Marathon (MPC) Beats on Q1 Earnings, Approves $5B Buyback Again

Independent oil refiner and marketer Marathon Petroleum Corporation (MPC) reported first-quarter adjusted earnings per share of $2.78, which comfortably beat the Zacks Consensus Estimate of$2.53. The outperformance primarily reflects the stronger-than-expected performance of its Refining & Marketing segment. Operating income of the segment totaled $766 billion, surpassing the consensus mark of$660 million.However, the company’s bottom line fell from the year-ago adjusted profit of $6.09 due to a higher un ...