(Reuters) -Refiner Marathon Petroleum on Tuesday missed Wall Street estimates for third-quarter adjusted profit, as higher refining turnaround costs and operating expenses offset stronger margins and throughput.
Shares of the company fell 5% in premarket trading.
The refiner’s quarterly refining planned turnaround costs stood at $400 million, compared with $287 million from a year earlier.
However, its refining and marketing (R&M) margin per barrel was up at $17.60 in the quarter, compared with $14.63 from a year earlier.
Fuel-makers in the U.S. have benefited from a rebound in refining margins from multiyear lows in 2024 as supply shortages due to geopolitical tensions in Ukraine have supported stronger pricing.
The refiner’s refining and marketing segment reported a quarterly adjusted core profit of $1.76 billion, compared with $1.14 billion from a year earlier.
The company reported adjusted profit of $3.01 per share for the three months ended September 30, compared with analysts’ average estimate of $3.15 per share, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Leroy Leo)
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