(Reuters) -U.S. refiner Marathon Petroleum Corp reported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins.
Production cuts from OPEC+ weighed on companies, as it removed heavy, sour barrels from the market that U.S. refiners buy cheaply to generate higher profit off fuel sales.
Marathon said crude capacity utilization was 93%, resulting in a total throughput of 2.9 million barrels per day (bpd) for the reported quarter.
The Findlay, Ohio-based refiner said net income attributable to company stood at $2.2 billion, or $5.32 per share, for the three months ended June 30, compared with $5.9 billion, or $10.95 per, a year earlier.
(Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri)
