Marathon Petroleum Corp. said Wednesday it had a $3.4 billion profit last year, up 42 percent from $2.4 billion in 2011.
The company said its per-share profit was $9.89 in 2012, up 48 percent from $6.67. Its revenue rose from $78.8 billion in 2011 to $82.5 billion last year.
Marathon Petroleum and other oil refiners are profiting by processing more cheaper crude from North American shale fields.
For the fourth quarter, Marathon Petroleum's profit was $755 million, or $2.24 per share, compared to a loss of $75 million, or 21 cents a share, for the same period a year earlier. Its quarterly revenue was $20.7 billion, up from $19.4 billion a year earlier.
Marathon Petroleum also announced a $2 billion share repurchase program and declared a quarterly dividend of 35 cents, payable March 11 to stockholders of record on Feb. 20.
The repurchase action adds to the remaining $650 million share repurchase authorization, which means the firm could repurchase $2.65 billion of stock through December, 2014.
Marathon stock rose 92 cents per share (1.3 percent) Wednesday to close at $72.89.
Also Wednesday, MPLX LP, a spinoff of Marathon Petroleum that went public in October, reported a profit of $13.1 million for its "post-IPO" period of Oct. 31-Dec. 31. That equates to 18 cents per share.
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