US refiner Marathon Petroleum's fourth-quarter loss narrows
- Demand for fuel has ticked up in recent months as more people traveled with many states and countries rolling back COVID-19 restrictions.
- Like its rivals Valero and Phillips 66, Marathon Petroleum on Tuesday pinned economic recovery hopes on COVID-19 vaccine rollouts.
US refiner Marathon Petroleum Corp's losses narrowed in the fourth quarter from the third, helped by a slight recovery in fuel demand on the back of easing COVID-19 restrictions and lower costs.
Demand for fuel has ticked up in recent months as more people traveled with many states and countries rolling back COVID-19 restrictions.
Like its rivals Valero and Phillips 66, Marathon Petroleum on Tuesday pinned economic recovery hopes on COVID-19 vaccine rollouts.
Marathon Petroleum forecast 2021 standalone capital spending of $1.4 billion, a reduction of $350 million from 2020.
The company's total throughput or the amount of crude it processed in the fourth quarter was 2.5 million barrels per day (bpd), flat from the third quarter but still below last year's 3.1 million bpd.
Findlay, Ohio-based Marathon said on Tuesday adjusted net loss narrowed to $608 million, or 94 cents per share, in the quarter ended December, from $649 million, or $1 per share, in the third quarter.
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