Mpc news

The Bank of England’s newest rate setter Megan Greene said policy makers were right to raise interest rates in May and that they should “lean against” the risk of more persistent price pressures. In testimony to Parliament, Greene said the BOE “needs to be concerned” about inflationary pressures and learn the lessons from the 1970s that those forces need to be reined in to prevent long-term damage to the economy. A “stop-start” approach to tightening risks a worse recession, she added.

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FINDLAY, Ohio, Feb. 2, 2022 /PRNewswire/ -- • Reported fourth-quarter net income of $774 million, or $1.27 per diluted share; reported adjusted net income of $794 million, or $1.30 per diluted share • Returned approximately $3 billion of capital through share repurchases since Oct 31; completed approximately 55% of $10 billion repurchase program through Jan 31; announced an incremental $5 billion repurchase authorization • Announced 2022 MPC standalone capital spending outlook of $1.7 billion; approximately 50% of growth capital for Martinez refinery conversion • Martinez renewable fuels project total cost of $1.2 billion; approximately $300 million spent to date, $700 million for 2022, and $200 million for 2023 Marathon Petroleum Corp. (NYSE: MPC) today reported net income of $774 million, or $1.27 per diluted share, for the fourth quarter of 2021, compared with net income of $285 million, or $0.44 per diluted share, for the fourth quarter of 2020. Adjusted net income was $794 million, or $1.30 per diluted share, for the fourth quarter of 2021. This compares to an adjusted net loss of $608 million, or $(0.94) per diluted share, for the fourth quarter of 2020. For the fourth quarter of 2021, the adjustments exclude $132 million of pre-tax charges related to senior note redemptions and include an incremental $112 million of tax expense to adjust all results to a 24% rate. Adjustments are shown in the accompanying release tables. "In 2021, we progressed all three of our stra...