Marathon Petroleum (NYSE:MPC) topped first-quarter profit per share expectations by $0.59 in the first quarter as higher fuel demand and tight crude supplies boosted its quarterly results.
The oil exploration and production firm reported Q1 EPS of $6.09, above better the analyst estimate of $5.50, while revenue for the quarter came in at $35.07 billion versus the consensus estimate of $33.19B.
The company said the results reflect strong operational and commercial execution across the company. In addition, demand for refined products such as jet fuel has also helped the firm and other refiners recently.
"The business generated $4.1 billion of net cash provided by operating activities in the first quarter," said MPC President and Chief Executive Officer Michael Hennigan. "We continue to enhance our portfolio, including the Galveston Bay STAR project, which successfully commenced operations in April and the Martinez Renewables facility, which continues to progress Phase II. We returned over $3.5 billion through share repurchases and dividends during the quarter."
Marathon shares are currently trading at $122.36 premarket, down 0.08% from Monday's close.