Marathon Petroleum laid off 46 salaried employees at its Galveston Bay Refinery on Tuesday, Reuters reports. The company said it would seek additional cost-cutting measures but it has not made announcements about layoffs at any of its other refineries. Sources say the layoffs cut across various departments, and many of the affected employees worked at the refinery before it was purchased from BP in 2013.
Margins for the top 10 U.S. independent refiners fell 74% in the first quarter amid narrowing crack spreads and lower gasoline demand.
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