Marathon Petroleum beats profit estimates on high demand, tight supplies

Profits last year from turning oil into gasoline, diesel and jet fuel hit multi-decade highs as refineries ran at full throttle to meet rising demand amid a supply squeeze following Russia’s invasion of Ukraine and plant closings.

Marathon’s crude capacity utilization was about 94%, resulting in total throughput of 2.9 million barrels per day (bpd) for the fourth quarter, which was roughly flat year-over-year.

Refining and marketing margin rose to $28.82 per barrel for the reported quarter compared with last year’s $15.88 per barrel.

The Findlay, Ohio-based refiner said adjusted net income stood at $3.1 billion, or $6.65 per share, for the three months ended Dec. 31, compared with analysts’ average estimate of $5.67 per share, according to Refinitiv data.