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Did MPC, VLO, HFC, and PSX See Earnings Rises in Q3 2018?

Maitali Ramkumar - Author
By

Nov. 13 2018, Updated 1:05 p.m. ET

Refining companies’ results in the third quarter

In the previous article, we saw that HollyFrontier (HFC), Valero Energy (VLO), and Phillips 66 (PSX) had surpassed their earnings estimates in the third quarter. However, Marathon Petroleum (MPC) missed its earnings estimate.

Now let’s delve into further details about these companies’ performances.

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Marathon Petroleum’s third-quarter earnings fell

Marathon Petroleum’s reported net income, attributable to its shareholders, fell from $903 million in the third quarter of 2017 to $737 million in the third quarter due to a fall in the operating incomes of its Refining & Marketing and Speedway (or retail) segments partially offset by a rise in the operating income of its Midstream segment.

HollyFrontier’s third-quarter earnings surged

HollyFrontier’s net income, attributable to its shareholders, rose from $272 million in the third quarter of 2017 to $343 million in the third quarter due to a rise in income from operations led by higher Refining and HEP (or midstream) earnings partially offset by lower Lubricants & Specialty Products earnings.

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Valero’s third-quarter earnings rose marginally

Valero’s net income, attributable to its shareholders, rose from $841 million in the third quarter of 2017 to $856 million in the third quarter due to higher other income and lower interest and tax expenses. However, Valero’s operating earnings stood lower YoY (year-over-year) in the third quarter.

Phillips 66’s third-quarter earnings rose steeply

Phillips 66’s net income, attributable to its shareholders, rose from $0.9 billion in the third quarter of 2017 to $1.5 billion in the third quarter. Phillips 66’s earnings rose due to an across-the-board rise in its segmental earnings. Adjusted net earnings in its Midstream, Chemicals, Refining, and Marketing segments rose YoY in the third quarter.

In the next article, we’ll review analysts’ ratings for these refiners after their earnings.

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