MPC - Marathon Petroleum blasts through Q2 estimates as refining margins triple

Marathon Petroleum ( NYSE: MPC ) +2.7% in Tuesday's trading after crushing Wall Street estimates for Q2 adjusted earnings and revenues, riding a surge in demand for fuel and refined products while supplies are tight.

Q2 net income fell to $5.9B, or $10.95/share, from $8.5B, or $13.00/share, in the year-earlier quarter, but adjusted net income skyrocketed to $5.7B, or $10.61/share, from $437M, or $0.67/share, adjusted EBITDA more than quadrupled to $9.1B from $2.2B a year ago, and sales soared 82% to $54.2B.

Q2 refining and marketing margins tripled to $37.54/bbl from $12.45/bbl in the same period last year, while crude capacity utilization was nearly 100%, resulting in total throughput of 3.1M bbl/day, compared to 94% utilization and 2.9M bbl/day throughput in the year-earlier quarter.

Marathon ( MPC ) expects throughput of 2.9 million barrels in the third quarter.

Q2 capital spending increase 23% Y/Y to $577M; the company's capex has jumped 31% so far this year to $1.1B.

Marathon Petroleum's ( MPC ) stock price return shows a 41% YTD gain and a 70% increase during the past year .

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