Marathon (MPC) Overcomes Lower Margins, Tops Q2 Earnings

Independent oil refiner and marketer Marathon Petroleum Corporation (MPC) reported second-quarter adjusted earnings per share of $4.12, which comfortably beat the Zacks Consensus Estimate of $3.04. The outperformance primarily reflects the stronger-than-expected performance of its Refining & Marketing segment. Operating income of the segment totaled $1.3 billion, surpassing the consensus mark of $1 billion. However, the company's bottom line fell from the year-ago adjusted profit of $5.32 due to a drop in r ...