Marathon Petroleum Reports Huge Q1 Loss

Marathon Petroleum on Tuesday reported a loss of $9.2 billion for the first quarter of 2020.

That compares to a loss of $7 million in the first quarter of 2019.

“Recent global events, including the COVID-19 pandemic and oil price tensions, have been disruptive to the personal and professional lives of many and significantly impacted demand for the transportation fuels we manufacture,” said President and Chief Executive Officer Michael J. Hennigan.

“In addressing these challenges, first and foremost, we are focused on the health and safety of our employees, our customers, and the communities where we operate. We are grateful for everyone working on the front lines of this pandemic and are proud to do our part by contributing supplies to those affected by this crisis. These are unprecedented times, leading us to make prudent tactical changes for 2020. We believe these proactive steps will help maintain our financial strength, support our investment-grade credit rating, and enhance the through-cycle resiliency of our business.”

Get details on what actions the company is taking in response to the COVID-19 environment here.