Marathon’s profit slumped last quarter
Deprived of the discounts it had enjoyed on the crude oil it buys, Marathon Petroleum’s profit slumped by 84 percent last quarter to $183 million.
Earnings translated into 59 cents per share, down from $3.31 per share in the July-September quarter last year.
Findlay-based Marathon Petroleum buys crude and refines it into gasoline, diesel and other petroleum products, which it then sells.
Revenue grew 24 percent to $26.27 billion in the latest quarter.
State to seek damages from crude-oil spill
After two years of review, Montana and federal officials notified Exxon Mobil Corp. that they intend to seek damages for injuries to birds, fish and other natural resources from a major crude-oil spill into the Yellowstone River.
The Texas company’s 12-inch Silvertip pipeline broke near Laurel during flooding in July 2011, releasing 63,000 gallons of oil that washed up along an 85-mile stretch of the scenic river.
The move puts Exxon on notice that Montana and the Department of Interior expect the company to make up for harm done to wildlife and their habitat.
Separate fines totaling $3.4 million for safety and water-pollution violations already have been resolved or are pending before state and federal agencies.
Tesoro restarts crude-oil pipeline
Tesoro Corp. has restarted a North Dakota crude-oil pipeline that ruptured and spilled more than 20,000 barrels of oil in a North Dakota wheat field.
The San Antonio-based company shut down the 35-mile-long underground pipeline Sept. 29, after a farmer discovered oil seeping from the ground in his wheat field near Tioga, in the northwest corner of the state.
Tesoro said it had received and accepted a safety order from the federal Pipeline and Hazardous Materials Safety Administration that sets conditions to restart the pipeline.
Exxon Mobil Corp. earned nearly $8 billion in the third quarter, but that was down 18 percent as the company made a lot less money refining oil into fuel.
It was Exxon’s second-smallest quarterly profit since mid-2010.
Although Exxon increased oil and gas production slightly, it wasn’t enough to offset weakness in refining, which also hurt results at other major oil companies.
Exxon, the biggest U.S. oil and gas company, said that third-quarter net income was $7.87 billion, or $1.79 per share. That compared with $9.57 billion, or $2.09 per share, a year earlier. Revenue dipped 2 percent to $112.37 billion.