OPEC Production Cuts Send Marathon Petroleum's Profits Above Expectations

Ohio-based oil refiner Marathon Petroleum (MPC) saw its Q4 profits exceed analyst expectations, the company reported on Tuesday—thanks in part to OPEC's production cuts. The U.S. refiner reported a net income of $3.84 per share—or $1.5 billion—for the last quarter of 2023, while analysts estimated a figure far lower, at just $2.20 per share. This overachievement came even as global refining capacity increased, thanks to production cuts by OPEC+ combined with healthy demand, which helped to offset struggling fuel prices. Marathon's…