Marathon Petroleum Corp. shares dropped 0.66% to $59.15 Friday. This proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.16% to 4,468.00 and the Dow Jones Industrial Average DJIA rising 0.04% to 35,515.38.
Marathon Petroleum Corp. closed $5.69 below its 52-week high ($64.84), which the company achieved on June 10th. Despite its losses, the stock outperformed some of its competitors Friday, as Exxon Mobil Corp. XOM fell 1.01% to $56.77, Chevron Corp. CVX fell 0.66% to $101.96, and BP PLC ADR BP fell 1.75% to $25.22.
Marathon Petroleum Corp trading volume (3.6 M) remained 2.0 million below its 50-day average volume of 5.7 M.The stock’s fall snapped a three-day winning streak. Marathon Petroleum Q2 Non-GAAP EPS of $0.67 beats by $0.29; GAAP EPS of $13.00 beats by $12.78.Revenue of $29.83B beats by $8.59B.Capital expenditure of $467M vs. estimates of $588.2M.
Marathon Petroleum Corp began the production of renewable diesel at its Dickinson refinery in North Dakota. Marathon now reports successful completion of the refinery’s test run of the grassroots renewable diesel unit, based on Topsoe’s HydroFlex technology. The new HydroFlexx unit produces 100% renewable diesel from soy and corn oil with a capacity of 10,000 barrels per day.The company will convert its Martinez refinery to renewable fuels production with an even larger capacity, said Jeff Sexton, Refining Technology Director.