Despite a Dip in Profits, Marathon Continues Aggressive Capital Return Strategy
(Reuters) -Top U.S. refiner Marathon Petroleum beat first-quarter profit estimates on Tuesday, as demand for refined products remained at high levels and global fuel supplies tightened due to refinery maintenance activities and disruptions in Russia. The refiner also announced a $5 billion increase to its share repurchase authorization. Heavy refinery maintenance work during the quarter and outages at Russian refineries following Ukrainian drone attacks reduced fuel supplies to global markets.
First-quarter net income attributable to MPLX of $1.0 billion and net cash provided by operating activities of $1.3 billion