(Reuters) – Marathon Petroleum Corp swung to a quarterly profit on Tuesday as a rebound in fuel consumption helped the largest U.S. refiner tide over the surging cost of crude oil.
Other U.S. refiners have also seen earnings blow past expectations, as gasoline and distillate consumption in the top consumer shake off pandemic-led weakness to come back in line with five-year averages.
Marathon’s total throughput, or the amount of crude processed, rose to 2.8 million barrels per day (bpd) from 2.5 bpd in the corresponding period last year.
The company also said it is pursuing strategic alternatives, which could include a sale, of its 68,000 bpd Kenai refinery near Anchorage, Alaska.
Adjusted net earnings for the Ohio-based refiner stood at $464 million, or 73 cents per share, for the three months ended Sept. 30, compared with a loss of $649 million, or $1 per share, in the prior year.
(Reporting by Sahil Shaw in Bengaluru; Editing by Arpan Varghese)
