Marathon Petroleum climbs as quarterly profit beat estimates
MPC•Shares rise after profit beat
Shares of refiner Marathon Petroleum MPC.N were up 2% at $313 premarket after the company's quarterly profit beat Wall Street's estimate as fuel supply disruption from the U.S.-Israeli war on Iran pushed refining margins to multi-year highs.
Refining margins and earnings top estimates
The company reported a refining and marketing margin of $36.33 per barrel, compared with $17.58 per barrel last year. It posted adjusted profit of $17.73 per share, compared with the average analysts' estimate of $13.73 per share, according to LSEG data. As of the last close, MPC was up 88.8% year to date.
