Marathon Petroleum plans to permanently close two small U.S. oil refineries in Martinez, California, and Gallup, New Mexico, the company said, eliminating 800 jobs in response to lower fuels demand.
FILE PHOTO: Robert Giatras fuels-up his car at a Speedway gas station in Des Plaines, Illinois, April 22, 2008. REUTERS/Kamil Krzaczynski /File Photo
The largest U.S. refiner by volume had earlier idled the two facilities following weak demand due to COVID-19 outbreaks in the United States. U.S. refiners on average idled about 20% of total processing capacity on falling vehicle and air travel. The company on Monday is forecast to swing to a second-quarter loss of $1.75 per share, from a $1.73 per share profit a year ago, according to Refinitiv data.
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