Analyst Note| Allen Good, CFA |
Marathon Petroleum reported an adjusted first-quarter loss of $132 million compared with an adjusted loss of $106 million the year before. Refining and marketing operating income fell to a loss of $598 million from an operating loss of $497 million the year before as operating cost reductions were unable to offset narrower crude differentials and lower throughput. Marathon’s throughput fell to 2.6 million barrels per day during the quarter from 3.0 mmbd/d the year before while the realized margin fell to $10.16 a barrel from $11.86. Midstream segment earnings remained relatively stable, increasing to $972 million from $905 million, as lower operating expenses offset lower gathering and processing volumes.