MOSCOW (MRC) -- Marathon Petroleum Corp plans to “maximize” input of U.S. crude in the third quarter, taking advantage of bottlenecks in key shale plays that have weakened domestic prices, reported Reuters.
The company said during an earnings call that about 32 percent of its total throughput of 1.95 million barrels per day will be crude linked to the U.S. benchmark price, up from 23 percent during the same stretch last year.
Input of U.S. crude at the company’s Midwest refineries is expected to jump to 53 percent of total throughput in the third quarter, up from 38 percent last year.
U.S. and Canadian producers have been forced to sell crude at a discount versus global prices as production has outpaced pipeline capacity.
As MRC wrote before, in July 2018б Marathon Petroleum Corp. and Andeavor announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired in connection with the proposed transaction whereby MPC would acquire all of Andeavor's outstanding shares. The transaction is still expected to close in the second half of 2018, and remains subject to customary closing conditions, including approval by Andeavor shareholders of the proposed merger, approval by MPC shareholders of the new MPC shares to be issued in connection with the transaction, and the receipt of other required regulatory approvals.
MRC