Oil & Gas Refining & Marketing Companies Announce Second Quarter Financial Results - Research Report on Marathon Petroleum, Tesoro, Hess, Phillips 66, and HollyFrontier
NEW YORK, August 28, 2013 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Today, Analysts' Corner announced new research reports highlighting Marathon Petroleum Corporation (NYSE: MPC), Tesoro Corporation (NYSE: TSO), Hess Corporation (NYSE: HES), Phillips 66 (NYSE: PSX), and HollyFrontier Corporation (NYSE: HFC). Today's readers may access these reports free of charge - including full price targets, industry analysis and analyst ratings - via the links below.
Marathon Petroleum Corporation Research Report
On August 1, 2013, Marathon Petroleum Corporation (Marathon Petroleum) released its Q2 2013 financial results. The Company's total revenues and other income were up 26.9% YoY to $25.7 billion. Income from operations was down 26.5% YoY to $960 million. Net income attributable to Marathon Petroleum was down 27.1% YoY to $593 million. Diluted EPS was down 23.1% YoY to $1.83. Gary R. Heminger, President and CEO of Marathon Petroleum, stated, "Our second-quarter earnings reflect a strong operating performance by our seven refineries despite some challenging market conditions. Our upgraded Detroit refinery and our recently acquired Galveston Bay refinery continue to operate well, and our Speedway and Pipeline Transportation segments both had excellent quarters financially. Narrower crude oil price differentials affected our earnings, In addition, our product price realizations compared to spot market values were lower in the second quarter of this year due in part to volatility in the Chicago market and compliance with the Renewable Fuel Standard." The Full Research Report on Marathon Petroleum Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.AnalystsCorner.com/r/full_research_report/cd30_MPC]
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Tesoro Corporation Research Report
On August 1, 2013, Tesoro Corporation (Tesoro) released its Q2 2013 financial results. Revenues were up 21.3% YoY to $8.9 billion. Operating income was down 43.5% YoY to $364 million. Net earnings attributable to Tesoro were down 41.3% YoY to $227 million. Diluted EPS was down 40.4% YoY to $1.64. Commenting on the results, Greg Goff, Tesoro President and CEO, said, "Our solid second quarter results reflect a strong operating performance and continued execution of our strategic plan. Despite significant turnaround activity, we reported refinery utilization of 93%; closed the transformational acquisition of BP's Southern California refining, marketing and logistics business; announced the sale of our Hawaii business; made significant progress on our high-return capital program; announced a strategically important branding agreement with Exxon Mobil and developed the next phase of our West Coast crude oil supply strategy with the formation of the Tesoro-Savage joint venture." The Full Research Report on Tesoro Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.AnalystsCorner.com/r/full_research_report/0cef_TSO]
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Hess Corporation Research Report
On July 31, 2013, Hess Corporation (Hess) released its Q2 2013 financial results. Total revenues and non-operating income was up 23.6% YoY to $4.1 billion. Total costs and expenses were down 6.7% YoY to $2.1 billion. Income from continuing operations was up 194.3% YoY to $1.6 billion. Net income attributable to Hess was up 160.7% YoY to $1.4 billion. The Full Research Report on Hess Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.AnalystsCorner.com/r/full_research_report/bee9_HES]
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Phillips 66 Research Report
On July 31, 2013, Phillips 66 released its Q2 2013 financial results. The Company's total revenue and other income declined 8.1% YoY to $43.9 billion. The Company's earnings were down 18.9% YoY to $958 million and EPS was down 17.7% YoY to $1.53. Greg Garland, Chairman and CEO of Phillips 66, said, "We continued to generate strong cash flows, despite less than favorable market conditions." Garland continued, "This enabled us to return more than $700 million of capital to our shareholders and strengthen our balance sheet, as planned. Reinforcing our commitment to creating shareholder value, our board of directors has authorized another $1.0 billion of share repurchases, in addition to the previously authorized $2.0 billion program." The Full Research Report on Phillips 66 - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.AnalystsCorner.com/r/full_research_report/e6e5_PSX]
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HollyFrontier Corporation Research Report
On August 7, 2013, HollyFrontier Corporation (HollyFrontier) released its Q2 2013 financial results. The Company's sales and other revenues were up 10.2% YoY to $5.3 billion. Income from operations was down 43.4% YoY to $460 million. Net income attributable to HollyFrontier stockholder was down 47.9% YoY to $257 million and diluted EPS was down 46.9% YoY to $1.27. The Company also announced that its Board of Directors have approved a regular quarterly dividend of $0.30 per share to be paid on September 27, 2013 to holders of record of common stock on September 6, 2013; and a special cash dividend of $0.50 per share, payable on September 13, 2013 to holders of record of common stock on August 26, 2013. The Full Research Report on HollyFrontier Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.AnalystsCorner.com/r/full_research_report/8838_HFC]
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