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.
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