Marathon Petroleum’s Q2 profit drops 63% due to reduced refining margins.

(Reuters) -U.S. refiner Marathon Petroleum Corp reported a 63% drop in second-quarter profit on Tuesday, ‍as improved fuel supplies and slowing economic activity compressed its margins.

Production cuts from OPEC+ weighed on⁢ companies, as it removed heavy, sour barrels from the market that U.S. refiners buy cheaply to generate higher profit off fuel sales.


Marathon said crude capacity utilization was 93%, ⁤resulting in a total throughput of 2.9 million barrels per day (bpd) for the reported quarter. ​ ‍

The Findlay, Ohio-based refiner said net income attributable to company⁣ stood at $2.2 billion, or⁢ $5.32 ​per share, for the three months ended June 30, compared with $5.9 billion, or $10.95 per, a year earlier.

(Reporting by Arshreet Singh in Bengaluru; Editing by Krishna​ Chandra Eluri)

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