Marathon Oil

Marathon Oil (Marathon Oil Corp.) is one of the largest integrated oil companies in the United States. It is engaged in exploration and production of crude oil and natural gas. It was incorporated in 1965, and now employs about 30,000 people (as of January 1, 2008). The company is headquartered in Houston, Texas, and it has exploration and production activities in the United States, Angola, Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway, Ukraine, and the United Kingdom (UK). Marathon Oil is quoted in the New York Stock Exchange with the ticker symbol MRO. Marathon Oil has approximately 60,000 shareholders (as of January 1, 2008).

The United States is the company's largest geographic market (92 percent of the revenues in 2006). Marathon Oil generates revenues through three major business divisions: refining, marketing, and transportation division (86 percent of the revenues in 2006); exploration and production division (14 percent of the revenues in 2006); and integrated gas division (less than 1 percent of the revenues in 2006).

Specifically, Marathon Oil is engaged in worldwide exploration and production of crude oil and natural gas and domestic refining, marketing, and transportation of crude oil and petroleum products. The company's principal operating subsidiaries are Marathon Oil Company and Marathon Ashland Petroleum, LLC. The company has exploration and development activities in the following countries: United States, Norway, Equatorial Guinea, Angola, and Canada (principal exploration activities); United States, UK, Ireland, Norway, Equatorial Guinea, Gabon, and Russia (principal development activities).

Marathon Oil also operates other businesses that market and transport its own and third-party natural gas, crude oil, and other products manufactured from natural gas primarily in the United States, Europe, and west Africa. Marathon Oil's key products include crude oil, natural gas, condensed and natural gas liquids, propane, heavy fuel oil, asphalt, sulfur gasoline, graphite electrodes, aromatics, aliphatic hydrocarbons, liquid hydrocarbons, cumene, base lube oil, polymer-grade propylene, slack wax, refined products, merchandise, and transportation. The company also offers service stations.

The company was formed in 1887 under the name Ohio Oil Company in northwestern Ohio, which was the leading center for crude oil production at that time. Then it was known as USX Corporation. In 1962 the company changed its name to Marathon Oil Company. In 1998 Marathon Oil and Ashland, Inc., formed Marathon Ashland Petroleum, LLC to refine, market, and transport crude oil and petroleum products. Marathon Oil now owns 100 percent of Ashland's shares. The company changed its name to Marathon [Page 1072]Oil Corporation in 2001. The company formed a joint venture with Pilot Corporation in 2001—Pilot Travel Centers LLC, which operates travel centers that offer diesel fuel and gasoline as well as various services, including on-premises brand-name restaurants. Marathon Oil grows with various acquisitions. In 2002 the company acquired GlobexEnergy, Inc., and acquired Western Oil Sands, Inc., in 2007.

In 2008 the executive team of Marathon Oil included Thomas J. Usher (chairman), Clarence P. Cazalot, Jr. (president, chief executive officer), Gary R. Heminger (executive vice president), Janet Clark (chief financial officer), William F. Schwind, Jr. (secretary, general counsel), Michael K. Stewart (controller), Paul C. Reinbolt (treasurer), and Jerry Howard, Philip G. Behrman, Steven B. Hinchman, David E. Roberts, Jr., and Janet Clark (senior vice presidents). The company's board of directors included Charles E Bolden, Jr.; Clarence P. Cazalot, Jr.; David A. Daberko; William L. Davis; Shirley Ann Jackson; Philip Lader; Charles R. Lee; Dennis H. Reilley; Seth E. Schofield; John W Snow; Thomas J. Usher; and Douglas C.

...