Marathon Petroleum Stock Gains as Earnings Exceed Forecasts- Newshubweek

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Marathon Petroleum

stock was surging on Tuesday after the oil refiner turned in higher quarterly earnings and revenue than expected.

The company reported a profit of $10.61 per share in the second quarter versus the consensus call of $8.92 a share among analysts tracked by

FactSet
.
Revenue of $54.24 billion was ahead of Wall Street estimates of $40.34 billion. In the same quarter a year earlier, the company earned 67 cents a share from revenue of $29.83 billion.

The stock (ticker: MPC) rose 3.2% to $93.18 in premarket trading on Tuesday.

Oil and natural-gas prices have soared since Russia’s invasion of Ukraine. Brent crude, the international benchmark, was up more than 55% by mid-June from the start of the year, also benefiting companies such as

Chevron

(CVX) and

Exxon Mobil

(XOM).

Write to Karishma Vanjani at karishma.vanjani@dowjones.com