Marathon Petroleum Corporation Provides Interim Second-Quarter 2013 Update
(Thomson Reuters ONE) -
FINDLAY, Ohio, July 15, 2013 - Marathon Petroleum Corporation (NYSE: MPC) today
announced that the company expects to report earnings in the range of $570
million to $600 million, or $1.75 to $1.85 per diluted share, for the second
quarter of 2013, compared with earnings of $814 million, or $2.38 per diluted
share, for the second quarter of 2012. Included in the second-quarter 2013
estimate are after-tax charges of approximately $39 million, or $0.12 per share,
related to pension settlement expenses compared with approximately $53 million,
or $0.15 per share, in the second quarter of 2012.
Second-quarter 2013 Refining and Marketing segment results are expected to be
negatively impacted in comparison to second quarter of 2012 by a number of
factors, such as lower crude oil price differentials and product realizations
compared to spot market values, which MPC believes were impacted by the
Renewable Fuels Standard.
The company will host a conference call on Aug. 1 at 10 a.m. EDT to provide an
update on company operations and to discuss 2013 second-quarter financial
results, which will be released earlier that day.
About Marathon Petroleum Corporation
MPC is the nation's fourth-largest refiner, with a crude oil refining capacity
of approximately 1.7 million barrels per calendar day in its seven-refinery
system. Marathon brand gasoline is sold through approximately 5,000
independently owned retail outlets across 17 states. In addition, Speedway LLC,
an MPC subsidiary, owns and operates the nation's fourth-largest convenience
store chain, with approximately 1,460 convenience stores in nine states. MPC
also owns, leases or has ownership interests in approximately 8,300 miles of
pipeline. Through subsidiaries, MPC owns the general partner of MPLX LP, a
midstream master limited partnership. 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
References to Earnings
References to earnings mean net income attributable to MPC from the statements
of income. Unless otherwise indicated, references to earnings and earnings per
share are MPC's share after excluding amounts attributable to noncontrolling
interests.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of
federal securities laws. These forward-looking statements relate to, among other
things, MPC's 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," "would," "will" 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 MPC's control and are difficult to
predict. Factors that could cause actual results to differ materially from those
in the forward-looking statements include: 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; transportation logistics; the reliability of
processing units and other equipment; our ability to successfully implement
growth opportunities; impacts from our repurchases of shares of MPC common stock
under our share repurchase authorization, including the timing and amounts of
any common stock repurchases; state and federal environmental, economic, health
and safety, energy and other policies and regulations; other risk factors
inherent to our industry; the finalization of MPC's financial statements for the
quarter ended June 30, 2013; and the factors set forth under the heading "Risk
Factors" in MPC's Annual Report on Form 10-K for the year ended December
31, 2012 filed with the Securities and Exchange Commission (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-K could also have
material adverse effects on forward-looking statements. Copies of MPC's Form 10-
K are available on the SEC website, MPC's website at
http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations
office.
MPC Provides Interim 2Q13 Update:
http://hugin.info/147922/R/1716528/570613.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 Corporation via Thomson Reuters ONE
[HUG#1716528]
Unternehmensinformation / Kurzprofil:
Datum: 15.07.2013 - 22:33 Uhr
Sprache: Deutsch
News-ID 278553
Anzahl Zeichen: 6114
contact information:
Town:
Findlay, Ohio
Kategorie:
Business News
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