MPC Approves Job Cuts

Marathon Petroleum Corporation (NYSE: MPC) has approved an involuntary workforce reduction plan, the company has revealed in a new SEC filing.

The plan, together with employee reductions resulting from MPC's indefinite idling of its Martinez, California, and Gallup, New Mexico, refineries, affects approximately 2,050 staff members, the company noted. In total, the reductions and the open positions MPC has elected not to fill represent approximately 12 percent of the company’s workforce, excluding employees at its Speedway operations, MPC outlined.

MPC expects the majority of its affected employees will be notified by October 1. The business said it had previously issued notifications to affected salaried and union represented employees at its Martinez and Gallup refineries. MPC expects to record charges of around $125 million to $175 million in the third quarter of this year for severance and employee benefits related expenses as a result of the actions.

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