Marathon Revises Second Quarter Earnings Following Legal Settlement

8/3/17 – 7:57 A.M.

Marathon Petroleum is revising its second quarter results after settling a legal matter. The company says it agreed to pay $86 million as part of a settlement between the plaintiffs and co-defendants. A statement from Marathon says the agreement dealt with contractors engaged by MPC. The release goes on to say the company plans to “vigorously pursue recovery of losses, as well as defense costs, through indemnification from a significant contractor who is not a party to the settlement agreements.”

Marathon had estimated a charge of $40 million for the legal matter in their second quarter SEC filing. The $86 million settlement represents 10 cents per diluted share.