Union rejects pay offer in U.S. refinery worker talks – Reuters (NYSE:MPC)

Art Wager/E+ by means of Getty Images The United Steelworkers union declined a pay boost used by Marathon Petroleum (NYSE: MPC), the lead oil company arbitrator in talks for a labor arrangement covering 30K U.S. refinery and chemical plant workers, Reuters reports. The offer apparently was for a 4% pay boost over three years; under the existing agreement, which ends on February 1, workers received 3.5% pay raises in each of the contracts first two years and 4% in the third year. Going into the talks, the union was said to be looking for “significant” pay increases and improvements in health insurance coverage. Independently, union authorities stated mediators for Exxon Mobil (NYSE: XOM) and the USW are discussing a contract proposal that could get a ratification vote by workers locked out of the businesss Beaumont refinery in Texas since May. The members of USW Local 13-243 in Beaumont could vote on a proposal accepted by mediators at some point in February, a union representative told Reuters. Other possibly appropriate tickers include VLO, PSX, HFC, PBF, CVI, DK Wells Fargo experts mention a confluence of positive macro and business specific elements in forecasting stronger Q4 earnings for many refiners.
Source link

You may also like

Popular News

Popular Posts
Featured Posts
Recent Posts
Popular in Bitcoin
Trending Posts