Marathon Petroleum, a Findlay, Ohio, based oil refiner, is one of seven companies President Joe Biden is criticizing over excess profits and pushing to produce more gas and diesel.
The company reported earnings of $30 million in 2017, $37 million in 2018 and a loss of $7 million in 2019 before a $9.2 billion loss in 2020 because of the COVID-19 pandemic. In the first three months of 2021, the company reported a $242 million loss.including $768 million from its refining and distribution business. The most recent profits reported were prior to April 1, when the average gasoline price was $4.08.
that it “received the President’s letter and look forward to speaking with the Biden administration.”Marathon Petroleum’s stock price closed at $99.77 a share Tuesday, at its highest point since a corporate spin-off created the company. Marathon Petroleum was a wholly-owned subsidiary of Marathon Oil until 2011.
Marathon Petroleum has not come under as much scrutiny as other, larger oil refiners. ExxonMobil, the country’s largest oil company, reported a first-quarter net profit of $5.5 billion, doubled from a year earlier. ExxonMobil says it can refine nearly 5 million barrels per day, and also drills oil. Meanwhile the crack spread — the difference between crude oil prices and the price of gas and diesel — is well above historic averages. The EIA said this is because fuel demand is near pre-pandemic levels, while refinery production is lower, inventory is lower and there’s been reduced petroleum exports from Russia.
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