Marathon Petroleum Q4 Profit Falls More Than 50%

(RTTNews) - Marathon Petroleum Corp. (MPC) Wednesday reported a sharp fall in fourth quarter net profit attributable to MPC to $443 million, or $0.68 per share from $951 million, or $1.35 per share last year. Non controlling interests for the quarter was a loss of $201 million, while it recorded a profit of $224 million. Net income came in at $262 million, compared to $1.195 billion last year.

The company noted that Fourth-quarter results include a pre-tax charge of $1.2 billion primarily related to a midstream goodwill impairment related to MPLX LP.

On an adjusted basis, earnings for the quarter were $1.0 billion or $1.56 per share.

On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.86 per shares. Analysts estimates usually exclude special items.

Revenue for the quarter was slightly down at $31.375 billion, compared to $32.541 billion in the prior year. Wall Street was looking for $22.88 billion.

For the full year, the company reported $2.637 billion, down from $2.780 billion in the prior year. On a per share basis, earnings attributable for the year was $3.97, down from $5.28 in the previous year.