Marathon Posts $903 Million Profit
October 26, 2017
New Philadelphia Times Reporter. Marathon Petroleum Corporation gathered and processed a record amount of natural gas during the third quarter.
The Findlay-based company’s midstream operations brought in $355 million during the third quarter, Marathon officials said Thursday during a conference call.
Marathon reported a profit of $903 million, or $1.77 per diluted share, on revenue of $1.58 billion during the quarter.
The company made $145 million, or 27 cents per diluted share, on revenue of $435 million during the same period last year.
Marathon’s refining and marketing operation — including the Canton refinery — reported revenue of nearly $1.1 billion, up $845 million from a year ago.
Hurricane Harvey didn’t flood or damage Marathon’s Galveston Bay refinery, but the company slowed production for a few days until pipelines and ships could resume regular operations, said Chairman and Chief Executive Gary R. Heminger.
Marathon’s Speedway segment reported revenue of $209 million during the quarter. The company said Speedway benefited from its new joint venture with Pilot Flying J.
The company also returned $654 million to shareholders during the quarter.
Marathon is the nation’s third-largest refiner. The company has seven refineries, more than 2,700 convenience stores and 10,800 miles of pipeline. Through its MPLX partnership, Marathon controls pipelines and processing plants in the Utica and Marcellus shale.
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