Marathon still ‘evaluating’ company split

Click here to read the PDF version of this story.
Print this story | Email it to an associate.

Marathon Oil plans to continue “evaluating” a split of its assets and operations into two independent companies, according to a statement released Dec. 11.

“Our review thus far indicates that a separation of the businesses may enhance shareholder value, however, the recent extreme volatility in the capital and commodity markets requires further evaluation before a decision can be reached. Concluding this evaluation remains a high priority with timing of a decision largely dependent on external market factors,” Marathon President and CEO Clarence P. Cazalot Jr. said in a statement. The move could have impacts in Alaska, where Marathon is both a major producer of natural gas and a partial owner of the liquefied natural gas plant on the Kenai Peninsula. The proposed split, announced July 31, would be between upstream and downstream.

—Petroleum News