Marathon Petroleum Corp

NYSE:MPC   3:13:34 PM EDT
28.39
-1.50 (-5.02%)
Layoffs, Other Pre-Announcement

Marathon Petroleum Says Approved Involuntary Workforce Reduction Plan

Published: 09/30/2020 20:35 GMT
Marathon Petroleum Corp (MPC) - Marathon Petroleum Corp - Approved an Involuntary Workforce Reduction Plan.
Marathon Petroleum Corp - Workforce Reduction Plan Affects Approximately 2,050 Employees.
Marathon Petroleum Corp - Reductions Represent Approximately 12% of Mpc's Workforce.
Marathon Petroleum Corp - Expects Majority of Its Affected Employees of Workforce Reduction Will Be Notified by October 1.
Marathon Petroleum - in Q3 Expects to Record Charges of About $125 - $175 Million for Severance and Employee Benefits Related Expenses Due to Layoffs.
Marathon Petroleum Corp - Expects Majority of Job Eliminations Pursuant Workforce Reductions to Take Effect in October 2020.
Marathon Petroleum Corp - Expects Mplx Will Reimburse Mpc for About $20 to $35 Million of About $125 to $175 Million of Expenses.