Joined Nov 11, 2007
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Refiners Report Good Earnings – $VLO, $MPC

“Oil refiners Marathon Petroleum Corp. (NYSE: MPC) and Valero Energy Corp. (NYSE: VLO) reported first-quarter 2013 results before markets opened this morning.
Marathon posted diluted earnings per share (EPS) of $2.17 on revenues of $23.35 billion. In the same period a year ago, the company reported EPS of $1.71 on revenues of $20.28 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $2.16 and $19.8 billion in revenues.

Marathon’s refinery throughput rose from 1.32 million barrels a day in the first quarter of 2012 to 1.67 million barrels. Sales volume also rose, from 1.53 million barrels a day to 1.88 million barrels. Gross margins fell, however, from $8.36 a barrel last year to $7.92 a barrel. Total income rose $200 million year-over-year, from $956 million to $1.16 billion.

Valero posted EPS of $1.18 on revenues of $33.47 billion, compared with an EPS loss of $0.78 on revenues of $35.17 billion in 2011. The first-quarter 2012 results include a charge of $1.09 per share related to the closure of the company’s Aruba refinery. The consensus estimate called for EPS of $0.98 on revenues of $30.41 billion.

Like Marathon, Valero’s refinery throughput rose. Unlike Marathon, Valero’s gross margins also rose. Refining margins rose from $7.71 a barrel in the year-ago quarter to $10.59 this year. Total input volume rose by about 11,000 barrels a day year-over-year and total yield rose by 16,000 barrels a day.

Valero’s CEO said…”

Full report

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