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Marathon Petroleum fourth-quarter oil throughput jumps 56 percent


(Reuters) – Marathon Petroleum Corp posted a 56 percent jump in the number of barrels of crude oil it processed per day during the fourth quarter and the U.S. refiner’s margins got a boost from cheap Canadian oil.

Marathon has been processing large amounts of Canadian crude at its refineries in the U.S. Midwest as transport bottlenecks have driven Canadian crude prices lower.

Refiners like Marathon process crude into diesel, gasoline and other products.

The company said refining and marketing margin per barrel of oil rose about 15 percent to $15.07 from a year earlier.

Marathon’s crude oil throughput came in at about 3 million barrels per day, up from 1.84 million bpd.

Net income attributable to Marathon fell to $951 million, or $1.38 per share, in the fourth quarter ended Dec. 31, from $2.02 billion, or $4.13 per share, a year earlier.

Last year, the company recorded a $1.5 billion gain related to the U.S. tax overhaul.

Total revenue rose to $32.54 billion from $21.24 billion.

Reporting by John Benny in Bengaluru; Editing by Maju Samuel



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