MPC - Marathon Petroleum to pay $27.5M for failing to cut pollution at California plant

2023-04-27 20:08:44 ET

Marathon Petroleum ( NYSE: MPC ) will pay a $27.5M penalty for violating a 2016 court order requiring it to reduce pollution levels at its Martinez, California, refinery, the U.S. Department of Justice and the Environmental Protection Agency said Thursday.

The settlement also requires the company to forego hundreds of annual emission credits that it could otherwise sell to area sources who could then increase their emissions.

Tesoro Refining and Marketing failed to limit nitrous oxides emissions from the plant's fluid catalytic cracking unit, the government said; Marathon Petroleum ( MPC ) acquired Tesoro in 2018, before the violations began.

The settlement also includes new requirements that will apply when the plant fully converts to producing biofuels as part a joint venture with Finnish refiner Neste.

More on Marathon Petroleum:

• See financial and valuation comparisons to sector peers
• SA analysis: Higher Gasoline and Distillate Sales, but Risks
• Stock price return: 9.5% gain YTD, 39% gain in the past 12 months

For further details see: