New York—Marathon Petroleum, the largest US refiner, has cut capital spending, temporarily idled two refineries and reduced run rates at its other facilities as it continues to monitor market conditions roiled by the coronavirus pandemic, the company said in its Q1 2020 results statement. However, CEO Mike Hennigan said Marathon has “cautious optimism” that there are signs of recovery in the refining sector, and noted US inventories of both refined products and crude remain high and will need to be absorbed before refinery utilization will pick up.
展开▼
