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MPC / Marathon Petroleum stock surges after profit more than doubles expectations, $5 billion added to stock buyback program

Shares of Marathon Petroleum Corp MPC, +3.16% shot up 3.9% toward a more-than three-year high after the oil refiner reported fourth-quarter profit that was more than double what was expected and also a big revenue beat, while also adding $5 billion to its stock buyback authorization. Net income shot up to $744 million, or $1.27 a share, from $285 million, or 44 cents a share, in the year-ago period, as the refining and marketing business swung to income of $881 million from a loss of $1.6 billion. Read More

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MPC

Posted: Feb 2 2022, 06:30

Author Name: Market Watch

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