Marathon reports $242M loss

The pandemic recession continued to depress Marathon Petroleum Corp.'s results last quarter, with the company on Tuesday reporting a $242 million loss. On the bright side, that was smaller than the $9.23 billion loss in the same period a year earlier when reduced consumer spending for fuel forced write-downs in the value of inventory and other assets on Marathon's books. The loss in the January-March 2021 quarter amounted to 37 cents per diluted share. "Our industry continued to struggle with effects of the pandemic," said Michael J. Hennigan, chief executive officer of Marathon Petroleum. "With the COVID-19 vaccination rollout, we are beginning to see increases in global mobility and demand for transportation fuels." Revenue rose by 9% from a year earlier to $22.88 billion in the quarter. Operating profit in Marathon's logistics, storage and natural gas processing segment, which primarily reflects the MPLX subsidiary, rose over 7% to $972 million. Corporate expenses not allocated to any of Marathon Petroleum's segments were trimmed by nearly 33% from a year earlier to $157 million in the January-March quarter. But lower production and profit margins in the refining and marketing segment deepened its operating losses by 20% to $598 million. Operating income from Speedway, which will be sold soon to 7-Eleven for $21 billion, declined nearly 18% to $330 million. Speedway sold less fuel and had thinner profit margins at the fuel pump than a year earlier. Wilin: 419-427-8413