MOSCOW (MRC) -- US oil refiner Marathon Petroleum Corp said on Thursday it would pay USD86 MM to settle lawsuits that allege injuries due to a January 2016 fire at its Galveston Bay, Texas refinery, as per Hydrocarbonprocessing.
The company recorded an USD86 MM charge in its second-quarter earnings statements as a result. On a per-share basis, the charge was about 10 cents.
The charge was higher than the USD40 MM or 5 cents per share Marathon last week said it would incur as a result of the expected settlement.
As MRC wrote previously, in January 2017, Praxair, Inc. signed a long-term contract to supply hydrogen to Marathon Petroleum Corporation’s refinery in Garyville, Louisiana. The company will use the hydrogen to support an ultra-low-sulfur diesel project planned for 2018. Marathon Petroleum is the third-largest transportation fuels refiner in the US and operates an integrated refining, marketing and transportation system in the Midwest, East, Southeast and Gulf Coast. The hydrogen will be supplied through Praxair’s extensive Southeast Louisiana pipeline network.
Marathon Oil Corporation is a United States-based oil and natural gas exploration and production company. Principal exploration activities are in the United States, Norway, Equatorial Guinea, Poland, Angola and Iraqi Kurdistan.
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