MPC, VLO, HFC, and PSX: Beats and Misses in Q1



Refining stocks’ beats and misses

Recently, refining stocks including Marathon Petroleum (MPC), HollyFrontier (HFC), Valero Energy (VLO), and Phillips 66 (PSX) posted their first-quarter earnings. While Marathon Petroleum missed analysts’ earnings estimates, other companies beat the estimates.

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Marathon Petroleum

In the first quarter, Marathon Petroleum posted revenues of $28.6 billion and beat analysts’ estimates. In the first quarter, Marathon Petroleum reported an EPS of -$0.01. However, adjusting for special items related to gains, tax adjustments, and transaction costs, Marathon Petroleum’s EPS was -$0.09. Analysts’ estimated EPS was $0.05. Marathon Petroleum’s adjusted EPS fell short of analysts’ estimate.


In the first quarter, HollyFrontier’s revenues at $3.9 billion beat analysts’ mean estimate. HollyFrontier adjusted EPS of $0.54 beat analysts’ estimated EPS of $0.43. However, the adjusted EPS fell 30% YoY (year-over-year) in the first quarter.

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Valero Energy

In the first quarter, Valero Energy’s revenues beat analysts’ mean estimate by ~13%. The company’s adjusted EPS was $0.34, which beat analysts’ estimated EPS of $0.23 by ~48%. However, Valero Energy’s first-quarter EPS was 66% lower than its adjusted EPS in the first quarter of 2018.

Phillips 66

Phillips 66’s first-quarter revenues at $23.1 billion fell short by ~2% YoY. Phillips 66’s adjusted EPS was $0.40 in the first quarter, which beat analysts’ estimated EPS of $0.34. However, the company’s first-quarter adjusted EPS fell 62% YoY.


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