Salem Radio Network News Thursday, September 23, 2021

Business

Marathon Petroleum posts first adjusted profit since pandemic on fuel demand

(Reuters) -U.S. oil refiner Marathon Petroleum Corp on Wednesday posted its first adjusted quarterly profit since the pandemic, boosted by a rebound in fuel demand.

While refiners have ramped up crude processing as U.S. gasoline and diesel fuel demand has nearly recovered to pre-pandemic levels, they have had to cope with higher crude oil prices and renewable fuel credits.

Total throughput, the amount of crude processed, rose to 2.9 million barrels per day (bpd) from 2.6 million bpd in the first quarter, while refining and marketing margins rose 23% to $12.45 per barrel in the second quarter.

Adjusted net earnings for the largest U.S. oil refiner stood at $437 million, or 67 cents per share, for the three months ended June 30, compared with a loss of $132 million, or 20 cents per share, in the first quarter.

(Reporting by Arathy Nair in Bengaluru; Editing by Krishna Chandra Eluri)

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