May 5, 2020 / 11:00 AM / a month ago

Marathon Petroleum takes $12.4 bln impairment hit as virus destroys fuel demand

May 5 (Reuters) - U.S. oil refiner Marathon Petroleum Corp on Tuesday reported a loss in the first quarter on $12.4 billion in impairment charges, as widespread lockdowns to contain the spread of the COVID-19 pandemic pummeled demand for oil and gas.

Net loss attributable for the largest U.S. oil refiner stood at $9.2 billion, or $14.25 per share, for the three months ended March 31, compared with loss of $7 million, or 1 cent per share, in the year earlier. (Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)

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