The Full Wiki

Marathon Oil Corporation: Wikis

Advertisements

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

(Redirected to Marathon Oil article)

From Wikipedia, the free encyclopedia

Marathon Oil Corp
Type Public (NYSEMRO)
Founded 1887
Headquarters United States Houston, TX, USA
Area served Worldwide
Key people Thomas J. Usher
(Chairman)
Clarence P. Cazalot, Jr.
(President) & (CEO)
Industry Oil and gas
Products Petrochemical
Natural gas
Revenue $ 77.193 billion (2008)
Operating income $ 7.023 billion (2008)
Net income $ 3.528 billion (2008)
Total assets $ 42.686 billion (2008)
Total equity $ 21.409 billion (2008)
Employees 29,524 (2008)
Website Marathon.com
Marathon Gas Station in Red Lion, Ohio.

Marathon Oil Corporation, (NYSEMRO), headquartered in Houston, Texas, is a worldwide oil and natural gas exploration and production company. Principal exploration activities are in the United States, Norway, Equatorial Guinea, Angola and Canada. Principal development activities are in the United States, the United Kingdom, Ireland, Norway, Equatorial Guinea, and Gabon. In addition, Marathon operates other businesses that market and transport its own and third-party natural gas, crude oil and products manufactured from natural gas, such as liquefied natural gas and methanol, primarily in the United States, Europe and West Africa. Marathon's headquarters facility is the Marathon Oil Tower.[1]

Contents

History

Marathon began as The Ohio Oil Company in 1887. In 1889, it was purchased by John D. Rockefeller's Standard Oil trust. It remained a part of Standard Oil until the trust was broken in 1911. In 1930, The Ohio bought the Transcontinental Oil Company, giving it the Marathon brand name. In 1962, the company changed its name to "Marathon Oil Company" after its main brand name. Mobil wanted to buy the company in 1981. The residents of Findlay, Ohio, the corporation's home town, worried that the Findlay jobs would be lost so Marathon looked for a white knight. They found one in 1982 when United States Steel bought the company. The headquarters moved to Houston in 1990 but the company maintains downstream operations in Findlay. In 2001, USX, the holding company that owned United States Steel and Marathon, spun off the steel business and in 2002 USX renamed itself Marathon Oil Corporation.

In 1998, Marathon and Ashland, Inc., formed Marathon Ashland Petroleum LLC to refine, market and transport crude oil and petroleum products, primarily in the Midwest, the upper Great Plains and southeastern United States. Marathon now owns 100% of the venture with its purchase of Ashland's share on June 30, 2005.

In 2003, Marathon sold off its Canadian operations to Calgary-based Husky Energy, which is owned in part by Hong Kong billionaire Li Ka Shing. In that same year, they sold off their interest in the giant Yates Oil Field, one of the most productive in the United States, to Kinder Morgan.[2]

In late 2003, Marathon Oil and partners (Noble Energy, AMPCO) started the Bioko Island Malaria Control Project (BIMCP) in Equatorial Guinea. Malaria control activities included indoor residual spraying, improved diagnosis and case management, and capacity building to contain future outbreaks. As of late 2005, BIMCP had proven being successful in reducing malaria transmission, reducing the proportion of children with malaria parasites, and improving iron status. BIMCP is perceived as a model of hands-on corporate involvement in a humanitarian effort with government, non-profits and academic organizations to reduce the burden of malaria in countries located in Equatorial Africa. Equatorial Guinea's President Obiang Nguema is one of the world's worst dictators (Parade Magazine). Marathon's humanitarian efforts have mitigated some of the criticism resulting from their dealings with Nguema's regime.

In 2006, Marathon began using STP-branded additives in its gasoline, likely to compete with Chevron's popular Techron additive.

Marathon maintains refineries in Robinson, Illinois; Canton, Ohio; Detroit, Michigan; Garyville, Louisiana; Catlettsburg, Kentucky; Texas City, Texas and St. Paul Park, Minnesota.

Environmental record

The Political Economy Research Institute ranks Marathon Oil 96th among corporations emitting airborne pollutants in the United States. The ranking is based on the quantity (1.5 million pounds in 2005) and toxicity of the emissions.[3]In 2000, the Kentucky Natural Resources and Environmental Cabinet demanded that Marathon pay a $170,000 penalty for a pipeline spill earlier that year.[4] This case was settled in 2002. That same year Texas sent a “Notice of Enforcement” citing Marathon for “excess air emissions” from its Yates Gas Plant.[4] Marathon was prosecuted for air permit violations in 2003 by Louisiana. The Environmental Protection Agency then prosecuted Marathon for not following a pollution prevention plan as well as not complying with the stormwater permit.[4] In November 2006 The Environmental Protection Agency published the list of PCB violations by Marathon Oil company for sum of $38,000[5].

See also

References

External links

Advertisements

Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message