The country’s largest independent refiner wasn’t spared the ravages of COVID-19. Major disruptions to the transport fuels business saddled Marathon with a $9.8 billion loss in profits in 2020. To consolidate, the company announced it would sell its Speedway retail operations to 7-Eleven for $21 billion. The company also began widespread job cuts shortly after it announced in August the permanent closure of two refineries in New Mexico and California. Adding to its challenges, a devastating winter storm in Texas delayed the company’s 2020 results.
Latest news for Marathon Petroleum
- FinanceWant to find the next $10-billion-plus takeover target? Watch executive stock sales carefullyAugust 12, 2020 1:56 PM UTC
- No Primary Section FoundThe Biggest Winners in the $23 Billion Marathon-Andeavor DealApril 30, 2018 9:15 PM UTC
- No Primary Section FoundHess selling its retail business to Marathon PetroleumMay 22, 2014 2:05 PM UTC