Marathon Petroleum rises after Q3 profit beat, deal to sell two refineries
MPC•Marathon Petroleum reported adjusted third-quarter profit of $26.93 per share, beating the $24.47 analyst estimate, as its refining and marketing margin rose to $45.70 per barrel from $17.60 a year earlier. It also agreed to sell two refineries and related midstream assets to CVR Energy for $4.2 billion.
1. Profit and refinery sale
Marathon Petroleum reported adjusted third-quarter profit of $26.93 per share, compared with analysts’ average estimate of $24.47. Its refining and marketing margin was $45.70 per barrel, up from $17.60 a year earlier. Separately, the company agreed to sell its St. Paul Park refinery in Minnesota, its Mandan refinery in North Dakota and related midstream assets to CVR Energy for $4.2 billion.
