Marathon Petroleum posts profit on higher refining margins

Wed Jan 30, 2013 7:33am EST

Jan 30 (Reuters) - Marathon Petroleum Corp on Wednesday reported a quarterly profit as the U.S. refining company processed higher amounts of cheaper domestic crude oil in its plants, helping lift refining margins.

The company reported a fourth-quarter profit of $755 million, or $2.24 per share, compared with a loss of $75 million, or 21 cents per share, a year earlier.

The refiner more than doubled its fourth-quarter dividend to 35 cents per share and said its board approved an additional $2.65 billion share buyback program.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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