By February 1, 2017 Read More →

Marathon Petroleum 2016 Q4 profit rises about 21 per cent

Marathon Petroleum

Total Marathon Petroleum revenue rose to $17.28 billion from $15.68 billion.  Company photo.

Net income attributable to Marathon Petroleum  up to $227 million

Feb 1 (Reuters) – Marathon Petroleum Corp reported a 21.4 per cent jump in quarterly profit, helped by higher income from its refining business and its unit that transports crude oil and refined products.

Net income attributable to the company rose to $227 million, or 43 cents per share, in the fourth quarter ended Dec. 31, from $187 million, or 35 cents per share, a year earlier.

Total revenue and other income rose to $17.28 billion from $15.68 billion, the company said on Wednesday.

Marathon announced a series of steps in January to increase its stock price, including accelerating its drop down of assets to its master limited partnership, MPLX LP, amid pressure from hedge fund Elliott Management.

(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

Posted in: Energy Financial

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