Andeavor’s stock performance
Andeavor stock rises
Andeavor (ANDV) posted its second-quarter earnings on August 6 and reported revenues of $12.5 billion, which surpassed Wall Street analysts’ estimate. The company’s second-quarter adjusted EPS stood at $3.53, beating its estimated EPS of $3.00 for an increase of 102.0%. For more on ANDV’s earnings, please refer to Andeavor’s Refining Earnings Surged in Q2 2018.
In its earnings, ANDV stated that the acquisition is expected to close on October 1, subject to approval. So, the acquisition process by Marathon Petroleum (MPC) is progressing according to expectations.
However, ANDV’s refining index values have declined year-over-year in two of the three operating regions in the current quarter. Also, ANDV’s consolidated refining index has fallen YoY in the third quarter. The fall in index values means weaker refining margins for ANDV in the third quarter, which could impact the company’s third-quarter refining earnings.