Houston Chronicle Houston exploration and production company Marathon Oil has cut its drilling budget by about 10 percent amid an ongoing shale slump that caused revenue and profits to decline in 2019. In a Wednesday afternoon statement, Marathon said the company is cutting capital expenditures by 10 percent, to $2.4 billion from $2.6 billion in 2019. The company plans to
Houston Chronicle WASHINGTON – A trio of Democratic Senators is asking some of Marathon Petroleum’s largest shareholders, including JP Morgan Chase and Blackrock, to warn the Ohio-based refining company that it needs to stop lobbying against climate action. “Marathon is one of the leading forces in Washington opposing efforts to limit carbon pollution and fight climate change, ” reads the letter.
Source: Reuters (Reuters) – U.S. refiner Marathon Petroleum Corp, which is under pressure from activist investor Elliott Management Corp, is considering the sale of two plants in Alaska and Utah, Bloomberg reported, citing people familiar with the matter. Elliott urged Marathon to split into three companies in September, saying that would boost shareholders’ value by as much as $40 billion,
Source: Reuters Marathon Petroleum Corp said on Friday the company’s board supports Gary Heminger as chief executive officer after two of the top 10 shareholders called for his ouster. Shareholders Paul Foster and Jeff Stevens in a letter on Thursday also backed “the majority” of activist investor Elliott Management Corp’s demands disclosed on Wednesday. (bwnews.pr/2lFV9ck) Elliott had urged the refiner
From Reuters Marathon Oil Corp (MRO.N) reported a 50% jump in quarterly adjusted profit on Wednesday, as higher U.S. shale output countered lower realized crude prices and production costs fell. The company, like many other U.S. oil producers, is extracting more crude from its wells in the prolific shale basins against the backdrop of pressure to cut back on spending
Marathon Oil Closes on Sale of U.K. Business
From the Alaska Journal of Commerce After buying a mothballed liquefied natural gas export plant in Nikiski, Marathon Petroleum is planning to flip it around to become an import terminal. Marathon Petroleum, the newly-merged oil and gas giant formerly known as Tesoro and then Andeavor, owns the former ConocoPhillips LNG terminal on Cook Inlet and the refinery directly across the
Marathon Petroleum Corp. to acquire a terminal and retail locations in Buffalo, New York
Marathon calls it the initial step in creating EG gas ‘mega hub’ Startup planned for 1H 2021 Noble Energy, Inc. (NYSE: NBL) has approved the Alen natural gas development offshore Equatorial Guinea (EG). Natural gas from the Alen field will be processed through the existing Alba Plant LLC liquefied petroleum gas processing plant and EG LNG’s liquefied natural gas production facility
Winning offers in the ~$65-$67 range The U.S. Department of Energy’s (DOE) Office of Fossil Energy announced on March 22 that it has awarded contracts to winning bidders in the recent Strategic Petroleum Reserve (SPR) crude oil sale. DOE offered 6 MMBO from strategic reserves for competitive sale On February 28, 2019, DOE’s Office of Fossil Energy issued a Notice
Jason Few and Kent Wells elected to Marathon Oil Corporation Board of Directors
Marathon Oil Signs Agreement for Divestiture of U.K. Business
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