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MPC

Marathon Petroleum

$31.56 /

+2.31 (+7.90%)

06:52
05/05/20
05/05
06:52
05/05/20
06:52

Marathon Petroleum announces actions in response to COVID-19 pandemic

The company consolidated capital spending reductions of $1.4B, or approximately 30%, which takes expected spending levels down to $3B for 2020. The reductions are planned across all segments of the business, including: $250M in refining; $770M in midstream, which includes MPLX; $250M in retail; and $80M in corporate. Remaining capital spend primarily relates to growth projects that are already in progress or spending that supports the safe and reliable operation of our facilities. A reduction to forecasted consolidated operating expenses of $950M in 2020, primarily through reductions of fixed costs and deferral of certain expense projects, which includes $200 million of operating expense reductions at MPLX. Throughput levels have been reduced across the organization, including the temporary idling of some facilities. The company plans to continue to monitor market conditions and optimize crude oil acquisition, refining run rates, and logistics systems to respond on a regional basis. Share repurchases have temporarily been suspended. The company will evaluate the timing of future repurchases as market conditions evolve. The company issued $2.5B of senior notes in April. The company also secured an additional $1B 364-day revolving credit facility in April. As of May 5, MPC's total credit capacity, excluding MPLX, is approximately $7.5B and available borrowing capacity is approximately $6.75B. The company continues to evaluate further actions to enhance liquidity.

  • 05

    May

MPC Marathon Petroleum
$31.56 /

+2.31 (+7.90%)

04/24/20 Citi
Marathon Petroleum downgraded to Neutral from Buy at Citi
03/24/20 Raymond James
Marathon Petroleum double downgraded to Market Perform at Raymond James
03/24/20 Raymond James
Marathon Petroleum downgraded to Market Perform from Strong Buy at Raymond James
03/19/20 BofA
MPLX upgraded to Buy from Neutral at BofA

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