Marathon Reports 3rd Quarter Results
Marathon Petroleum Corporation on Monday reported a third quarter net loss of $1 billion.
In the third quarter of 2019, the company reported a net income of $1.1 billion.
President and Chief Executive Officer Michael J. Hennigan said the challenges created by the COVID pandemic continued through the third quarter.
“Despite some recovery, global demand for our products and services remains significantly below historical levels, which continues to pressure profitability for both our company and the industry,” Hennigan said.
Hennigan says, as the company navigates these challenges, they remain focused on the aspects of the business that is within their control.
“First, we strengthened the competitive position of our assets by advancing our investments in renewables. Our Dickinson renewable fuels facility is starting up. With respect to the conversion of our Martinez refinery into a renewable diesel facility, we filed for permits, progressed feedstock supplier discussions, and began detailed engineering activities. Second, we continued working toward a first-quarter 2021 closing for the Speedway sale and remain committed to using the proceeds to strengthen our balance sheet and return capital to shareholders. And third, we took incremental steps to reduce our cost structure, including the implementation of a workforce reduction plan. The difficult decision to reduce our workforce was not made lightly, and we are committed to treating our employees with integrity and respect as we take these necessary steps to position the company for through-cycle resiliency.”
Marathon announced in September that it would be cutting approximately 2,050 jobs across its operations and nearly 300 in Findlay.