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Marathon 1Q profit declines $890 million on weaker crack spreads, turnarounds
HOUSTON, April 28, 2016 (PCW) -– Marathon Petroleum on Thursday that is 1Q profit was $1 million, down $890 million from the $891 million profit seen a year ago. The company said the significant decline was due to weaker crack spreads and higher turnaround activity.
This turnaround activity included commissioning a light crude upgrade project at Marathon’s Robinson, Illinois, refinery to increase its light crude and overall processing capacity by 30,000 and 20,000 b/d, respectively. Marathon also implemented additional process improvements and synergy projects at the company's Galveston Bay refinery in Texas City, Texas, in its ongoing efforts to enhance margins at the refinery.
Marathon said the Galveston Bay refinery upgrades should be ready to take advantage of expected strong gasoline demand a competitive sour crude market in 2Q, the company said.
Marathon’s MarkWest Energy subsidiary also began operations at one processing plant and a de-ethanizer in the Marcellus Shale earlier this month. Total processing capacity was upped by 200,000 Mcf/d and ethane capacity by 10,000 b/d. Additionally, during 1Q, the first delivery of unit trains of propane from the company’s Hopedale, Ohio, fractionation complex. -- Samantha Hartke