(Reuters) -Marathon Petroleum beat estimates for third-quarter profit on Tuesday, as the refiner benefited from strong demand for fuel and refined products amid tight supplies.
Demand for refined products remained high during the quarter after voluntary production cuts from top OPEC+ oil producers Saudi Arabia and Russia, low levels of crude stockpile in the U.S. and increased exports kept supplies tight.
The top U.S. refiner said crude capacity utilization was 94%, resulting in a total throughput of 3 million barrels per day (bpd) for the reported quarter.
The Findlay, Ohio-based refiner reported an adjusted net income of $8.14 per share, for the three months ended Sept. 30, compared with analysts’ average estimate of $7.75 per share, according to LSEG data.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shweta Agarwal)
