The corporate parent of the Speedway gasoline and convenience store chain on Wednesday reported a huge turnaround in fourth-quarter and full-year profits.
Marathon Petroleum Corp., based in Findlay, said fourth-quarter profits totaled $775 million, or $2.24 per share, compared with a loss of $75 million, or 21 cents per share, for the same period in 2011.
For the full year, Marathon said profits totaled nearly $3.4 billion, or $9.89 per share, compared with nearly $2.4 billion, or $6.67 per share. With special items included, full-year earnings were $3.35 billion, or $9.79 per share, compared with $2.41 billion, or $6.72 per share, in 2011.
Speedway, based in Enon, said income from operations totaled $77 million in the fourth quarter, up 5 percent from the same time in 2011. For the full-year, operating income totaled $310 million, up 14 percent from all of 2011. The increases stemmed primarily stemmed from higher margins on merchandise and gasoline, the refiner said.