Marathon Petroleum Corp. (NYSE: MPC) reported a wider net loss for the first quarter of 2020, hurt by a sharp decline in revenues.
On an adjusted basis, loss widened to $0.16 per share in the first quarter from $0.09 per share last year. On a reported basis, the energy firm posted a loss of $9.2 billion or $14.25 per share, compared to a loss of $7 million or $0.01 per share in the first quarter of 2019.
The bottom-line performance was negatively impacted by a 16% fall in revenues to $24 billion. The results, meanwhile, came in above the estimates.
Shares of Marathon Petroleum closed the last trading session higher, and gained further during Tuesday’s pre-market session. The stock has lost 49% since the beginning of the year and 41% in the past twelve months.