Marathon Petroleum Q2 Profit Down

(RTTNews) - Marathon Petroleum Corp. (MPC) reported 2016 second-quarter earnings of $801 million, or $1.51 per share, compared with $826 million, or $1.51 per share, in the second quarter of 2015. Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.

Second-quarter 2016 earnings include a benefit of $0.47 per diluted share related to the reversal of the company's lower of cost or market (LCM) inventory valuation reserve due to increased refined product prices during the quarter. Earnings also include a charge of $0.03 per diluted share related to an impairment of an equity method investment held by MPC's sponsored master limited partnership, MPLX LP (MPLX).

Total revenues and other income for the quarter dropped to $16.79 billion from $20.58 billion last year. Wall Street expected revenues of $16.89 billion.