Marathon Oil Corporation
Marathon Oil is one of the world’s largest exploration and production companies, and has an extensive history, dating back to the nineteenth century. The company has distinct operations which focus on natural gas in North America, as well as around the world. The company has an additional focus on oil sand deposits in the Canadian region. However, the company’s most vital operations involves the exploration and production of wells in deepwater, including operations in the Gulf of Mexico.
History and Corporate Structure
Marathon Oil has an extensive history beginning in 1887 with the founding of the Ohio Oil Company, which quickly becomes the leading oil producer in the state of Ohio. The company was purchased by Standard Oil only two years after its founding. The company began to assert itself as a major pipeline company, controlling half of the field production in three states. Upon the Standard Oil dissolution in 1911, the Ohio resumed its independent operation, and began prospecting for oil in the West. The company discovered oil in a field in West Texas, and formed a new entity to help manage concessions in northern Mexico.
The company acquired the “Marathon” name, Greek runner trademark, and the “Best in the long run” slogan through the purchase of Transcontinental Oil Company in 1930. Throughout the twentieth century, the company expands its operations into the United Kingdom and Alaska. The company officially changed its name to Marathon Oil Company in celebration of its 75th anniversary. In 1967, the company entered tanker operations, developing the first ocean tankers designed to transport liquefied natural gas.
The company has focused much of its business lately on expanding its natural gas resources throughout North America, as well as its deepwater operations in the Gulf of Mexico. In 2014, the company signed an exploration and production sharing contract in the Gulf of Mexico. While the lower price of crude oil has led the company to cut its budget in 2015, the output in its operations continues to rise, and its deepwater operations continue to serve as one of the leading sources of revenue for the company. The company currently has the following operations in the Gulf of Mexico:
- Gunflint (Marathon Oil owns an 18.2 percent working interest)
- Shenandoah (Marathon Oil owns a 10 percent working interest)
- Arnold, Lobster and Oyster (Marathon Oil is the operator and holds a 66.67 percent working interest in Lobster and Oyster, and 62.5 percent for Arnold)
- Neptune (Marathon Oil holds a 30 percent working interest)
- Petronius/Perseus (Marathon Oil holds a 50 percent working interest)
- Ursa (Marathon Oil holds an overriding royalty interest of 3.5 percent)
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