Marathon Petroleum Corp reports a huge jump in quarterly profit

U.S. independent refiner Marathon Petroleum Corp reported a huge jump in quarterly profit recently, helped by a US$1.5 billion gain from the recent changes to the U.S. tax law and higher refining margins.

Net income attributable to the company rose to US$2.02 billion, or US$4.09 per share, in the fourth quarter ended Dec. 31, from US$227 million, or 43 cents per share, a year earlier.

Total revenue and other income rose to US$21.24 billion from US$17.28 billion.