RTTNews | Nov 2, 2020 06:51AM EST

06:51 Monday, November 2, 2020 (RTTNews.com) - Marathon Petroleum Corp. (MPC) reported an adjusted net loss of $649 million, or $1.00 per share, for the third quarter of 2020, compared to adjusted net income of $1.1 billion, or $1.63 per share, a year ago. On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of $1.70, for the quarter. Analysts' estimates typically exclude special items.

Third quarter sales and other operating revenues declined to $17.41 billion from $27.55 billion, previous year. Total revenues and other income declined to $17.55 billion from $27.69 billion. Analysts expected revenue of $17.99 billion, for the quarter.

"The challenges created by COVID continued through the third quarter. Despite some recovery, global demand for our products and services remains significantly below historical levels, which continues to pressure profitability for both our company and the industry," said CEO Michael Hennigan.

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