America based Marathon Petroleum Corp Shares dropped 0.75% to $63.61 Wednesday. This proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 0.18% to 4,219.55 and Dow Jones Industrial Average DJIA falling 0.44% to 34,447.14.
Marathon Petroleum Corp. closed $0.56 short of its 52-week high ($64.17), which the company achieved on June 8th. The stock demonstrated a mixed performance when compared to some of its competitors Wednesday, as Exxon Mobil Corp. XOM rose 0.84% to $62.65, Chevron Corp. CVX fell 0.87% to $107.78, and BP PLC ADR BP fell 0.50% to $27.59.
Marathon Petroleum reported revenues of $22.9 billion that beat the Zacks Consensus Estimate of $15.8 billion and improved 9% year over year. The company announced the redemption of all of the $300 million outstanding aggregate principal amount of its 5.125% senior notes due April 1, 2024, including the portion of such notes for which Andeavor LLC, a wholly-owned subsidiary of Petroleum Corp, is the obligor.The redemption of the 2024 senior notes is part of Petroleum Corp previously announced plans to reduce long-term structural debt. The 2024 senior notes are being redeemed at a price equal to 100.854% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date.
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