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Marathon Petroleum Corporation Provides Interim Second-Quarter 2013 Update

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Marathon Petroleum Corporation (NYSE: MPC) today announced that the company expects to report earnings in the range of $570 million to $600 million, or $1.75 to $1.85 per diluted share, for the second quarter of 2013, compared with earnings of $814 million, or $2.38 per diluted share, for the second quarter of 2012. Included in the second-quarter 2013 estimate are after-tax charges of approximately $39 million, or $0.12 per share, related to pension settlement expenses compared with approximately $53 million, or $0.15 per share, in the second quarter of 2012.

Second-quarter 2013 Refining and Marketing segment results are expected to be negatively impacted in comparison to second quarter of 2012 by a number of factors, such as lower crude oil price differentials and product realizations compared to spot market values, which MPC believes were impacted by the Renewable Fuels Standard.

The company will host a conference call on Aug. 1 at 10 a.m. EDT to provide an update on company operations and to discuss 2013 second-quarter financial results, which will be released earlier that day.

About Marathon Petroleum Corporation

MPC is the nation's fourth-largest refiner, with a crude oil refining capacity of approximately 1.7 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,000 independently owned retail outlets across 17 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's fourth-largest convenience store chain, with approximately 1,460 convenience stores in nine states. MPC also owns, leases or has ownership interests in approximately 8,300 miles of pipeline. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. MPC's fully integrated system provides operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company's distribution network in the Midwest, Southeast and Gulf Coast regions. For additional information about the company, please visit our website at http://www.marathonpetroleum.com.

Posted-In: News Guidance

 

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