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Marathon Petroleum Corporation (NYSE:MPC) shares are trading lower premarket Wednesday. The company’s Detroit refinery reportedly saw half of its workforce strike due to unresolved pay and safety concerns.
The union has been in negotiations with Marathon for nine months, seeking better pay and improved work schedules, according to Reuters.
The Detroit refinery has a crude oil refining capacity of 140,000 barrels per day. It processes both sweet and heavy sour crude oils into gasoline and distillates.
“We are fully prepared and have implemented plans to continue safely operating the facility,” the company stated.
Last month, Marathon Petroleum reported second-quarter revenue beat estimates; adjusted EPS of $4.12 surpassed the $3.09 consensus.
The company’s quarterly refining costs dropped to $4.97/barrel; crude oil capacity utilization increased to 97% from 93% YoY.
Marathon Petroleum expects third-quarter Refining operating costs per barrel of $5.35 and Refinery throughputs of 2,845 mbpd.
Investors can gain exposure to the stock via iShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO) and VanEck Oil Refiners ETF (NYSE:CRAK).
Price Action: Marathon Petroleum shares closed lower by 1.86% at $173.82 on Tuesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
