Marathon to Become Top U.S. Refiner with $23 Billion Acquisition of Andeavor

By John Benny - April 30 (Reuters) - Marathon Petroleum Corp agreed to buy rival Andeavor for more than $23 billion in a deal creating one of the largest global refiners that will benefit from access to booming U.S. shale fields and growing U.S. fuel export markets. The United States has become the world's top fuel exporter, shipping more than 3 million barrels per day … [Read more...]

Breakaway Barges Halt Loading of Crude at Marathon’s Wood River Dock

By Dan Murtaugh (Bloomberg) -- Marathon Petroleum Corp. is unable to load oil from a barge dock on the Mississippi River at Wood River, Illinois, which may depress Canadian oil prices if repairs are lengthy. The unloading arm at the dock was damaged early today when a barge it was filling with crude was struck by other vessels in the river that became unmoored, Shane … [Read more...]

Marathon Oil Mulling “Farming Down” Gulf of Mexico Portfolio

HOUSTON (Dow Jones)--Marathon Oil Corp. (MRO) said Thursday it is considering selling minority stakes in its U.S. Gulf of Mexico assets in order to increase returns for shareholders. "Given the significant prospect inventory we've built in the Gulf and our focus on capital discipline, we are evaluating the opportunity to farm down a minority working interest in our Gulf of … [Read more...]

Marathon Oil sets $5.267 billion capital, investment and exploration budget

HOUSTON, Feb. 2, 2011 - Marathon Oil Corporation (NYSE: MRO) announced today a $5.267 billion capital, investment and exploration budget for 2011, consistent with prior guidance and a 9 percent increase from 2010 capital spending. "Having completed a number of major investment projects over the last few years, Marathon's 2011 budget has shifted toward an emphasis on more … [Read more...]

Marathon Oil Co. Terminates ‘Noble Jim Day’ Contract

ZUG, Switzerland, Jan. 3, 2011: Noble Corporation (NYSE: NE) today reported that Marathon Oil Company ("Marathon") has provided notice that it is terminating the drilling contract for the ultradeepwater semisubmersible drilling rig Noble Jim Day. Marathon's stated reason for the termination was that the rig had not been accepted by Marathon by December 31, 2010. Noble believes … [Read more...]