Marathon Petroleum Reduces 2020 Capex in Wake of $9.2 Billion First-Quarter Loss

SUGAR LAND--May 6, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Having reported a $9.2 billion net loss for first-quarter 2020 on Tuesday due to sinking fuel demand and other factors, refiner and midstream company Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) is cutting back its capital expenditure (capex) guidance for the year by 30%.