FINDLAY, Ohio (AP) — Marathon Petroleum Corp. (MPC) on Thursday reported earnings that rose by 44 percent in its second quarter, and topped analysts' expectations.
The Findlay, Ohio-based oil refiner said net income rose to $855 million, or $2.95 per share, from $593 million, or $1.83 per share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $2.15 per share.
Revenue rose 5 percent, to $26.93 billion from $25.7 billion.
Marathon Petroleum shares rose $4.50, or 5.7 percent, to $83.48 Thursday. The stock has dropped 9 percent this year.