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Marathon Petroleum reports increased earnings

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Aided by production from a newly acquired refinery, Marathon Petroleum announced earnings of $725 million for the first quarter, up from $596 million last year.

"Our performance this quarter reflects in large part the strategic expansion and optimization of our refining system along with favorable market conditions," Gary R. Heminger, Marathon president and CEO, said in the earnings report released April 30.

The first quarter of 2013 marked the first full quarter since completion of MPC's Detroit Heavy Oil Upgrade Project. Also, Marathon finalized the acquisition of the Galveston Bay refinery and related assets on Feb. 1.

Heminger also noted that Speedway had a strong quarter, primarily due to higher fuel margins and additional revenue from stores acquired last year.

Financial information contained in the earnings report showed the EBITDA for Marathon's refining and marketing segment was $1.3 billion in the quarter, up from $1.1 billion, and EBITDA for the Speedway segment was $94 million, up from $77 million.

Speedway reported margins of about 13 cents per gallon for gasoline and other distillates sold, up from 11 cents last year.

Marathon owns and operates a refinery at Catlettsburg, Ky., about 10 miles from downtown Huntington. It supplies much of the gasoline used in southern West Virginia and supplies terminals that service the northern part of the state.