Marathon Oil Corporation (NYSE: MRO) was founded in 1887 and is headquartered in Houston, Texas, with 2,400 full-time employees. It is an American oil and gas exploration and producer.
Marathon Oil (MRO):
American Marathon Petroleum Company’s business is mainly oil and natural gas exploration, production and transportation, and its international exploration and production are mainly concentrated in: the United Kingdom, the Netherlands, Egypt, Ireland, Gabon and Norway. In order to expand its global influence, Marathon began oil and gas development in Russia, Norway, and Angola & Equatorial Guinea in Africa this year.
Marathon Oil is the first company engaged in the construction and operation of interstate pipelines in the United States. Today, Marathon Oil is the third largest transportation company in the United States.
As of December 31, 2018, Marathon Petroleum Company estimated that the proven developed reserves totaled 752 million barrels of oil equivalent (mmboe); the estimated undeveloped reserves totaled 529 million barrels.
Marathon Oil (MRO) history:
- In 1887, the Marathon Petroleum Company was founded (at the time when the center of the US petroleum industry moved westward). In the center of American oil production in Northwest Ohio, the Ohio Oil Company was formed by 14 independent oilers.
- In 1889, Ohio Oil Company was acquired by Rockefeller Company.
- 1905 headquarters also moved to Findlay, Ohio.
- In 1990, it moved to Houston and changed its name to Marathon Oil Company. Marathon Company was the first company engaged in the development of LPG projects in Alaska, and is currently the sole exporter of LPG in the United States .
- Marathon became a wholly-owned subsidiary of U.S. Steel in 1982 and has since become part of USX.
- In 1991, USX’s business was divided into two main parts (energy and steel), and the name of Marathon was retained on the large stock exchange.
- In 1998, Marathon and Ashland Petroleum Corporation of the United States jointly established Marathon-Ashland PetroleumLLC (MarathonAshland PetroleumLLC).
- In 1999, the Marathon Company planned to increase oil production by 17%. The increase in oil production mainly came from the Piltun-Astokhskoye oil field, which was commissioned in mid-1999, and the Tchatamba southern oil field, which was commissioned in the third quarter of 1999.
- In 1999, the company plans to increase natural gas production by 11% to 1.38 billion cubic feet per day.
- Oil and gas production in 2000 was basically stable at the level of 1999.
- In 2001, oil production was increased by 10%-15% from 2000 levels, and natural gas production was increased by 4%.
- In 2005, Marathon completely acquired this joint venture. Today, this subsidiary is mainly responsible for the downstream business of the marathon and has become the fifth largest oil refining company in the United States.
- On January 13, 2011, Marathon Oil Company announced the establishment of Marathon Petroleum Company in its refining business , and the divestiture was completed on July 1 of the same year.
- In June 2013, Marathon sold its Angolan oil and gas field to Sinopec for 1.52 billion US dollars .
- In September 2013, Marathon announced that it would sell a 10% stake in the Angolan offshore oil and gas field to Sonangol Group for approximately US$590 million.
- In June 2014, Detthon Norske Oljeselskap ASA acquired Marathon Oil Norge AS (“Marathon Norway”) for USD 210 million.
- On April 30, 2018, Marathon Petroleum acquired competitor Andeavor (formerly known as Tesoro Petroleum Corporation) for US$23 billion in shares and cash . The combined company will become one of the world’s largest refiners.
- Today, the Marathon Company consists of Marathon Petroleum Company, MAP (MarathonAshland PetroleumLLC, Marathon and Asland merged to form MAP in 1998, Marathon Company holds 62%), Marathon Petroleum UK Ltd., Carnegie Gas Company, and holds a number of oil and gas companies Of shares.