Actionable insights straight to your inbox


Marathon Petroleum To Lay Off 2,050 Employees — 12% of Workforce

The largest US oil refiner said the reduction in force is due to the indefinite idling of its plants in Martinez, California, and Gallup, New Mexico.

Image source:

(Reuters) – Marathon Petroleum Corp, the largest U.S. oil refiner, said it would lay off about 2,050 employees, or 12% of its workforce, at its U.S. operations, excluding Speedway, as the COVID-19 pandemic crushed global demand for motor fuels.

The workforce reduction plan is a result of indefinite idling of its Martinez, California, and Gallup, New Mexico, refineries, the company said in the filing.

Refiners and oil producers have been cutting staff, slashing spending and reducing production to cope with the slump in crude prices and a global glut of fuel.

On Wednesday, Royal Dutch Shell said it would dismiss up to 9,000 workers, or 10% of its staff, while oil majors, Chevron Corp and Exxon Mobil Corp, are in the process of restructuring their businesses to halt losses.

Marathon Petroleum said it expects to record charges of about $125 million to $175 million for severance and employee benefits-related expenses as a result of these actions.

The company said it expects the majority of the job cuts to take effect in October 2020.

Reuters had earlier reported about Marathon Petroleum cutting at least 6% of refinery staff at nine U.S. plants.

Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel.


Source: Reuters

The implications of the dollar potentially losing its status as the global reserve are numerous. Obviously, there may be currency risks, and decreased demand for U.S. Treasuries could lead to rising interest rates. I would also expect to see massive commodity price swings.
Many of us economy-watchers have been expecting recession, though with significant differences on odds and timing. Regardless, recent banking developments just made recession more likely and may have accelerated its onset.
Many people think of position size in terms of how many shares they own of a particular stock. But it’s much smarter to think of it in terms of what percentage of your total capital is in a particular stock.