Formerly | The Ohio Oil Company (1887–1962) |
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Type | Public |
NYSE: MRO S&P 500 component | |
Industry | Petroleum |
Predecessor | |
Founded | 1887 | as "The Ohio Oil Company"
Fate | Acquired by Standard Oil in 1889; after the SO breakup of 1911 it continued as an independent company |
Headquarters | 990 Town and Country Boulevard Houston, Texas U.S. |
Key people | Lee M. Tillman, President & CEO Dane E. Whitehead, CFO |
Products | Fuel Natural gas |
Production output | 383 thousand barrels of oil equivalent (2,340,000 GJ) per day |
Brands | Marathon (1930–) |
Revenue | $3.086 billion (2020) |
3,951,000,000 United States dollar (2022) | |
-$1.451 billion (2020) | |
Total assets | $17.956 billion (2020) |
Total equity | $10.561 billion (2020) |
Number of employees | 1,672 (2020) |
Subsidiaries |
|
Website | marathonoil.com |
Footnotes /references [1] |
Marathon Oil Corporation is an American company engaged in hydrocarbon exploration incorporated in Ohio and headquartered at 990 Town and Country Boulevard in Houston, Texas. [1] A direct descendant of Standard Oil, it also runs international gas operations focused on Equatorial Guinea, offshore Central Africa.
The company is ranked 534th on the Fortune 500 [2] and 1900th on the Forbes Global 2000. [3]
As of December 31, 2020, the company had 972 million barrels of oil equivalent (5.95×109 GJ) of estimated proven reserves, of which 86% was in the United States and 14% was in Equatorial Guinea. [1] The company's proved reserves consisted 52% of petroleum, 30% natural gas and 18% natural gas liquids. [1] In 2020, the company sold 383 thousand barrels of oil equivalent (2,340,000 GJ) per day, of which 26% was from the Eagle Ford Group, 27% was from the Bakken formation, 17% was from Oklahoma, 7% was from the Northern Delaware Basin, 2% was from other U.S. sources, and 20% was from Equatorial Guinea. [1]
Marathon Oil began as "The Ohio Oil Company" in 1887. [4] In 1889, the company was purchased by John D. Rockefeller's Standard Oil. It remained a part of Standard Oil until Standard Oil was broken up in 1911. In 1930, The Ohio Oil Company bought the Transcontinental Oil Company and established the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company". [5]
In 1959, the Ohio Oil Company acquired Detroit based Aurora Oil Company which operated Speedway 79 stations and became an Ohio Oil subsidiary. [6]
In 1962, the Speedway 79 and Marathon stations were consolidated under the Marathon name and the Ohio Oil Company is renamed Marathon Oil Company. [7] [8]
In 1981, Mobil made a hostile takeover offer to buy the company. [9] [10] However, the board of Marathon Oil rejected the offer and instead sold the company to United States Steel. A legal battle ensued thereafter. [11]
In 1990, the headquarters was moved to Houston, Texas, but the company's refining subsidiary maintained its headquarters in Findlay, Ohio. [12]
In 1984, Marathon purchased the U.S. unit of Husky Energy for $505 million. [13]
In 1998, Marathon and Ashland Global contributed their refining operations to Marathon Ashland Petroleum LLC (MAP}, now Marathon Petroleum. [14]
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. [15]
In 2003, Marathon sold its Canadian operations to Husky Energy. [16]
In 2003, the company sold its interest in the Yates Oil Field to Kinder Morgan for $225 million. [17] [18]
In 2007, Marathon acquired Western Oil Sands for $6.6 billion and gained ownership of its 20% stake in the Athabasca oil sands in northern Alberta, Canada and other assets in the midwestern United States. [19]
In 2011, Marathon completed the corporate spin-off of Marathon Petroleum, distributing a 100% interest to its shareholders. [20]
In June 2013, Marathon sold its Angolan oil and gas field to Sinopec for $1.52 billion. [21]
In September 2013, Marathon sold a 10% stake in an oil and gas field offshore Angola for $590 million to Sonangol Group. [22]
In October 2014, the company sold its business in Norway to Det Norske Oljeselskap ASA for $2.1 billion. [23]
In 2017, it sold its interests in the Athabasca oil sands for $2.5 billion and acquired assets in the Permian Basin for $1.2 billion. [24] [25]
In March 2018, it sold its assets in Libya for $450 million to TotalEnergies SE. [26] [27]
In 2020, the company derived 13% of its revenues from sales to Marathon Petroleum and 12% of its revenues from sales to Koch Industries. [1]
Since 2003, Marathon Oil and its partners Noble Energy and AMPCO, have invested in the Bioko Island Malaria Control Project (BIMCP) in Equatorial Guinea. The project includes distribution of insecticide nets, indoor residual spraying and larval source management, preventive therapy for pregnant women and malaria case management, and investment in a possible malaria vaccine. The project has resulted in a 63% reduction in malaria parasite prevalence and a 63% reduction in the mortality rate and 97% reduction in severe anemia in children under 5 years old. [28]
According to a 2017 study, the company was responsible for 0.19% of global industrial greenhouse gas emissions from 1988 to 2015. [29]
The company was investigated for payments made to Teodoro Obiang Nguema Mbasogo, the president of Equatorial Guinea. [30] The SEC completed its investigation in 2009 and did not recommend any enforcement action in the matter. [31]
Chairman of the Board | President |
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James C. Donnell, II, 1972–1975 | James C. Donnell, 1911–1927 |
The economy of Equatorial Guinea has traditionally been dependent on commodities such as cocoa and coffee, but is now heavily dependent on petroleum due to the discovery and exploitation of significant oil reserves in the 1980s. In 2017, it graduated from "Least Developed Country" status, one of six Sub-Saharan African nations that managed to do so.
Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is headquartered in San Ramon, California, and active in more than 180 countries. Within oil and gas, Chevron is vertically integrated and is involved in hydrocarbon exploration, production, refining, marketing and transport, chemicals manufacturing and sales, and power generation.
ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.
Husky Energy Inc. was a Canadian company engaged in hydrocarbon exploration, headquartered in Calgary, Alberta, Canada. It operates in Western and Atlantic Canada, the United States and the Asia Pacific region, with upstream and downstream business segments. In the 2020 Forbes Global 2000, Husky Energy was ranked as the 1443rd-largest public company in the world.
TotalEnergies SE is a French multinational integrated energy and petroleum company founded in 1924 and is one of the seven supermajor oil companies. Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and international crude oil and product trading. TotalEnergies is also a large-scale chemicals manufacturer.
Speedway is an American convenience store and fuel station chain headquartered in Enon, Ohio, with locations primarily in the Midwest and the East Coast regions of the United States wholly owned and operated by 7-Eleven. Speedway stations are located in 36 states, up significantly from its core seven-state region in the Midwest since 2012. Prior to 2021, the company was a wholly owned subsidiary of the Marathon Petroleum Corporation. It is the largest convenience store chain in central Ohio.
Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
BP Canada was a Canadian petroleum company and subsidiary of British Petroleum that existed between 1955 and 1992. The name refers to a group of companies that engaged in various segments of the petroleum industry lifecycle. BP entered the Canadian market in October 1953, when it purchased a 23 percent stake in the Triad Oil Company. In 1955, BP formed a Canadian subsidiary, based in Montreal, called BP Canada Limited. The company began acquiring retail stations in Ontario and Quebec and in 1957 started construction on a refinery in Montreal. By the end of the 1950s BP Canada was a fully-integrated operation. In 1964, it acquired from Cities Service the Oakville Refinery, and then expanded its operations significantly in 1971 when it acquired Supertest Petroleum.
Group Sonangol is a parastatal that formerly oversaw petroleum and natural gas production in Angola. The group consisted of Sonangol E.P. and its many subsidiaries. The subsidiaries generally had Sonangol E.P. as a primary client, along with other corporate, commercial, and individual clients. Angola is estimated to have over 5 billion barrels (790,000,000 m3) of offshore and coastal petroleum reserves, and new discoveries are outpacing consumption by a 5-to-1 ratio.
APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.
EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.
XTO Energy Inc. is an American energy company and subsidiary of ExxonMobil principally operating in North America. Acquired by ExxonMobil in 2010 and based out of Spring, Texas, it is involved with the production, processing, transportation, and development of oil and natural gas resources. The company specializes in developing shale gas via unconventional means like hydraulic fracturing and horizontal drilling.
Pioneer Natural Resources Company, headquartered in Irving, Texas, is engaged in hydrocarbon exploration. It operates in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. Pioneer is presently undergoing an acquisition by ExxonMobil, which in October 2023 agreed to acquire the company in the largest merger in the energy industry in 20 years; closing is expected in the first half of 2024.
Clarence Peter Cazalot Jr. was president and chief executive of the Houston-based Marathon Oil Corporation. Since he took over control of the company in 2002, Marathon has expanded abroad with investments in the nascent gas industry of Equatorial Guinea and oil in Gabon, Libya and Norway. Its upstream earnings from overseas projects have been tripled and Marathon is beginning to sell off the smaller assets.
Although there are numerous oil companies operating in Canada, as of 2009, the majority of production, refining and marketing was done by fewer than 20 of them. According to the 2013 edition of Forbes Global 2000, canoils.com and any other list that emphasizes market capitalization and revenue when sizing up companies, as of March 31, 2014 these are the largest Canada-based oil and gas companies.
Cenovus Energy Inc. is a Canadian integrated oil and natural gas company headquartered in Calgary, Alberta.
Ophir Energy plc was an oil and gas exploration and production company based in London. It owned both operating and non-operating assets in Africa, Asia, and Mexico.
Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin and are extracted using hydraulic fracturing.
ExxonMobil, an American multinational oil and gas corporation presently based out of Texas, has had one of the longest histories of any company in its industry. A direct descendant of John D. Rockefeller's Standard Oil, the company traces its roots as far back as 1886 to the founding of the Vacuum Oil Company, which would become part of ExxonMobil through its own merger with Mobil during the 1930s. The present name of the company comes from a 1999 merger of Standard Oil's New Jersey and New York successors, which adopted the names Exxon and Mobil respectively throughout the middle of the 20th century. Because of Standard Oil of New Jersey's ownership over all Standard Oil assets at the time of the 1911 breakup, ExxonMobil is seen by some as the definitive continuation of Standard Oil today.
Following the 1911 Supreme Court ruling that found Standard Oil was an illegal monopoly, the company was broken up into 34 different entities, divided primarily by region and activity. Many of these companies later became part of the Seven Sisters, which dominated global petroleum production in the 20th century, and became a majority of today's largest investor-owned oil companies, with most tracing their roots back to Standard Oil. Some descendants of Standard Oil were also given exclusive rights to the Standard Oil name.