Hess, Marathon Petroleum, Phillips 66 Report Falling Profitability
Marathon Petroleum, Hess Corporation and Phillips 66 beat Wall Street earnings estimates but pointed to larger concerns of falling profitability in the commodities sector.
It was a mixed bag for oil and gas refineries on Wednesday morning after Marathon Petroleum, Hess Corporation and Phillips 66 posted earnings which beat Wall Street estimates but pointed to larger concerns of falling profitability in the commodities sector. Over the fourth quarter ended December, Marathon Petroleum posted net income 17% lower than a year earlier, Hess saw profitability drop 20% and Phillips 66 reported earnings down more than 30%.
