Marathon Petroleum Corp. reported a first quarter loss of $7 million or $(0.01) per share. Refining & Marketing segment loss from operations was $334 million, Midstream segment income came in at $908 million and the Retail business had net income of $170 million. The company generated $1.6 billion of operating cash flow and returned $1.2 billion of capital to shareholders including share repurchases of $885 million.
The company also announced that it entered into a definitive agreement whereby MPLX will acquire Andeavor Logistics LP. The merger creates a leading, large-scale, diversified midstream company anchored by fee-based cash flows.
The shares can remain a hold for recovery.