Marathon Petroleum reports second-quarter results

Marathon Petroleum Corp. reported net income of $1.1 billion for this year’s second quarter compared with $1.1 billion for second-quarter 2018.

Marathon Petroleum Corp. reported net income of $1.1 billion for this year’s second quarter compared with $1.1 billion for second-quarter 2018.

Marathon Petroleum realized $270 million of synergies in the second quarter. Some examples of realized synergies include $60 million of turnaround savings related to lower spending and incremental earnings from completing maintenance under budget and ahead of schedule, $35 million from leveraging scale and logistics assets to optimize Canadian and Bakken supply sources, and $10 million from improved catcracker yields at the company’s Los Angeles refinery.

Total income from operations was $2 billion in this year’s second quarter compared with $1.7 billion second-quarter 2018. Midstream segment income from operations was $878 million in the second quarter compared with $617 million for second-quarter 2018.

Income from the company’s refining and marketing segment from operations was $906 million in the second quarter compared with $1 billion in the same quarter of 2018.

Refinery capacity utilization was 97% percent, the company said, resulting in total throughputs of 3.1 million b/d for the second quarter, which was 1.1 million b/d higher than the throughput for last year’s second quarter. The increase was primarily due to the addition of the Andeavor refineries.

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