MPC - Marathon union reach deal on refinery workers contract; Exxon Beaumont workers set to return

The United Steelworkers union and oil companies led by Marathon Petroleum (NYSE:MPC) have agreed to a new four-year contract for more than 30K U.S. workers in refineries, chemical plants and pipelines. Talks between Marathon and the USW had been stalled since January 31, when union negotiators rejected a 9% pay increase over three years, before resuming earlier this week; details are not yet public, but the final agreement reportedly includes a 12% pay increase over four years and approval for unions to appoint health and safety representatives at each facility. Separately, United Steelworkers members approved a return-to-work agreement that clears the way for Exxon Mobil (NYSE:XOM) to end the lockout at the Beaumont refinery in Texas and return to their jobs as soon as March 7. It remains to be seen whether the USW will continue to represent the 369K bbl/day plant's hourly workers, but members ratified a new six-year

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Marathon, union reach deal on refinery workers contract; Exxon Beaumont workers set to return