Speedway gasoline sales fell in 2012 as prices rose - Beckley, Bluefield & Lewisburg News, Weather, Sports

Speedway gasoline sales fell in 2012 as prices rose

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • UPDATE: Power Restored to Over 400 in Raleigh County

    UPDATE: Power Restored to Over 400 in Raleigh County

    Monday, September 1 2014 12:33 PM EDT2014-09-01 16:33:12 GMT
    Emergency crews are responding to a downed tree on the 300 block of Stovall Road in Glen Morgan Monday (9/1) morning.
    Emergency crews are responding to a downed tree on the 300 block of Stovall Road in Glen Morgan Monday (9/1) morning.
  • Update: Names Released in Deadly Crash in McDowell County

    Update: Names Released in Deadly Crash in McDowell County

    Monday, September 1 2014 11:54 AM EDT2014-09-01 15:54:18 GMT
    Fatal Car Accident in McDowell CountyFatal Car Accident in McDowell County
    Two people were killed in a car crash Sunday, August 31. Troopers at the Princeton detachment of the West Virginia State Police said three people were traveling from Cheers in Princeton back home to Northfork when they crashed on Route 52 near Switchback. One man and one woman were killed and one man was sent to Bluefield Medical Center. Troopers told us in a statement made by the survivor, the man said the driver was drunk and driving too fast on wet roads when they lost control of the car.T...
    Two people were killed in a car crash Sunday, August 31. Troopers at the Princeton detachment of the West Virginia State Police said three people were traveling from Cheers in Princeton back home to Northfork when they crashed on Route 52 near Switchback. One man and one woman were killed and one man was sent to Bluefield Medical Center. Troopers told us in a statement made by the survivor, the man said the driver was drunk and driving too fast on wet roads when they lost control of the car.T...
  • Update: New Information Released in Raleigh County Murder Investigation

    Update: New Information Released in Raleigh County Murder Investigation

    Monday, September 1 2014 11:48 AM EDT2014-09-01 15:48:36 GMT
    Joe Collins is arrested on murder chargesJoe Collins is arrested on murder charges
    The Raleigh County Sheriffs Office made an arrest Sunday after a man was murdered in Glen White.Joe Collins was arrested and is being charged with 1st degree murder for the shooting and killing of Larry Totten.The incident occurred Sunday morning at Mr. Tottens residence.
    The Raleigh County Sheriffs Office made an arrest Sunday after a man was murdered in Glen White.Joe Collins was arrested and is being charged with 1st degree murder for the shooting and killing of Larry Totten.The incident occurred Sunday morning at Mr. Tottens residence.
  • EnergyEnergyMore>>

  • UMWA endorses Tennant at annual Labor Day Celebration in Racine, WV

    UMWA endorses Tennant at annual Labor Day Celebration in Racine, WV

    Monday, September 1 2014 12:59 PM EDT2014-09-01 16:59:00 GMT
    United Mine Workers of America will feature food, entertainment and presentations by political and labor leaders at its 76th Annual Labor Day Celebration in Boone County on Sept. 1.
    United Mine Workers of America will feature food, entertainment and presentations by political and labor leaders at its 76th Annual Labor Day Celebration in Boone County on Sept. 1.
  • Feds want nuclear waste train, but nowhere to go

    Feds want nuclear waste train, but nowhere to go

    Monday, September 1 2014 12:11 PM EDT2014-09-01 16:11:52 GMT
    The tracks were supposed to lead to a depository at Yucca Mountain in Nevada, where Congress intended to send radioactive fuel. Instead, the Obama administration cancelled a project that had been criticized as inadequate and opposed by many Nevadans.
    The tracks were supposed to lead to a depository at Yucca Mountain in Nevada, where Congress intended to send radioactive fuel. Instead, the Obama administration cancelled a project that had been criticized as inadequate and opposed by many Nevadans.
  • WV workforce lacks oil and gas expertise — for now

    WV workforce lacks oil and gas expertise — for now

    Sunday, August 31 2014 5:00 PM EDT2014-08-31 21:00:19 GMT
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.

Higher gasoline prices resulted in a slight decrease in sales at Speedway convenience stores in the fourth quarter of 2012, but sales are up so far in January despite even higher prices.

In a conference call with investment analysts on Jan. 30, executives of Marathon Petroleum, which owns the Speedway chain, said the average pump price of gasoline in the fourth quarter of 2012 was $3.32, compared with $3.20 in the fourth quarter of 2011.

Same-store gasoline sales in the fourth quarter were down two-tenths of 1 percent mainly because of price increases. January 2013 sales show a slight increase over January.

In its earnings report for 2012, Marathon said the average profit per gallon sold at Speedway stores was 14.24 cents per gallon in the fourth quarter, up from 14 cents in the fourth quarter in 2012. For all of 2012, the average profit was 13.18 cents, up from 13.08 cents in 2011.

Marathon is the primary supplier of gasoline and other petroleum products to much of southern West Virginia, including the Huntington and Charleston markets.

Company officials also discussed, among other things, plans for shipping crude oil and condensates from wells in the Utica shale in eastern Ohio to the refinery at Catlettsburg, Ky., near Huntington. Marathon plans to invest more than $300 million on that program through 2014, said Don Templin, senior vice president and chief financial officer.

Mike Palmer, senior vice president of supply, distribution and planning, acknowledged that oil production from the Utica shale has not met producers' expectations. Of 200 wells drilled, only 50 are producing crude oil and condensates, although that number is expected to increase by mid-year, Palmer said.

Overall, Marathon reported earnings of $3.4 billion on revenues of $82.2 billion last year, up from $2.4 billion earnings on $78.6 billion of revenue in 2011.