Marathon Petroleum Corporation (MPC) has reported 21.39 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $227 million, or $0.43 a share in the quarter, compared with $187 million, or $0.35 a share for the same period last year. Revenue during the quarter grew 10.24 percent to $17,284 million from $15,679 million in the previous year period. Gross margin for the quarter contracted 295 basis points over the previous year period to 19.90 percent. Total expenses were 96.80 percent of quarterly revenues, down from 97.84 percent for the same period last year. This has led to an improvement of 104 basis points in operating margin to 3.20 percent.
Operating income for the quarter was $553 million, compared with $338 million in the previous year period.
“Our fourth-quarter and full-year 2016 results reflect solid operational and financial performance across the business despite a challenging commodity price and margin environment,” said Gary R. Heminger, chairman, president and chief executive officer. “One year following the strategic combination of MPLX and MarkWest, we are pleased with MPLX’s 2016 results and are encouraged by the robust portfolio of growth opportunities, which will continue to contribute to long-term value for our investors.”
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