on average had estimated $24.33 billion in revenue.
The company's capital spending outlook for 2022 is $1.7 billion. Approximately 80% of overall spending is focused on growth capital and 20% on sustaining capital.
Also, the company said its board has approved an incremental $5 billion share repurchase authorization which has no expiration date.
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