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CORRECTED-Marathon Petroleum profit falls due to refinery maintenance
May 1, 2014 / 11:46 AM / 3 years ago

CORRECTED-Marathon Petroleum profit falls due to refinery maintenance

(Corrects paragraph 3 to say the company’s Garyville refinery is in Louisiana, not Los Angeles)

May 1 (Reuters) - Marathon Petroleum Corp, the third-largest standalone U.S. refining company, reported a 73 percent drop in first-quarter profit as two of its largest refineries processed less crude oil due to maintenance work.

Income from its refining and marketing business fell 67 percent to $362 million from a year earlier.

The company’s Garyville refinery in Louisiana and the Galveston Bay refinery in Texas were off line in the quarter.

Marathon said net income fell to $199 million, or 67 cents per share, as the company also took a $64 million charge on a pension settlement in the first quarter ended March 31. (Reporting By Sneha Banerjee in Bangalore; Editing by Maju Samuel)

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