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Providing coverage of Alaska and northern Canada's oil and gas industry
December 2008

Vol. 13, No. 50 Week of December 14, 2008

Marathon still ‘evaluating’ company split

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






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