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Marathon Petroleum posts higher first-quarter profit
April 27, 2017 / 10:53 AM / 8 months ago

Marathon Petroleum posts higher first-quarter profit

April 27 (Reuters) - Refiner Marathon Petroleum Corp’s first-quarter profit surged from a year earlier, when it recorded an impairment related charge.

The net profit attributable to Marathon was $30 million, or 6 cents per share, in the first quarter ended March 31, compared with a profit of $1 million, or less than 1 cent per share a year earlier.

The year-ago quarter included 6 cents per share in charges, mainly related to a goodwill impairment recorded by MPLX LP, MPC’s consolidated subsidiary.

Revenue and other income rose 27.8 percent to $16.39 billion. (Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

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