MPC presents an overall 2017 second-quarter earnings of $515 million
Speedway LLC has turned in a record second quarter results, even though questions remain on whether Marathon Petroleum Corp. (MPC) will retain the convenience retail network.
Chairman and CEO of Marathon Petroleum, Gary R. Heminger, said, "We delivered strong operational and financial performances across all segments of the business in the second quarter. Speedway continues to perform very well, reporting its third best quarter ever." On the whole, MPC reported 2017 second-quarter earnings of $515 million.
Outdoing the previous record set in the same quarter last year by $71 million on a normalized basis, Speedway delivered record second-quarter segment income from operations of $239 million.
Higher light-product, merchandise gross margins, and outstanding expense control are the factors that contributed to the retail network's "exceptional results”.
"As a reminder, comparability of Speedway's results to prior years' second quarter was also impacted by the transfer of Speedway travel centers into the newly formed joint venture with Pilot Flying J, called PFJ Southeast LLC, in the fourth quarter of 2016," said Timothy Griffith, Senior Vice President and Chief Financial Officer.
With an estimated 2,730 convenience stores in 21 states, Speedway owns and operates the nation's second-largest convenience store chain. Source: CSN PWKD02082017
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