Marathon Petroleum logs $9B loss in first quarter, cuts capital spending
Revenue fell 16% to $24.08 billion
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Marathon Petroleum Corp. reported a more than $9 billion loss in the first quarter as the company logged over $12 billion in noncash impairments.
Marathon also said it is cutting capital spending by about 30% and its expected operating costs by $950 million.
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The company said it had a $9.2 billion loss, compared with a $7 million loss a year ago. The loss was $14.25 a share, compared with a loss of 1 cent a share the comparable quarter a year earlier. The company said it had $12.4 billion in noncash charges pre-tax. Those were largely from noncash impairments, Marathon said.
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Adjusted, Marathon's loss was 16 cents a share. That was better than FactSet's analysts' consensus estimate of an adjusted loss of 25 cents a share.
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Revenue fell 16% to $24.08 billion. Analysts expected $27.1 billion.