USA: Marathon Oil Profits Down in Q3, Marathon Petroleum Rising
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Friday, 04 November 2011 |
Marathon Oil has reported profits of $405m from the third quarter of its financial year, down from $696m in the same period last year. The quarter is the first reporting period from the company since it spun off its downstream and retail business on July 1.
The company resulting from the spin-off, Marathon Petroleum, operates Speedway, the fourth-largest chain of company-owned and operated fuel service stations and convenience stores in the United States. Speedway serves roughly two million customers per day, and was this year named the top retail gasoline brand in terms of brand equity in Harris interactive's EquiTrend® annual brand equity study. The Ohio based Marathon Petroleum, which also operates in refining and pipeline transport, posted net income of $1.13bn. Income from the Speedway brand was $85m, down from $105m in the same period last year.
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