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Marathon Petroleum (MPC) Minnesota Refinery Workers Call Strike

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Per sources, Marathon Petroleum Corporation’s MPC workforce of 200, represented by Teamsters Local 120 union, recently called a strike at the company’s St. Paul Park refinery. The staff staged a walkout regarding the company’s refusal to negotiate the issues that place both workers and the community in peril.

Marathon Petroleum’s labor union contract at its St. Paul Park plant expired last month without a new resolution. Earlier, the International Brotherhood of Teamsters (or the Teamsters Union) voted in favor of authorizing a strike if they fail to substitute a new agreement with Marathon Petroleum by the end of 2020.

Workers opposed the company’s proposal to replace a host of union jobs with non-union subcontractors or low-skilled operators as representatives expressed their concerns that Marathon Petroleum's effort to swap workers could hamper the operational safety of the refinery. Importantly, the union mentioned that the strike could jeopardize Marathon Petroleum’s fuel supply at its sales locations in Minnesota, Wisconsin and the Upper Midwest, which include more than 270 Speedway LLC hubs.

The St. Paul Park site is situated near the Mississippi River to the southeast of St. Paul Park, MN. The refinery has a distillation capacity of 102,000 barrels of crude oil per day and mainly refines sweet crude from the Bakken region in North Dakota along with various categories of Canadian sweet and heavy sour crude.

About Marathon Petroleum

Findlay, OH-based Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. The company, in its current form, came into existence following the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s refining/sales business into a separate, independent and publicly-traded entity.

Marathon Petroleumis set to release fourth-quarter 2020 results on Tuesday Feb 2, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter’s loss is $1.42 per share and for revenues is $16.67 billion.

Zacks Rank & Key Picks

Marathon Petroleum currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are DCP Midstream Partners, LP DCP, Plains Group Holdings, L.P. PAGP and Matador Resources Company MTDR, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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