By Stephen Nakrosis
Shares of Marathon Petroleum Corp. (MPC) are falling in Wednesday's market, after the company reported a net loss in the first quarter and announced a deal that would see the two limited partnerships making up its midstream operations combine.
At 12:55 p.m. ET, the company's shares were trading at $56.28, down 5.3%. Volume was high, with more than 8.1 million shares trading, above the 65-day average volume of some 6.3 million.
Marathon reported a net loss of $7 million in the first quarter after posting net income of $37 million in the year-ago period.
The company also said MPLX LP, a midstream energy and logistics business, is buying Andeavor Logistics LP in a deal with an equity value of $9 billion.
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