February 1, 2018 / 12:19 PM / 3 months ago

Marathon Petroleum's profit beats on higher refining margins

(Reuters) - U.S. independent refiner Marathon Petroleum Corp (MPC.N) beat analysts’ quarterly profit estimate on Thursday, helped by higher refining margins.

The company said its refining and marketing margin rose 16 percent to $13.12 per barrel in the fourth quarter from a year earlier.

Net income attributable to the company rose to $2.02 billion, or $4.09 per share, in the three months ended Dec. 31, from $227 million, or 43 cents per share, a year earlier.

    The company booked a $1.5 billion gain in the latest quarter from the recent changes to the U.S. tax law.

    Excluding items, Marathon Petroleum reported earnings of $1.03 per share, while analysts on average had expected 99 cents, according to Thomson Reuters I/B/E/S.

    Total revenue and other income rose to $21.24 billion from $17.28 billion.

    Reporting by Anirban Paul in Bengaluru; Editing by Sriraj Kalluvila

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