Marathon Petroleum's (NYSE:MPC) shares edged up in a falling market despite third quarter earnings per share failing to meet expectations.
Third quarter revenue, at US$18.76bn, was also below analysts' forecasts, of US$21.27bn.
The Refining and Marketing division did most of the heavy lifting, with income rising to US$1.46bn from US$971mln the year before.
The Speedway segment's income climbed to US$243mln from US$119mln, while income in the Pipeline Transportation segment nudged up to US$72mln from US$69mln.
On a day when sector peers ConocoPhilips and Royal Dutch Shell jolted the market with heavy losses, Marathon Petroleum chipped in with post-tax profits of US$948mln, up from US$672mln the year before.
Diluted earnings per share (EPS) rose to US$1.76 from US$1.18 in the corresponding quarter of 2014; analysts covering the stock had expected EPS of US$1.82.
“We were able to capture strong crack spreads in a favorable refining environment and we took advantage of our flexibility to move feed stocks and refined products throughout our system to optimize profitability when regional dislocations occurred,” explained Gary Heminger, president and chief executive officer of Marathon Petroleum.
Heminger said lower fuel prices facilitated refined product demand in the third quarter, further contributing to the company's strong results.
Shares were up 1.8% at US50.74 in mid-morning trading, and are up 12% year-to-date.