Marathon Petroleum Corp beat the analyst consensus for its
third-quarter earnings by a mile, despite the expected slump in profits
due to plunging refining margins.
All U.S. refiners were expected to report much lower profits for the
third quarter compared to a year earlier, as refining margins slumped to
multi-year lows amid tepid fuel demand and increased global fuel
supply.
On Tuesday, Marathon Petroleum joined the other major U.S. refiners,
Valero Energy and Phillips 66, in reporting better-than-expected Q3
earnings even if profits significantly lagged last year’s record
results.
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