(Reuters) -U.S. refiner Marathon Petroleum Corp reported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins.
Production cuts from OPEC+ weighed on companies, as it removed heavy, sour barrels from the market that U.S. refiners buy cheaply to generate higher profit off fuel sales.
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Marathon said crude capacity utilization was 93%, resulting in a total throughput of 2.9 million barrels per day (bpd) for the reported quarter.
The Findlay, Ohio-based refiner said net income attributable to company stood at $2.2 billion, or $5.32 per share, for the three months ended June 30, compared with $5.9 billion, or $10.95 per, a year earlier.
(Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri)
By: OAN
