Marathon Oil Company Company News

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Wells Restarting in Texas
Thursday, February 18, 2021The Texas oil patch is slowly restarting wells after a deep freeze that swept through the region shut a record amount of US crude output.

Marathon Will Take Frac Holidays to Cut Spending
Wednesday, April 08, 2020The company is reducing spending this year to about half of 2019 levels, joining a parade of shale drillers doing the same.

Some Refiners Benefiting From Crude-Price Drop
Tuesday, March 31, 2020America's biggest fuel makers are taking advantage of low oil prices to capture profits while slowing fuel production.

Marathon Dials Back Activity, Trims 2020 Budget
Wednesday, March 11, 2020The revised budget of $1.9 billion or less is a 30 percent reduction in comparison to 2019 capital spend.

Marathon Cuts 2020 Capital Budget by 11 Percent
Friday, February 14, 2020The company's low organic free cash flow breakeven of $47 per barrel will be key in 2020.

Marathon Oil Opts for Overlooked Acreage Outside of Permian
Tuesday, March 12, 2019The explorer is opting to snap up cheap acreage in overlooked areas like the Louisiana Austin Chalk.

Harvey's Wake Tempers Bullish Outlook for US Oil Output Growth
Friday, September 01, 2017Oil analysts and some company executives had anticipated that the US could top the 10 million bpd mark by year-end.

RoyalGate to Drill New Well in Equatorial Guinea's Block Z
Friday, September 25, 2015RoyalGate Energy will drill a new well in Equatorial Guinea's Block Z in the first quarter of 2016.

ShaMaran Subsidiary to Contest TAQA Default Notice
Monday, September 21, 2015ShaMaran Petroleum's wholly owned subsidiary, GEP, will contest a default notice issued by TAQA that claims GEP failed to pay its full participating interest share of July and August cash calls for the Atrush Block Joint Operating Agreement.

Marathon, OMV Hand Back Croatia Oil Exploration Licences
Wednesday, July 29, 2015Marathon Oil and OMV return seven offshore oil and gas licenses to Croatia.

Marathon Petroleum's MLP to Acquire MarkWest Energy for $15.63B
Monday, July 13, 2015Marathon Petroleum buys MarkWest Energy Partners for its natural gas processing facilities.

3Legs Sells its Last Polish Shale Gas Concessions
Wednesday, November 05, 20143Legs Resources sells its last shale gas concessions in Poland to Sweden's Stena Group.

Det Norske Completes Marathon Oil Norge Acquisition
Thursday, October 16, 2014Det norske oljeselskap completes its acquisition of Marathon Oil Norge, with its chief executive stating there would be no redundancies as a result of the takeover.

France's Total Calls Time on Polish Shale License
Monday, April 14, 2014France's Total chooses not to renew its only shale gas exploration license in Poland, according to a company spokesman.

Libya's NOC Interested in Marathon Oil Stake
Thursday, October 03, 2013Libya's National Oil Corp wants to buy Marathon Oil's stake in the country's Waha Oil Company.

Marathon Oil CEO Cazalot to Retire; Replaced by ExxonMobil's Tillman
Thursday, June 13, 2013Marathon Oil Corp. says Chairman and CEO Clarence P. Cazalot Jr., will retire, and Lee M. Tillman, an ExxonMobil executive, replacing him as CEO.

Marathon Oil: Talks to Sell Alberta Oil Sands Stake Fall Through
Thursday, May 23, 2013Marathon Oil says discussions to sell its 20% outside-operated stake in the Athabasca Oil Sands Project in Alberta were unsuccessful and talks with a prospective buyer have been terminated.

Marathon Oil 1Q Net Falls 8.2% on Tax Provision
Tuesday, May 07, 2013Marathon Oil Corp.'s first-quarter earnings fell 8.2% as the energy company set aside more for income taxes, masking revenue growth.

Finalists Selected for UK O&G Safety Awards
Wednesday, March 27, 2013Several oil and gas firms and suppliers are up for seven gongs at 2013's UK safety awards.

Anadarko Hits Prolific Oil Pay at Shenandoah Well in GOM
Tuesday, March 19, 2013The Shenandoah-2 well in the deepwater Gulf of Mexico has encountered more than 1,000 net feet of oil pay in multiple high-quality Lower Tertiary-aged reservoirs, Marathon Oil reports.

Marathon Petroleum Swings to Fourth-Quarter Profit
Wednesday, January 30, 2013Marathon swung to a fourth-quarter profit, becoming the latest refiner to beat analysts' expectations and promise to return more cash to shareholders.

Marathon COO Waves Goodbye
Monday, December 10, 2012Marathon Oil Corporation announces that David E. Roberts, Jr., executive vice president and chief operating officer, has resigned.

Marathon Oil Sets $5.2B Capital Budget for 2013
Tuesday, December 04, 2012Marathon Oil Corporation announced today a $5.2 billion capital, investment and exploration budget for 2013, approximately 65 percent of which is targeted to the Company's liquids-rich growth assets.

General Exploration Partners Sell Atrush Interest
Monday, December 03, 2012General Exploration Partners has signed a purchase and sale agreement to sell 53.2 percent of its participating interest in the Atrush Block to Abu Dhabi National Energy Company PJSC.

Marathon Oil 3Q Net Up 11% on Strong Revenue, Margins
Tuesday, November 06, 2012Marathon Oil's third-quarter earnings rose 11% amid strong revenue growth and wider margins.

Marathon Raises 2013 Bakken, Eagle Ford Oil Production Targets
Tuesday, November 06, 2012Marathon Oil says it aims to produce more than expected in unconventional U.S. oil plays next year.

Norway Approves Boyla Field
Friday, October 26, 2012Lundin Petroleum receives approval for plan to develop Boyla field.

Marathon Oil Has About $1.1B in Asset-Sale Agreements So Far in 2012
Wednesday, October 24, 2012Marathon Oil said it reached agreements for divestitures of about $1.1B so far this year, including the pending sale of the company's Alaska Cook Inlet assets.

Africa Oil Concludes Kenyan Farmout Deal with Marathon
Monday, October 22, 2012Africa Oil completes the Kenyan portion of the previously announced farmout agreement with Marathon Oil Corporation.

Marathon Oil to Sell Noncore Eagle Ford Acreage
Monday, October 15, 2012Marathon Oil plans to sell just under 100,000 acres from its holdings in the Eagle Ford shale in S. Texas, about one third of the acreage it holds in the booming oil region.

Marathon Enters Ethiopia with Acquisition
Wednesday, October 03, 2012Marathon Oil buys 20-percent interest in South Omo concession in Ethiopia.

Marathon Looks to Exit Marcellus Shale
Wednesday, September 26, 2012Sources say that Marathon Oil is putting gas-rich acreage in the Marcellus Shale formation up for sale.

Magnolia Petroleum Issues Upbeat Ops Update
Monday, September 03, 2012Magnolia reports that it is to participate in Marathon's Curtis Kerr well in North Dakota, while production has begun on two more wells.

Marathon Oil Says Hello to New VP of NAPO
Tuesday, August 28, 2012Marathon Oil announces the appointment of vice president of North America Production Operations (NAPO).

Faroe Buys 12.5% Stake in Barents Sea Well
Thursday, August 23, 2012Faroe Petroleum's acquisition of a stake in the Darwin prospect hailed a significant step towards establishing a strategic position in the Barents Sea.

Athasbasca Hits Production Milestone with 500MM Bbls
Monday, August 20, 2012Shell, as operator of the Athabasca Oil Sands Project (AOSP), today announced that its oil sands operations have achieved the production milestone of 500 million barrels since production began in 2003.

Total Farms into Marathon Blocks in Kurdistan
Tuesday, July 31, 2012Total has acquired 35% working interests in the Harir and Safen blocks in Iraq's Kurdistan region from Marathon Oil Corporation, Marathon reported.

Marathon Oil: US Trade Regulators Reviewing Alaska Deal with Hilcorp
Tuesday, July 31, 2012Marathon Oil Corp. said that the U.S. Federal Trade Commission is reviewing its deal to sell Alaska O&G assets to Hilcorp Energy Corp.

Marathon Enters Emerging Kenya Play with Farmout Agreement
Monday, July 23, 2012Marathon Oil enter a farmout agreement with Africa Oil to acquire a position in two onshore exploration blocks amounting to more than 11 million gross acres in northwest Kenya.

Technip Wins Marathon North Sea Contract
Tuesday, July 17, 2012French firm Technip will provide services to help expand drill centers at Kneler B and Volund in the Alvheim area of the North Sea.

UPDATE: US Gulf Producers Shut Production, Evacuate Staff as Storm Nears
Saturday, June 23, 2012Anadarko, Marathon Oil and Murphy Oil are evacuating all nonessential personnel from their GOM operations as the likelihood of a tropical storm in the region increases.

Marathon Returns to Gabon with Diaba Farm-out Agreement
Friday, June 22, 2012Marathon Oil Corporation re-enters Gabon through a farm-out agreement with a subsidiary of Total for the offshore Diaba license.

Technip Wins 'Major' North Sea Contract from Marathon
Wednesday, June 20, 2012Technip's deal to develop the Boyla field is valued at $381 million.

Lundin Petroleum Gets Approval for Edvard Grieg Field
Tuesday, June 12, 2012Peak production from the Edvard Grieg field, scheduled to come on stream in 2015, is expected to be 100,000 barrels of oil equivalent per day.

Marathon, Partners Submit PDO for Boyla Field
Monday, June 04, 2012Lundin, through its wholly owned subsidiary Lundin Norway AS and the Boyla partners, has submitted the plan for development and operation (PDO) of the Boyla field

Cairn Joins Marathon In Cyprus Exploration Bid
Thursday, May 17, 2012Cairn Energy teams up with Marathon Oil to jointly bid for O&G exploration rights in Cyprus, where huge offshore discoveries of natural gas have reignited international tensions over the divided island.

Statoil Hands Over Vilje Reins to Marathon
Wednesday, May 16, 2012Statoil transfers operatorship of the Vilje field in the North Sea to Marathon Oil Norge.

Marathon Agrees to Acquire Paloma II in Eagle Ford Expansion
Wednesday, May 09, 2012Marathon has agreed to acquire Paloma Partners II LLC for around $750M in cash, as the company expands its operations in the oil-rich Eagle Ford shale.

Buccaneer Energy Acquires Rig from Marathon Subsidiary
Thursday, April 19, 2012Buccaneer Energy has executed a binding purchase agreement with Glacier Drilling Company, a wholly owned subsidiary of Marathon Oil Company, to acquire the Glacier #1 drilling rig.