FILE PHOTO: Cars drive past the Marathon Petroleum refinery in Carson, California, U.S., December 5, 2019. REUTERS/Mike Blake
HOUSTON (Reuters) – Marathon Petroleum Corp (MPC.N), the largest U.S. oil refiner, warned on Wednesday of a first-quarter loss on a roughly $7.8 billion write-down from a sharp fall in fuel demand.
Stay-at-home orders designed to contain the coronavirus pandemic have decimated travel and forced businesses to shut down, cutting worldwide demand for oil by a third, or about 30 million barrels a day. In the United States, gasoline demand has dropped by half.
Other top oil refiners including Exxon