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By Will Feuer
Marathon Petroleum reported lower sales and profit for the second quarter as oil prices came back down after Russia’s invasion of Ukraine sent prices soaring.
The Findlay, Ohio, oil refiner and pipeline operator posted a second-quarter profit of $2.23 billion, or $5.32 a share, compared with $5.87 billion, or $10.95 a share, a year earlier. Analysts surveyed by FactSet were expecting earnings of $4.55 a share.
Revenue fell to $36.82 billion from $54.24 billion. Analysts surveyed by FactSet were expecting revenue of $32.60 billion.
Total costs fell to $33.52 billion from $45.91 billion a year earlier.
The Refining & Marketing unit’s margin was $22.10 a barrel, down from $37.54 a barrel for the prior-year period, when the Russian invasion of Ukraine drove a spike in energy prices.
Write to Will Feuer at [email protected]
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