Marathon Petroleum Corporation (NYSE: MPC) reported second quarter 2020 earnings results.
Revenues totaled $15.1 billion compared to $33.6 billion last year.
Reported net income was $9 million, or $0.01 per share compared to $1.1 billion, or $1.66 per share, in the same period last year. Adjusted net loss was $868 million, or $1.33 per share.
Marathon entered into an agreement with 7-Eleven to sell Speedway for $21 billion in cash. The company expects to use the sales proceeds to strengthen its balance sheet and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approx. 7.7 billion gallons of fuel per year and the opportunity to supply additional 7-Eleven locations.
The company also announced the indefinite idling of the Gallup and Martinez refineries, and said it is evaluating the strategic repositioning of Martinez to a renewable diesel facility.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Most Popular
CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%
Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss
Key metrics from Nike’s (NKE) Q2 2025 earnings results
NIKE, Inc. (NYSE: NKE) reported total revenues of $12.4 billion for the second quarter of 2025, down 8% on a reported basis and down 9% on a currency-neutral basis. Net
FDX Earnings: FedEx Q2 2025 adjusted profit increases; revenue dips
Cargo giant FedEx Corporation (NYSE: FDX), which completed an organizational restructuring recently, announced financial results for the second quarter of 2025. Second-quarter earnings, excluding one-off items, were $4.05 per share,
