- Andeavor (NYSE:ANDV) is little changed after-hours despite easily beating consensus expectations for Q2 earnings and revenues, as EBITDA came in at $1.15B compared to $479M in the year-ago quarter.
- ANDV’s Q2 refining income totaled $607M compared to $45M in the year-ago quarter, with refining margins of $14.26/bbl vs. $9.45/bbl a year ago and refining utilization of 96% compared to 91% for Q2 2017.
- Q2 logistics segment operating income increased to $193M from $163M a year earlier, while marketing segment operating income fell to $209M from $240M last year, as overall fuel margins were $0.116/gallon compared to $0.132/gallon a year ago.
- ANDV also says it completed a $1.55B dropdown to Andeavor Logistics (NYSE:ANDX), adding 2019 expected annual net earnings of $105M-$115M and EBITDA of $195M-$205M; ANDV's ownership in ANDX rises to 64% from 59% as a result of the deal,
- Marathon Petroleum (NYSE:MPC) is in the process of acquiring ANDV for $23.3B in a deal that is expected to be completed on Oct. 1.
- Now read: AMLP Is Finally Ready To Move
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