Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy
Hazloc Heaters


Marathon Petroleum reports third quarter loss as COVID-19 dents fuel demand


These translations are done via Google Translate

By

(Reuters) – Marathon Petroleum Corp MPC.N reported a quarterly loss on Monday, hit by $525 million in charges and a coronavirus-led slump in fuel demand.

Oil refiners around the world have been forced to cut production, as they struggle with months of lackluster demand after coronavirus lockdowns wrecked the need for travel.

While demand picked up in the third quarter with the easing of restrictions, the resurgence in COVID-19 infections could lead to renewed lockdowns and derail demand recovery.

“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,” said Chief Executive Officer Michael J. Hennigan.

ROO.AI Oil and Gas Field Service Software
GLJ
Tarco | Delivering Engineered Solutions

The company’s refinery capacity utilization in the third-quarter was 84%, excluding idled facilities, up from 71% in the second quarter, but still below last year’s 98%.

Findlay, Ohio-based Marathon Petroleum said net loss attributable to the company stood at $1.02 billion, or $1.57 per share, for the third quarter ended Sept. 30, compared to a profit $1.1 billion, or $1.66 per share, a year earlier.

Excluding items, it posted a loss of $1 per share.

Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE