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Shares of
Marathon Petroleum Corp lost more than 5 percent Wednesday morning and hit a new 52-week low of $37.82 after the company reported its
fourth quarter results.
Marathon Petroleum said that it earned $0.79 per share in the fourth quarter on revenue $15.68 billion. Wall Street analysts were expecting the company to earn $0.69 per share on revenue of $16.35 billion
Marathon Petroleum stated that its fourth quarter earnings fell to $187 million from $798 million in the same quarter a year ago. Earnings for the quarter included a pretax charge of $370 million to value inventories at lower of cost or market (LCM).
Earnings for the full fiscal year 2015 were $2.85 billion, or $5.26 per share, compared with $2.52 billion, or $4.39 per share in 2014.
"In addition to our strong financial and operational results, we also made tremendous progress on our strategic objectives of growing the more stable cash-flow segments of our business and enhancing our refining margins," said MPC President and Chief Executive Officer Gary R. Heminger. "Product price realizations and continued strong gasoline demand supported crack spreads in the fourth quarter. In addition, Speedway continued its strong performance during the fourth quarter, finishing the year with segment income of $673 million and nearly $1 billion of EBITDA [earnings before interest, taxes, depreciation and amortization],"
Heminger also added that "Speedway LLC, MPC's retail division, has substantially completed the planned conversions of its new East Coast and Southeast retail locations to the Speedway brand well ahead of schedule. "The acquisition of these retail locations has exceeded our expectations and has been a tremendous value driver for MPC."
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