Back to top

Image: Bigstock

Marathon's (MPC) St. Paul Park Refinery Workers Call Off Strike

Read MoreHide Full Article

Marathon Petroleum Corporation’s (MPC - Free Report) workforce of 200, represented by Teamsters Local 120 union, recently accepted a new six-year contract, thereby putting an end to a five-month work stoppage at the company’s St. Paul Park refinery. Employees from the union are expected to return to duty today. After rejecting an earlier Marathon Petroleum deal offer last month, the personnel consented to this latest one.

Per Teamsters Local 120, Marathon Petroleum's revised agreement contained measures that limit the company's ability to outsource work done by the union staff. The approved contract, according to Marathon Petroleum, emphasizes on variety of measures including safety, ongoing refinery development and fair pay raises for employees. Meanwhile, the company outsources one high-risk job.

Three weeks after the expiry of their contract, workers called a strike in January this year at the company’s St. Paul Park refinery. The staff staged a walkout regarding management’s refusal to address the issues that place both workers and the community in peril.

Workers opposed the company’s proposal to replace a host of union jobs with non-union subcontractors or low-skilled operators as their representatives feared that management's effort in this transition could hamper the operational safety of the refinery. Importantly, the union also stressed that the strike following this deadlock could jeopardize Marathon Petroleum’s fuel supply at its sales locations in Minnesota, Wisconsin and the Upper Midwest.

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 got its current form from the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s refining/sales business into a separate, independent and publicly-traded entity.

Marathon Petroleum is set to release second-quarter 2021 results on Wednesday Aug 4, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is 87 cents per share and for revenues is $17.31 billion.

Zacks Rank & Key Picks

Marathon Petroleum currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy space include Matador Resources Company (MTDR - Free Report) , Baker Hughes Company (BKR - Free Report) and Oasis Petroleum Inc. (OAS - Free Report) , each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Zacks Names “Single Best Pick to Double”

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research SherazMian hand-picks one to have the most explosive upside of all.

You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.

Free: See Our Top Stock and 4 Runners Up >>