Marathon Petroleum Completes STAR Project, Reports Strong First-Quarter Profits

May 3, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Fueled by tight global supply-demand dynamics, Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) reported net income of $2.7 billion for first-quarter 2023, compared with $845 million in first-quarter 2022. During the just-ended quarter, capital expenditures totaled $664 million as the petroleum refining and midstream company put the finishing touches on its South Texas Asset Repositioning (STAR) refinery expansion project in Galveston and continued work on converting its Martinez refinery in California to a renewable diesel facility, company executives said during the first-quarter earnings conference call.