Shares of integrated downstream energy company Marathon Petroleum (NYSE:MPC) are surging in the pre-market session today on the back of its robust third-quarter performance.
Revenue jumped 44.9% year-over-year to $47.24 billion, outperforming estimates by a massive ~$6.5 billion. Additionally, EPS at $7.81, comfortably cruised past expectations by $0.84.
Impressively, the company’s refining system operated at nearly full utilization on improved execution, generating an adjusted EBITDA of $6.8 billion in the process.
Looking ahead, for the fourth quarter, MPC expects refining operating costs per barrel at $5.30. Further, the company, also boosted its dividend by about 30% to $0.75 per share.
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