Marathon Petroleum Provides Fourth Quarter Interim Update
(Thomson Reuters ONE) -
FINDLAY, Ohio, Jan. 10, 2012 - Marathon Petroleum Corporation (NYSE:MPC) today
announced that the company expects to report a small loss for the fourth quarter
of 2011, compared to fourth quarter 2010 net income of $230 million, or $0.64
per share.
The fourth quarter 2011 results were negatively impacted by the rapid increase
in the price of West Texas Intermediate (WTI) crude oil. During the quarter, the
prompt WTI price increased $19.63 per barrel, from $79.20 on Sept. 30, 2011 to
$98.83 on Dec. 30, 2011. This increase in WTI price impacted the cost of the
majority of the crudes MPC processed in the fourth quarter. In addition, refined
product market prices did not increase sufficiently to offset the higher crude
oil costs during the fourth quarter of 2011.
MPC is finalizing the fourth quarter results and currently plans to announce
fourth quarter and full-year 2011 results on Feb. 1, 2012.
# # #
About Marathon Petroleum Corporation
MPC is the nation's fifth-largest refiner with a crude capacity in excess of
1.1 million barrels per day in its six-refinery system. Marathon brand gasoline
is sold through approximately 5,100 independently owned locations across 18
states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the
nation's fourth largest convenience store chain, with approximately 1,375
locations in seven states. MPC also owns, operates, leases or has ownership
interest in approximately 9,600 miles of pipeline. MPC's fully integrated system
provides operational flexibility to move crude oil, feedstocks and petroleum-
related products efficiently through the company's distribution network in the
Midwest, Southeast and Gulf Coast regions. For additional information about the
company, please visit our website at http://www.marathonpetroleum.com.
Investor Relations Contacts:
Pamela Beall (419) 429-5640
Beth Hunter (419) 421-2559
Media Contacts:
Angelia Graves (419) 421- 2703
Jamal Kheiry (419) 421- 3312
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements relate to, among other things, MPC's current expectations, estimates
and projections concerning MPC business and operations. You can identify
forward-looking statements by words such as "anticipate," "believe," "estimate,"
"expect," "forecast," "project," "could," "may," "should," or "would" or other
similar expressions that convey the uncertainty of future events or outcomes.
Such forward-looking statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors, some of which are beyond the
company's control and are difficult to predict. Factors that could cause actual
results to differ materially from those in the forward-looking statements
include: further volatility in and/or degradation of market and industry
conditions; the availability and pricing of crude oil and other feedstocks;
slower growth in domestic and Canadian crude supply; completion of pipeline
capacity to areas outside the U.S. Midwest; consumer demand for refined
products; changes in governmental regulations; transportation logistics; the
availability of materials and labor, delays in obtaining necessary third-party
approvals, and other risks customary to construction projects; the reliability
of processing units and other equipment; our ability to successfully implement
growth opportunities; other risk factors inherent to our industry; the
finalization of our financial statements for the quarter ended December
31, 2011 and the factors set forth under the heading "Risk Factors" in MPC's
Registration Statement on Form 10 filed with the Securities and Exchange
Commission (the "SEC"). In addition, the forward-looking statements included
herein could be affected by general domestic and international economic and
political conditions. Unpredictable or unknown factors not discussed here or in
MPC's Form 10 could also have material adverse effects on forward-looking
statements. Copies of MPC's Form 10 are available on the SEC website, at
http://www.marathonpetroleum.com or by contacting MPC's Investor Relations
Office.
MPC 4Q Interim Update:
http://hugin.info/147922/R/1576641/491401.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Marathon Petroleum Company via Thomson Reuters ONE
[HUG#1576641]
Unternehmensinformation / Kurzprofil:
Datum: 10.01.2012 - 23:04 Uhr
Sprache: Deutsch
News-ID 102967
Anzahl Zeichen: 5361
contact information:
Town:
Findlay, Ohio
Kategorie:
Business News
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