Marathon Petroleum to pay $86 MM to settle Texas fire lawsuits
8/3/2017 7:38:39 AM
Photo courtesy of Marathon Petroleum.
(Reuters) — US oil refiner Marathon Petroleum Corp said on Thursday it would pay $86 MM to settle lawsuits that allege injuries due to a January 2016 fire at its Galveston Bay, Texas refinery.
The company recorded an $86 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 $40 MM or 5 cents per share Marathon last week said it would incur as a result of the expected settlement.
Reporting by Anirban Paul in Bengaluru; Editing by Sai Sachin Ravikumar
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