OREANDA-NEWS. Marathon Petroleum Corporation (NYSE: MPC) today reported second-quarter earnings of USD 593 million, or USD 1.83 per diluted share, compared with USD 814 million, or USD 2.38 per diluted share, in the second quarter of 2012. For the second quarter of 2013, earnings adjusted for special items were USD 632 million, or USD 1.95 per diluted share, compared with earnings adjusted for special items of USD 867 million, or USD 2.53 per diluted share, for the second quarter of 2012.

“Our second-quarter earnings reflect a strong operating performance by our seven refineries despite some challenging market conditions,” said President and Chief Executive Officer Gary R. Heminger. “Our upgraded Detroit refinery and our recently acquired Galveston Bay refinery continue to operate well, and our Speedway and Pipeline Transportation segments both had excellent quarters financially.”

Heminger said that although MPC's refinery throughputs and overall costs were in line with the company's expectations, a number of factors reduced earnings compared to the strong financial results for the second quarter of last year. “Narrower crude oil price differentials affected our earnings,” he said. “In addition, our product price realizations compared to spot market values were lower in the second quarter of this year due in part to volatility in the Chicago market and compliance with the Renewable Fuel Standard.”

Heminger also noted MPC's continuing shareholder focus in the second quarter. “We paid USD 113 million in dividends and purchased USD 882 million of common stock during the second quarter as part of our commitment to return capital to shareholders,” he said. “The recent announcement that we have increased our dividend by 20 percent reflects our confidence in the business and further underscores our commitment to total shareholder return over the long term.” MPC's remaining share repurchase authorization was approximately USD 1.3 billion as of June 30.