Marathon Petroleum Corp NYSE MPC beat the analyst consensus for its third-quarter earnings by a mile, despite the expected slump in profits due to plunging refining margins. All U.S. refiners were expected to report much lower profits for the third quarter compared to a year earlier, as refining margins slumped to multi-year lows amid tepid fuel demand and increased global fuel supply. On Tuesday, Marathon Petroleum joined the other major U.S.
Marathon Petroleum’s refining and marketing R&M margin was $14.35 per barrel for the third quarter of 2024, down from $26.16 per barrel for the third quarter of 2023. Crude capacity utilization was stable at 94% year over year, resulting in total throughput of 3.0 million barrels per day bpd for the third quarter of 2024. The Board of Directors approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company has $8.
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