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Marathon Petroleum (MPC) to Resolve Air Pollution Claims - Analyst Blog

Zacks Equity Research
Updated

As per U.S. Justice Department, independent oil refiner and marketer Marathon Petroleum Corp. MPC has decided to pay a roughly $3 million fine and spend approximately $2.8 million on controlling pollution at its Indiana, Kentucky and Ohio based distribution terminals. All these payments are stemming from allegations related to Clean Air Act violation by the company.   

Specifically, the company did not comply with certain fuel quality emissions’ standards. Moreover, Marathon Petroleum failed to abide with the requirements of sampling, testing and record keeping.

It is to be noted that the company will make some notable changes to its 14 fuel storage tanks at the Indiana, Kentucky and Ohio distribution terminals to control pollution. This is in accordance with an agreement filed in the U.S. District Court. Marathon Petroleum added that significant steps have been taken to avoid the recurrence of such events.

Last month, Marathon Petroleum reported strong first-quarter earnings on the back of higher crack spreads and lower costs. The company reported earnings per share of $3.24, which surpassed the Zacks Consensus Estimate of $2.96. The bottom line also saw a jump from the year-ago period adjusted profit of 67 cents.

Findlay, OH-based Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. The company, in its current form, came into existence following the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s MRO refining/sales business into a separate, independent and publicly-traded entity.

Marathon Petroleum currently carries a Zacks Rank #2 (Buy), implying that the stock will outperform the broader U.S. equity market over the next one to three months.

A couple of other stocks in the energy space that warrant a look are Pembina Pipeline Corporation PBA and Transmontaigne Partners LP TLP. Both these stocks sport a Zacks Rank #1 (Strong Buy).
 


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