April 30, 2018 / 10:43 AM / 5 months ago

Marathon Petroleum reports higher first-quarter profit

April 30 (Reuters) - U.S. oil refiner Marathon Petroleum Corp, which has agreed to buy rival Andeavor, reported an increase in first-quarter profit, helped by higher refining and marketing margins.

Net income attributable to Marathon rose to $37 million or 8 cents per share in the three months ended March 31, from $30 million or 6 cents per share a year earlier.

Revenue rose to $18.98 billion from $16.39 billion.

Marathon said earlier on Monday it would buy Andeavor for more than $23 billion to form a company that would leapfrog Valero Energy Corp as the largest U.S. refiner by capacity. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sai Sachin Ravikumar)

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