Marathon Oil

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Marathon Oil Corporation
TypePublic
Traded asNYSEMRO
S&P 500 Component
IndustryOil and gas industry
Predecessor(s)The Ohio Oil Company
Founded1887 (1887)
HeadquartersMarathon Oil Tower
Houston, Texas
, United States
Key peopleClarence P. Cazalot, Jr.
(Chairman), (President) & (CEO)
ProductsPetroleum
Natural gas
RevenueIncrease $ 15.6 billion (FY 2012)[1]
Operating incomeIncrease $ 6.3 billion (FY 2012)[1]
Net incomeDecrease $1.6 billion (FY 2012)[1]
Total assetsIncrease $ 35.3 billion (FY 2012)[1]
Total equityIncrease $ 18.3 billion (FY 2012.)[1]
Employees3,367 (December 2012)[1]
Websitewww.marathonoil.com
 
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Marathon Oil Corporation
TypePublic
Traded asNYSEMRO
S&P 500 Component
IndustryOil and gas industry
Predecessor(s)The Ohio Oil Company
Founded1887 (1887)
HeadquartersMarathon Oil Tower
Houston, Texas
, United States
Key peopleClarence P. Cazalot, Jr.
(Chairman), (President) & (CEO)
ProductsPetroleum
Natural gas
RevenueIncrease $ 15.6 billion (FY 2012)[1]
Operating incomeIncrease $ 6.3 billion (FY 2012)[1]
Net incomeDecrease $1.6 billion (FY 2012)[1]
Total assetsIncrease $ 35.3 billion (FY 2012)[1]
Total equityIncrease $ 18.3 billion (FY 2012.)[1]
Employees3,367 (December 2012)[1]
Websitewww.marathonoil.com
Marathon Oil Tower, the headquarters of Marathon Oil

Marathon Oil Corporation is a United States-based oil and natural gas exploration and production company. Principal exploration activities are in the United States, Norway, Equatorial Guinea, Poland, Angola and Iraqi Kurdistan. Principal production activities are in the United States, the United Kingdom, Norway, and Equatorial Guinea. Within the United States, Marathon Oil has recently focused development efforts on liquids-rich shale plays, including the Bakken and Eagle Ford formations. Marathon Oil owns interests developing Athabasca oil sands (Canada) resources and in Waha Oil Company (Libya). Marathon's headquarters facility is the Marathon Oil Tower in Houston, Texas.[2]

History[edit]

Marathon began as The Ohio Oil Company in 1887. In 1889, it was purchased by John D. Rockefeller's Standard Oil trust. It remained a part of Standard Oil until the trust was broken in 1911. In 1930, The Ohio bought the Transcontinental Oil Company, giving it the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company" after its main brand name. Mobil wanted to buy the company in 1981. The residents of Findlay, Ohio, the corporation's home town, worried that the Findlay jobs would be lost so Marathon looked for a white knight. They found one in 1982 when United States Steel bought the company. The headquarters moved to Houston in 1990 but the company maintained downstream operations in Findlay (which are now Marathon Petroleum). In 2001, USX, the holding company that owned United States Steel and Marathon, spun off the steel business and in 2002 USX renamed itself Marathon Oil Corporation.[citation needed]

In 1998, Marathon and Ashland, Inc., formed Marathon Ashland Petroleum LLC to refine, market and transport crude oil and petroleum products, primarily in the Midwest, the upper Great Plains and southeastern United States.[citation needed]

In 2003, Marathon sold off its Canadian operations to Calgary-based Husky Energy. In that same year, they sold off their interest in the giant Yates Oil Field to Kinder Morgan.[3]

In late 2003, Marathon Oil and partners (Noble Energy, AMPCO) started the Bioko Island Malaria Control Project (BIMCP) in Equatorial Guinea. Malaria control activities included indoor residual spraying, improved diagnosis and case management, and capacity building to contain future outbreaks. As of late 2005, BIMCP had proven being successful in reducing malaria transmission, reducing the proportion of children with malaria parasites, and improving iron status. BIMCP is perceived as a model of hands-on corporate involvement in a humanitarian effort with government, non-profits and academic organizations to reduce the burden of malaria in countries located in Equatorial Africa. Equatorial Guinea's President Obiang Nguema is one of the world's worst dictators, according to Parade Magazine. Marathon's humanitarian efforts have mitigated some of the criticism resulting from their dealings with Nguema's regime.[citation needed]

On January 13, 2011, Marathon moved forward with plans to spin-off Marathon Petroleum. The spin-off was completed on July 1, 2011.[4]

In June 2013, Marathon sold its Angolan oil and gas field to Sinopec for $1.52 billion.[5]

In September 2013, Marathon announced it would sell a 10% stake in an oil and gas field offshore Angola for around $590 million to Sonangol Group.[6]

Environmental record[edit]

The Political Economy Research Institute ranks Marathon Oil 51st among corporations emitting airborne pollutants in the United States. The ranking is based on the quantity (1.5 million pounds in 2005) and toxicity of the emissions.[7] In 2000, the Kentucky Natural Resources and Environmental Cabinet demanded that Marathon pay a $170,000 penalty for a pipeline spill earlier that year.[8] This case was settled in 2002. That same year Texas sent a “Notice of Enforcement” citing Marathon for “excess air emissions” from its Yates Gas Plant.[8] Marathon was prosecuted for air permit violations in 2003 by Louisiana. The Environmental Protection Agency then prosecuted Marathon for not following a pollution prevention plan as well as not complying with the stormwater permit.[8] In November 2006 The Environmental Protection Agency published the list of PCB violations by Marathon Oil company for sum of $38,000.[9]

See also[edit]


References[edit]

  1. ^ a b c d e f "3M 2012 Annual Report, Form 10-K, Filing Date Feb 22, 2013". secdatabase.com. Retrieved May 26, 2013. 
  2. ^ "Contact Us." Marathon Oil. Retrieved on August 22, 2009.
  3. ^ Rigzone article on 2003 Kinder Morgan acquisition
  4. ^ "Marathon spin-off gives Ohio fifth largest refiner". Associated Press via Yahoo! Finance. Retrieved July 1, 2011. 
  5. ^ China's Sinopec buys Marathon's Angola oil fields for $1.52 billion, International: Reuters, 2013 
  6. ^ Marathon Oil to sell stake in Angolan field for $590 million, International: Reuters, 2013 
  7. ^ "Toxic 100 Index". Political Economy Research Institute. 2008-09-11. Retrieved 2009-05-23. 
  8. ^ Daniel Duncan (2006). "Marathon Oil Company settles PCB Violations for $38,000". EPA. Retrieved April 16, 2008. 

External links[edit]