U.S. refiner Marathon Petroleum Corp reported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins.
A Marathon Petroleum banner outside the El Paso refinery in El Paso, Texas, U.S., October 1, 2018. REUTERS/Julio-Cesar Chavez/File Photoreported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins.
Distillate fuel prices, which soared after Russia's invasion of Ukraine, have fallen on easing uncertainty over how subsequent sanctions would affect the market, said Brian Partee, senior vice president at Marathon. Marathon said crude capacity utilization fell to 93% from 100% a year earlier, with planned maintenance in the Mid-Continent and West Coast regions resulting in total throughput of 2.9 million barrels per day for the quarter ended June 30.
Marathon said it expects the 75,000-bpd reformer at the Galveston Bay Refinery in Texas, which shut in May after a deadly fire, to remain offline throughout the quarter.
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