Business

Marathon Petroleum to lay off more than 2,000 employees

Marathon Petroleum to lay off more than 2,000 employees

Marathon Petroleum Corp.
MPC,
-0.30%

said late Wednesday it will lay off more than 2,000 employees as it looks to cut costs amid less demand for gasoline and other oil derivatives with the ongoing pandemic. The layoffs and the “indefinite” idling of the company’s refineries in Martinez, Calif., and Gallup, New Mexico, will affect about 2,050 employees, the company said. The layoffs and the open positions that the company decided to keep unfilled represent about 12% of its workforce, Marathon Petroleum said. Most employees will be notified on Thursday, Marathon said. The plan will result in severance charges between $125 million and $175 million in the third quarter, Marathon said. Shares of Marathon Petroleum were flat in the extended session Wednesday after ending the regular trading day down 0.3%.

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