Marathon Petroleum to pay $86 million to settle Texas fire lawsuits

Reuters News
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Posted: Aug 03, 2017 7:46 AM

(Reuters) - U.S. oil refiner Marathon Petroleum Corp said on Thursday it would pay $86 million to settle lawsuits that allege injuries due to a January 2016 fire at its Galveston Bay, Texas refinery.

The company recorded an $86 million charge in its second-quarter earnings statements as a result. On a per-share basis, the charge was about 10 cents.

The charge was higher than the $40 million or 5 cents per share Marathon last week said it would incur as a result of the expected settlement.

(Reporting by Anirban Paul in Bengaluru; Editing by Sai Sachin Ravikumar)