Tuesday, November 1, 2011

Marathon Petroleum Also Quadruples Earnings, May Buy Refineries (MPC)

The stock closed flat and after hours is up 0.61% at $36.22.
We may have the answer to Valero's California problem right here.
From Reuters:
Marathon says eyeing U.S. refineries up for sale

Marathon Petroleum Corp (MPC.N) said on Tuesday it is eyeing U.S. 

refineries up for sale.
    Marathon reiterated in its third-quarter earnings call that
it would continue to look at all refinery assets that would fit
its existing operations.

    The company, which will reduce throughput at its refineries
to 1.2 million barrels per day in the fourth quarter, from 1.37
million bpd in the previous quarter, said diesel exports
continued to rise in the third quarter despite the debt crisis
in Europe.

And again the AP is on the Quadruple story:
Marathon Petroleum 3Q profits quadruple
Valero Quadruples Earnings, Could Go So Far as to Close California Refineries due to Cap-and-trade (VLO)