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Marathon Petroleum beats Q2 Street estimate

Marathon Petroleum Corp. on Aug. 1 reported adjusted net income of $1.15 billion, or $1.73 per share, for the second quarter, compared to $1.06 billion, or $2.29 per share, a year ago.

The company beat the S&P Global Market Intelligence normalized consensus estimate at $1.33 per share.

Total revenues and other income reached $33.69 billion for the quarter, topping $22.45 billion in the prior-year period. Chairman and CEO Gary Heminger said the company's retail business had an exceptional quarter.

The firm's refineries had a total throughput of 3.1 million barrels per day during the quarter, up from 2.0 million bbl/d in the prior-year period.

Adjusted EBITDA totaled $3.22 billion for the quarter, up from $2.32 billion a year earlier. The company spent $1.40 billion for capital expenditures and investments during the quarter, up from $918.0 million in the prior-year period.