Marathon Petroleum Q4 Profit Rises; Announces 2017 Capital Investment Plan

(RTTNews) - Marathon Petroleum Corp. (MPC) reported fourth-quarter earnings of $227 million, or $0.43 per share, compared with $187 million, or $0.35 per share, in the fourth quarter of 2015. Sales and other operating revenues (including consumer excise taxes) was $17.16 billion compared to $15.61 billion, prior year.

Gary Heminger, CEO, said: "One year following the strategic combination of MPLX and MarkWest, we are pleased with MPLX's 2016 results and are encouraged by the robust portfolio of growth opportunities, which will continue to contribute to long-term value for our investors."

The company announced its 2017 capital investment plan, excluding MPLX LP, totals approximately $1.7 billion. The plan includes nearly $1.2 billion for MPC's refining and marketing segment, with approximately $325 million for margin-enhancing projects and approximately $840 million for sustaining capital, related to regulatory spending including Tier 3 gasoline. It also includes approximately $380 million for MPC's Speedway segment. MPC also announced it has reduced total planned investments in the South Texas Asset Repositioning (STAR) project to $1.5 billion from $2 billion.