Marathon Petroleum Corp. shares slipped 1.19% to $60.01 Tuesday, on what proved to be an all-around poor trading session for the Stock market, with the S&P 500 Index SPX falling 0.21% to 4,188.13 and Dow Jones Industrial Average DJIA falling 0.24% to 34,312.46.
Marathon Petroleum Corp. closed $1.94 short of its 52-week high ($61.95), which the company achieved on May 14th. Despite its losses, the Stock outperformed some of its competitors Tuesday, as Exxon Mobil Corp. XOM fell 2.26% to $58.26, Chevron Corp. CVX fell 1.64% to $103.87, and BP PLC ADR BP fell 2.74% to $26.28.true Trading volume (8.9 M) eclipsed its 50-day average volume of 6.8 M.
The independent US refiner and marketer, Ohio-based Marathon Petroleum Corp released its first-quarter 2021 results on May 4, 2021. Marathon Petroleum reported a better-than-expected adjusted loss of $0.20 per share for the first quarter. The company benefited from cost savings and solid performance from its Midstream segment. However, the first-quarter adjusted loss was bigger than the same quarter a year ago.
The after-tax cash proceeds are anticipated to be $16.5 billion. It was a great deal coming at the perfect time and will strengthen the balance sheet significantly.The company plans to use $2.5 billion of the sales proceeds to reduce its long-term debt. Furthermore, Petroleum intends to buy back $10 billion in common Stock, starting with a cash tender offer to buy as much as $4 billion of shares.
Marathon Petroleum 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 Marathon Petroleum Corp, is the obligor.