Marathon Petroleum Tops Profit Estimates On Strong Fuel Demand

Strong U.S. fuel demand helped Marathon Petroleum (NYSE: MPC) easily beat analyst estimates after reporting on Tuesday an adjusted net income of $3.2 billion for the third quarter of 2023. Adjusted earnings per share came in at $8.14, above the analyst consensus estimate of $7.75 compiled by The Wall Street Journal. In the refining and marketing segment, adjusted EBITDA was $16.06 per barrel for the third quarter of 2023, down from $19.87 per barrel for the third quarter of 2022, due to lower market crack spreads. The refining and marketing (R&M)…