Top U.S. oil refiner Marathon Petroleum to lay off 12% of workforce

The workforce reduction plan is a result of indefinite idling of its Martinez, California and Gallup, New Mexico refineries, the company said in the filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1510295/000151029520000098/mpcform8-k9292020.htm. Refiners and oil producers have been cutting staff, slashing spending and reducing production to cope with the slump in crude prices and a global glut of fuel. On Wednesday, Royal Dutch Shell said it would dismiss up to 9,000 workers, or 10% of its staff, while oil majors, Chevron Corp and Exxon Mobil Corp , are in the process of restructuring their businesses to halt losses. …read more

Source:: Yahoo Finance