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Oil and natural gas exploration and production (E&P) company, Marathon Petroleum Corporation (MPC - Free Report) recently announced that it has divested of some of its terminal, pipeline and storage assets to MPLX LP (MPLX). This asset sale helped Marathon garner proceeds of $2.02 billion from its master limited partnership, which it had spun off in 2012.
The assets being sold comprise 62 product terminals with about 24 million barrels of storage capacity. Additionally, it includes 604 miles of pipeline and 73 tanks with 7.8 million barrels of storage capacity. The proceeds from this sale will consist of $504 million in MPLX stock and $1.51 billion in cash for the assets.
Findlay, OH-based Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. Recently, the company reported strong fourth-quarter earnings on the back of solid operational performance.
The company’s earnings per share of 43 cents surpassed the Zacks Consensus Estimate of 25 cents and the year-ago income of 35 cents. Marathon Petroleum’s revenues of $17,284 million came in ahead of the Zacks Consensus Estimate of $13,500 million and also increased 10% year over year.
Over the past year, the Zacks categorized Oil and Gas Refining and Marketing industry registered growth of 5.54%. However, the Marathon Petroleum stock outperformed the industry by surging 80.8%.
The company carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
In the last four quarters, Sunrun posted an average positive earnings surprise of 134.7%.
In the second last quarter, Delek Logistics Partners posted a positive earnings surprise of 13.8%.
In the last four quarters, Ultra Petroleum posted a positive earnings surprise of 93.7%.
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Marathon Petroleum (MPC) Divests Assets Worth $2 Billion
Oil and natural gas exploration and production (E&P) company, Marathon Petroleum Corporation (MPC - Free Report) recently announced that it has divested of some of its terminal, pipeline and storage assets to MPLX LP (MPLX). This asset sale helped Marathon garner proceeds of $2.02 billion from its master limited partnership, which it had spun off in 2012.
The assets being sold comprise 62 product terminals with about 24 million barrels of storage capacity. Additionally, it includes 604 miles of pipeline and 73 tanks with 7.8 million barrels of storage capacity. The proceeds from this sale will consist of $504 million in MPLX stock and $1.51 billion in cash for the assets.
Findlay, OH-based Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. Recently, the company reported strong fourth-quarter earnings on the back of solid operational performance.
The company’s earnings per share of 43 cents surpassed the Zacks Consensus Estimate of 25 cents and the year-ago income of 35 cents. Marathon Petroleum’s revenues of $17,284 million came in ahead of the Zacks Consensus Estimate of $13,500 million and also increased 10% year over year.
Over the past year, the Zacks categorized Oil and Gas Refining and Marketing industry registered growth of 5.54%. However, the Marathon Petroleum stock outperformed the industry by surging 80.8%.
The company carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players from the broader energy sector include Sunrun Inc. (RUN - Free Report) , Delek Logistics Partners, L.P. (DKL - Free Report) and Ultra Petroleum Corp. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Sunrun posted an average positive earnings surprise of 134.7%.
In the second last quarter, Delek Logistics Partners posted a positive earnings surprise of 13.8%.
In the last four quarters, Ultra Petroleum posted a positive earnings surprise of 93.7%.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>