(Reuters) – Marathon Petroleum’s quarterly profit beat Wall Street’s estimate on Tuesday, as fuel supply disruption from the U.S.-Israeli war on Iran pushed refining margins to multi-year highs.
Shares of the refiner rose around 2% in premarket trade.
Refining margins for gasoline, diesel and jet fuel soared after the effective closure of the Strait of Hormuz for months disrupted crude flows to refiners, while repeated Iranian attacks on refineries across the Middle East further squeezed fuel supplies.
Get the Latest US Focused Energy News Delivered to You! It’s FREE:
Marathon’s quarterly refining and marketing margin rose to $36.33 per barrel from last year’s $17.58 per barrel.
The top U.S. refiner posted adjusted profit of $17.73 per share for the three months ended June 30, versus average analysts’ estimate of $13.73 per share, according to data compiled by LSEG.
Reporting by Arunima Kumar in Bengaluru; Editing by Sahal Muhammed
Share This:
More News Articles
