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Author Topic: Marathon Petroleum profit falls due to refinery maintenance Back to Topics
DoctorV

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Detroit

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Message Posted: May 1, 2014 11:25:23 AM

May 1 (Reuters) - Marathon Petroleum Corp, the third-largest standalone U.S. refining company, reported a 73 percent drop in first-quarter profit as two of its largest refineries processed less crude oil due to maintenance work.

Income from its refining and marketing business fell 67 percent to $362 million from a year earlier.

The company's Garyville refinery in Los Angles and the Galveston Bay refinery in Texas were offline in the quarter.

Marathon said net income fell to $199 million, or 67 per share, as the company also took a $64 million charge on pension settlement in the first quarter ended March 31.
Visit Reuters for full article
REPLIES (newest first) Post a Reply
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ooltewah63
Champion Author Chattanooga

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Message Posted: May 2, 2014 8:49:36 AM

Nothing new here people.
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mike56MI
Champion Author Michigan

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Message Posted: May 1, 2014 7:06:05 PM

So they say.
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schvanda63
Champion Author Lansing

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Message Posted: May 1, 2014 6:28:12 PM

"Marathon Petroleum profit falls..."

Boo Hoo. So maybe they can cry to the government for more tax breaks or loans.
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TWS658
Champion Author Portland

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Message Posted: May 1, 2014 6:04:46 PM

Oh, well.
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bby
Champion Author Twin Cities

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Message Posted: May 1, 2014 5:50:48 PM

ok
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md11capt
Champion Author Denver

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Message Posted: May 1, 2014 5:49:04 PM

I feel sorry for the oligarchs.
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MemoryFoam
Veteran Author Spartanburg

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Message Posted: May 1, 2014 2:01:30 PM

"Maintenance must be done."
"happens every year"

So this is news?
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Sneakers55
Champion Author Houston

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Message Posted: May 1, 2014 1:02:25 PM

On May 1, 2014 11:35:44 AM, DoctorV wrote:

>It's just a brand. Just like Ford doesn't own the local Ford dealer.

Ford did a trial with company-owned stores. The local Ford dealers undercut their prices.
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Sneakers55
Champion Author Houston

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Message Posted: May 1, 2014 1:00:21 PM

On May 1, 2014 11:13:50 AM, danny999 wrote:

>Then why are they taking over so mamny stations in Bradenton?????

Are they former BP stations? Marathon Petroleum acquired the Galveston Bay Refinery in Texas City from BP, and a number of stations were switched from the BP brand to the Marathon brand.
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doeslayersr
Champion Author Illinois

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Message Posted: May 1, 2014 12:39:17 PM

Maintenance must be done.
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DoctorV
Champion Author Detroit

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Message Posted: May 1, 2014 12:35:44 PM

danny, Marathon doesn't own gas stations. It's just a brand. Just like Ford doesn't own the local Ford dealer.
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danny999
Champion Author Florida

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Message Posted: May 1, 2014 12:13:50 PM

Then why are they taking over so mamny stations in Bradenton?????
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lesabreAZ
Champion Author Phoenix

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Message Posted: May 1, 2014 12:08:13 PM

bit of the old up down up down in out in out....clockwork orange
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HorizonChaser
Champion Author Montgomery

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Message Posted: May 1, 2014 12:00:08 PM

no surprise
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humblepie
Champion Author Toledo

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Message Posted: May 1, 2014 11:58:24 AM

happens every year
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werich44
Champion Author California

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Message Posted: May 1, 2014 11:56:45 AM

If they are looking for sympathy they need to look elsewhere.
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DoctorV
Champion Author Detroit

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Message Posted: May 1, 2014 11:40:19 AM

You are looney.
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looneylane
Champion Author British Columbia

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Message Posted: May 1, 2014 11:28:57 AM

They dont do maintenance to drive up prices but they do use it as an excuse many times on the news. 99 pct of what we hear on the media about pricing is an outright fabrication.
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getgasmoney
Champion Author Toronto

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Message Posted: May 1, 2014 11:28:48 AM

aww it'll make it all back in no time
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DoctorV
Champion Author Detroit

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Message Posted: May 1, 2014 11:26:21 AM

The first person who claims refineries do maintenance to drive up gas prices deserves a virtual kick in the nutz.
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