Marathon Petroleum’s Q3 Profit Beats, Boosts Share Buybacks by $5 Billion

By Arunima Kumar and Nicole Jao Nov 5 (Reuters) – Oil refiner Marathon Petroleum (MPC.N) reported its third-quarter earnings on Tuesday, beating Wall Street estimates on better-than-expected throughput and utilization rates even as global refining margins decline. The Findlay, Ohio-based company announced an additional $5 billion share repurchase program, and now has $8.5 billion available …

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Oil and Gas Producers Cut US Gulf of Mexico Output Ahead of Storm

Nov 5 (Reuters) – Oil and gas producers began shutting in U.S. Gulf of Mexico output and pulling workers off platforms on Tuesday ahead of a late hurricane season storm threatening offshore fields. The U.S. National Hurricane Center warned of steady to rapid intensification over the next 24 to 36 hours, with Tropical Storm Rafael …

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US Natural Gas Prices Drop 4% on Mild Forecasts

(Reuters) – U.S. natural gas futures fell about 4% on Tuesday on forecasts for mild weather to continue through late-November, keeping heating demand lower than usual for this time of year and allowing utilities to add more gas into storage for at least a couple more weeks. Analysts projected utilities injected more gas than normal …

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