Marathon Petroleum Corp , the largest U.S. oil refiner, warned on Wednesday of a first-quarter loss on a roughly $7.8 billion write-down from a sharp fall in fuel demand.
) have cut output by as much as a third, halted new projects and sent contract workers home to avoid illnesses and reduce operating costs.
Lower fuels prices have sharply cut the value of Marathon’s stocks and it forecast inventory adjustments of up to $3.3 billion in the quarter. It said non-cash impairments to investments could reach up to $1.4 billion. Its shares closed up 4% to $24.69 on Wednesday, before Marathon released its warning. In after-hours trade the shares were up 12 cents to $24.18.
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