Marathon beats third-quarter estimates, to sell two refineries to CVR Energy
CVI•Marathon Petroleum beat analyst estimates with adjusted third-quarter profit of $26.93 per share and agreed to sell two refineries and related midstream assets to CVR Energy for $4.2 billion.
1. Earnings beat estimates
Marathon Petroleum reported adjusted profit of $26.93 per share for the three months ended September 30, above the average analyst estimate of $24.47. Its refining and marketing margin rose to $45.70 per barrel from $17.60 a year earlier.
2. Refinery sale agreed
Marathon agreed to sell its St. Paul Park refinery in Minnesota and Mandan refinery in North Dakota, along with related midstream assets, to CVR Energy for $4.2 billion. The article says disruptions to oil flows and attacks on energy infrastructure have tightened fuel supplies and pushed refined-product prices higher relative to crude.
