CORRECTED-BRIEF-Marathon Petroleum Sees Q1 Rev and Other Income $24.1 Bln To $26.7 Bln

(Corrects Q1 net loss forecast to “$250 mln to $25 mln” from “$1,260 mln to $1,380 mln” in sixth bullet; changes headline)

April 22 (Reuters) – Marathon Petroleum Corp:

* EXPECT TO DEFER OR DELAY CERTAIN CAPITAL EXPENDITURES THAT WE HAD EXPECTED TO MAKE IN 2020.

* HAVE TAKEN ACTIONS TO REDUCE OPERATING EXPENSES ACROSS BUSINESS.

* PRE-TAX NON-CASH GOODWILL IMPAIRMENT EXPENSES EXPECTED TO BE RECORDED FOR Q1 OF 2020 OF BETWEEN $7.3 BILLION TO $7.8 BILLION

* DRAWN A TOTAL OF $3.5 BILLION UNDER FIVE-YEAR REVOLVING CREDIT FACILITY

* IN PROCESS OF NEGOTIATING A NEW $1 BILLION 364-DAY REVOLVING CREDIT FACILITY, WHICH WOULD EXPIRE IN 2021

* SEES Q1 NET LOSS ATTRIBUTABLE TO MPC OF $250 MLN TO $25 MLN

* BORROWED $1.5 BILLION OF AVAILABLE LOAN CAPACITY UNDER FIVE-YEAR REVOLVING CREDIT FACILITY

* SEES Q1 REVENUES AND OTHER INCOME $24.1 BILLION TO $26.7 BILLION

* Q1 REVENUE VIEW $24.80 BILLION — REFINITIV IBES DATA

* EXPECT TO DEFER CERTAIN DIRECT AND INDIRECT TAX PAYMENTS FOR Q1

* PERFORMING IMPAIRMENT ASSESSMENTS FOR CERTAIN OF CO’S LONG-LIVED ASSET GROUPS

* PRESENTLY ESTIMATING WILL RECORD $1.2 BLN-$1.4 BLN OF IMPAIRMENT EXPENSE RELATED TO EQUITY METHOD INVESTMENTS THROUGH “REVENUES AND OTHER INCOME”

* MARATHON PETROLEUM – PRELIM Q1 TOTAL COSTS & EXPENSES EXCLUDES CERTAIN INVENTORY VALUATION ADJUSTMENT ESTIMATED TO BE BETWEEN $3.1 BLN & $3.3 BLN

* Q1 REVENUE VIEW $24.80 BILLION — REFINITIV IBES DATA Source text for Eikon: bit.ly/2zg5VMC Further company coverage:

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