Paul Singer’s hedge fund has been holding a position in Marathon Petroleum Corporation (NYSE: MPC) since the second quarter of 2019. Shares of the oil.
Marathon, MPLX Pare 2021 Spending Plans as Pandemic Outlook Offers Hopes, Warnings
Industry Segment: Petroleum Refining | Word Count: 799 Words
Attachment: MPC4Q20
SUGAR LAND February 3, 2021 Researched by Industrial Info Resources (Sugar Land, Texas) Marathon Petroleum Corporation (NYSE:MPC) (MPC) (Findlay, Ohio) sees a light at the end of the pandemic tunnel, as the refining giant pointed to improved market conditions in fourth-quarter 2020, when a slight recovery in fuel demand narrowed its quarter-over-quarter net loss. Still, MPC and MPLX LP (NYSE:MPLX), a master limited partnership that focuses on midstream and processing, have reduced their capital-spending outlooks for 2021. Industrial Info is tracking more than $15.4 billion in active projects from MPC worldwide, including about $2.2 billion worth under construction in the U.S.
Marathon Petroleum Corporation Q4 adjusted earnings Beat Estimates
WASHINGTON (dpa-AFX) - Marathon Petroleum Corporation (MPC) released earnings for fourth quarter that dropped from last year.
The company s earnings came in at $192 million, or $0.29 per share. This compares with $443 million, or $0.68 per share, in last year s fourth quarter.
Excluding items, Marathon Petroleum Corporation reported adjusted earnings of -$0.61 billion or -$0.94 per share for the period.
Analysts had expected the company to earn -$1.41 per share, according to figures compiled by Thomson Reuters. Analysts estimates typically exclude special items.
The company s revenue for the quarter fell 35.4% to $18.19 billion from $28.14 billion last year.
Reported fourth-quarter income of $192 million, or $0.29 per diluted share, which includes net pre-tax benefits of $851 million; reported adjusted loss of $608 million, or ($0.94) per diluted share
$21 billion Speedway sale targeted to close by end of first quarter; reiterating commitment to use proceeds to strengthen the balance sheet and return capital to shareholders
Advancing renewable fuels portfolio; Dickinson is 2nd largest renewable diesel facility in the US and progressing Martinez strategic repositioning
Continuing focus on lowering cost structure
Announced 2021 MPC standalone capital spending outlook of $1.4 billion, a reduction of $350 million from 2020
Marathon Petroleum Corp. (NYSE: MPC) today reported net income of $192 million, or $0.29 per diluted share, for the fourth quarter of 2020, compared with net income of $443 million, or $0.68 per diluted share, for the fourth quarter of 2019.
Conference: Permian Basin Expected to See Plenty of Oil & Gas Deals This Year
Industry Segment: Production | Word Count: 815 Words
SUGAR LAND, TEXAS February 1, 2021 Written by John Egan for Industrial Info Resources (Sugar Land, Texas) Oil & Gas producers engaged in about $50 billion worth of mergers and acquisitions (M&A) last year, and a lot of that activity involved companies that operate in the Permian Basin. Speakers at a virtual conference predicted even more M&A and asset sales in 2021, particularly if crude oil prices hold onto their recent gains.
Within this article: Update on M&A activity within the Oil & Gas Industry