Marathon Petroleum provides update on Garyville refinery operations Marathon Petroleum Corporation's Garyville refinery was impacted by a tornado that occurred on May 28. As a result of this severe weather, the refinery experienced damage to a cooling water system that serves part of the refinery causing the No. 1 crude unit and other units to be taken off-line. Based on MPC's initial assessment of the damage and necessary repairs, the crude unit is anticipated to be operational by mid-June. The company does not expect total refinery throughputs to be significantly impacted, projecting less than a 5% reduction to the company's prior throughput guidance for this quarter.
Marathon Petroleum downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded Marathon Petroleum to Market Perform saying new global capacity additions are likely to pressure refining margins in 2015. Wells has a $82-$87 price target range for shares.