Marathon Petroleum reported quarterly earnings per share of $17.73, significantly exceeding the estimated $13.95. The company's net profit surged to $514 million from $122 million a year ago, with refining and marketing margins nearly doubling to $36 per barrel. This strong performance was driven by persistently high fuel prices and falling crude oil prices, coupled with structural supply constraints due to no new refineries being built in the U.S. since 1976, which kept refining margins (crack spreads) at historically high levels.