Investing NEW YORK (Reuters) -Oil prices eased on Tuesday after traders learned that prolonged supply disruptions from Hurricane Beryl were unlikely after a U.S. oil-producing hub in Texas suffered less storm damage than feared. Brent futures for September delivery fell 31 cents to $85.44 a barrel by 11:17 a.m. EDT (1517 GMT). U.S. crude fell 23 cents to $82.10 per barrel. Although some
Oil Price Marathon Petroleum Corp (NYSE: MPC) reported on Tuesday higher-than-expected earnings and revenues for the first quarter despite lower refining margins and profits compared to the same period last year. Marathon Petroleum’s first-quarter net income came in at $937 million, or $2.58 per diluted share, one of the biggest U.S. refiners said today. The earnings per share were slightly higher than
Oil Price Strong U.S. fuel demand helped Marathon Petroleum (NYSE: MPC) easily beat analyst estimates after reporting on Tuesday an adjusted net income of $3.2 billion for the third quarter of 2023. Adjusted earnings per share came in at $8.14, above the analyst consensus estimate of $7.75 compiled by The Wall Street Journal. In the refining and marketing segment, adjusted EBITDA was
Reuters Marathon Petroleum (MPC.N) and Phillips 66 (PSX.N) posted quarterly profits which cruised past Wall Street estimates on Tuesday, becoming the latest U.S. refiners to benefit from robust fuel demand and margins amid tight supplies. U.S. refiners are posting strong profits with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia’s invasion of Ukraine and
Reuters Unionized workers will return to work at a Minnesota refinery next week after reaching a six-year contract agreement with Marathon Petroleum that ends a months-long work stoppage, the union said on Thursday. Teamsters Local 120 in St. Paul Park, Minnesota, approved a revised contract offer from Marathon Petroleum after fighting proposals that could have cut jobs and subcontracted maintenance
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Reuters U.S. oil and gas producers Marathon Oil Corp and APA Corp beat Wall Street estimates for first-quarter profits on Wednesday, as COVID-19 vaccine rollouts and easing travel restrictions powered a rebound in oil prices. Crude prices are up at least a third this year, after the pandemic hammered fuel demand at the start of 2020. Marathon and peers have
Reuters NEW YORK – The Teamsters Union on Monday urged shareholders of oil refiner Marathon Petroleum Corp to vote against an approval on executive compensation, arguing that the company provides outsized and unnecessary exit packages for top leaders. The union said in a letter released on Monday that shareholders should at an April 28 meeting instead vote in favor of
Reuters U.S. refiner Marathon Petroleum Corp MPC.N reported a smaller-than-expected quarterly loss on Monday as fuel sales picked up after coronavirus restrictions eased. Oil refiners around the world have been forced to cut production as the COVID-19 pandemic wrecked the need for travel and though fuel demand rebounded in the quarter, the resurgence in virus infections could lead to renewed lockdowns and
Reuters U.S. oil refiner Marathon Petroleum Corp (MPC.N) on Tuesday cut spending by 30% and detailed other measures to reduce costs, as widespread lockdowns to curb the spread of the COVID-19 pandemic pummel demand for oil and gas. Stay-at-home orders to contain the pandemic have decimated travel, cutting worldwide demand for oil at a time when the market is already
Reuters Marathon Petroleum Corp on Wednesday tapped the head of its midstream business, Michael Hennigan, as its new chief executive officer and said it will retain the unit despite demands from shareholder Elliott Management to separate it. Hennigan replaces company veteran Gary Heminger, whose departure was announced in October when the largest U.S. independent refiner launched a sweeping restructuring that
