Marathon Petroleum reaches agreement to cut refinery pollution

• Marathon Petroleum (NYSE:MPC) agrees to spend ~$334M to reduce pollution at refineries in five states and pay a $326K civil penalty, the U.S. Justice Department and Environmental Protection Agency said today.
• The agencies said MPC will spend $319M to install state-of-the-art flare gas recovery systems and $15.5M on projects to reduce air pollution at three facilities.
• MPC says the investments began in late 2013 and effectively will be completed by the end of 2018, and that ~$238M of the projected spending will have occurred by the end of this year.