NEW YORK — Shares of Marathon Petroleum slid 5 percent Tuesday after a weak second-quarter earnings forecast.
Marathon announced late Monday that it anticipates quarterly earnings in a range of $1.75 to $1.85 per share. That includes 12 cents per share in one-time pension settlement expenses.
Analysts polled by FactSet expect earnings of $2.65 per share.
Marathon said its business is being hurt by renewable fuels laws. The Renewable Fuels Standard law requires companies that sell petroleum in the U.S. to produce renewable fuels, like biodiesel made from vegetable oil. They can also purchase credits called renewable identification numbers from producers of those fuels to satisfy the requirement aimed at increasing the use of clean energy.
Marathon Petroleum was the refining and pipelines business of Marathon Oil Corp. before it was spun off last year. The company reports quarterly results on Aug. 1.
Marathon Petroleum Corp. fell $3.63 to $69.47 in midday trading. The shares have traded in a 52-week range of $43.62 to $92.93. The stock is up 16 percent for the year to date.