 | |
 Marathon Oil Tower, former company headquarters | |
| Formerly | The Ohio Oil Company (1887–1962) |
|---|---|
| Company 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 Acquisition by ConocoPhillips pending |
| 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 petroleum company that has existed since 1887. Marathon was founded in Lima, Ohio as the Ohio Oil Company. In 1899, the company was acquired by the Standard Oil Company (New Jersey). After the antitrust case against Jersey Standard in 1911 and subsequent breakup of its holdings, Ohio Oil once again became an independent company. In 1930, Ohio Oil acquired the Transcontinental Oil Company, which operated the "Marathon" brand of retail gasoline stations. Ohio Oil continued to use the Marathon brand, and in 1962, Ohio changed its name to the Marathon Oil Company.
In January 1982, Marathon was acquired by United States Steel. After the acquisition, the USX Corporation was created to act as the parent of U.S. Steel and Marathon Oil, which operated as divisions. In 2001, USX spun off Marathon under the name Marathon Oil Corporation. In 2011, Marathon Oil spun off its downstream operations as Marathon Petroleum. Since 2011, Marathon Oil has operated as an independent exploration and production company.
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]
On May 29, 2024, ConocoPhillips announced its intent to acquire Marathon for $22.5 billion in an all-stock transaction, including debt, expected to close in the fourth quarter of 2024.[4][5] On August 29, 2024, Marathon Oil announced it received the necessary stockholder approval to complete the ConocoPhillips acquisition.
- ^ a b c d "Marathon Oil Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Fortune 500: Marathon Oil". Fortune.
- ^ "Forbes: Marathon Oil". Forbes.
- ^ Thompson, Mark (May 29, 2024). "ConocoPhillips is buying Marathon Oil in $22.5 billion deal". CNN Business.
- ^ Kimball, Spencer (2024-05-29). "ConocoPhillips to buy Marathon Oil in $17 billion all-stock deal that bolsters shale assets". CNBC. Retrieved 2024-05-29.