Those earnings are more than double Marathon’s reported earnings of about $483 million for the same quarter last year. The company, based in
Marathon is the parent company of Speedway a convenience store chain headquartered in
“We delivered an outstanding quarter,” said
The company’s refining and marketing segment reported earnings of just more than $1 billion, compared to $562 million during the same period last year. Marathon’s midstream segment, which includes its logistics operations, also reported earnings of $617 million, compared to $332 million in the second quarter last year.
The Speedway segment reported earnings of $159 million, down from $238 million during the second quarter last year. Several factors played a role in the lower earnings, including expenses that increased $24 million compared to the same time last year due to higher benefit and labor costs, according to information from the company. The convenience store chain also saw smaller profit margins from fuel sales. In-store merchandise sales also ticked up about 3 percent for the quarter compared to last year,
Company officials said Marathon is also moving forward with two separate acquisitions.
This Spring, Speedway announced a transaction in which the chain purchased about 80 convenience stores held by the
Marathon is also moving forward with plans to buy
The company is pushing ahead with
“There are tremendous benefits from merging these two businesses and we remain confident in our ability to generate incremental cash flow and create substantial long-term value for our shareholders,” Heminger said.
Last week, the company announced that a team made up of executives from both companies will lead the combined firm once the deal is finalized.
Heminger will continue to serve as MPC’s Chairman and CEO. The team will include a total of seven executives from Marathon and three from
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