Refiner Marathon Petroleum Corp. (MPC) announced a rise in first-quarter earnings to $725 million, or $2.17 per share, from the prior year's $596 million, or $1.70 per share. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $2.16 for the quarter. Analysts' estimates typically exclude one-time items.
Sales and other operating revenues, including consumer excise taxes, were $23.33 billion for the quarter, an increase from $20.26 billion in the first quarter of 2012. Analysts estimated revenues of $19.80 billion for the quarter.
The company said its quarterly performance largely reflects the strategic expansion and optimization of its refining system along with favorable market conditions.
As MPLX LP (MPLX) announced today, it would acquire an additional 5 percent interest in MPLX Pipe Line Holdings LP from a subsidiary of MPC for $100 million on May 1.
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