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Marathon Petroleum hits record refined product exports in 2Q
August 1, 2013 / 3:01 PM / 4 years ago

Marathon Petroleum hits record refined product exports in 2Q

HOUSTON, Aug 1 (Reuters) - Independent U.S. refiner Marathon Petroleum Corp reached a record 190,000 barrels per day of gasoline and diesel fuel exports in the second quarter this year, executives told analysts on Thursday in an earnings conference call.

Chief Executive Gary Heminger said that level of exports was “pretty much at the peak” of what Marathon can do, but the company is investing to export more in the future.

Executives also said the company had replaced foreign sweet crude imports with Texas sweet crudes at its 451,000 bpd Galveston Bay refinery in Texas about six months after acquiring the plant from BP Plc.

Marathon Chief Financial Officer Don Templin also said the company spent about $20 million per month on ethanol credits during the quarter to comply with federal mandates on blending biofuels with refined products.

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