EconomyEditor's PickNewsTop U.S. oil refiner, Marathon Petroleum, begins widespread job cuts – sources

2 years ago345 min
https://topinvestingtoday.com/wp-content/uploads/2021/12/cover-6-1280x813.jpg
imageStock Markets1 hour ago (Sep 29, 2020 04:40PM ET)

(C) Reuters.

By Erwin Seba

HOUSTON (Reuters) – Marathon Petroleum Corp (N:MPC), the largest U.S. oil refiner, on Tuesday began cutting employees at its U.S. operations as the COVID-19 pandemic further narrowed global demand for motor fuels, people familiar with plant operations said.

U.S. refiners have posted large losses this year as fuel consumption tumbled amid lockdowns and work-from-home policies to combat the spread of the coronavirus. Thin profit margins have been undercut by the need to operate plants at less than 80% capacity.

About 60 salaried staff were let go by midday on Tuesday at Marathon’s large Galveston Bay plant in Texas and another 60 people were dismissed at the company’s Los Angeles refinery, the people said.

The Galveston Bay operation may lose as many as 100 workers this week and up to 200 before the reductions end, one of the people said.

A Marathon Petroleum spokesman did not immediately reply to a request for comment.

Last week, LyondellBasell Industries (N:LYB) disclosed plans to cut 10% of the staff at its Houston oil refinery because of heavy losses. Plant operations would be challenged for several years because of the drop in demand, a LyondellBasell executive said.

Top U.S. oil refiner, Marathon Petroleum, begins widespread job cuts – sources

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *