Marathon Oil Corporation is an American petroleum company that has existed since 1887. Marathon was founded in Lima, Ohio as the Ohio Oil Company. In 1899, the company was acquired by the Standard Oil Company (New Jersey). After the antitrust case against Jersey Standard in 1911 and subsequent breakup of its holdings, Ohio Oil once again became an independent company. In 1930, Ohio Oil acquired the Transcontinental Oil Company, which operated the "Marathon" brand of retail gasoline stations. Ohio Oil continued to use the Marathon brand, and in 1962, Ohio changed its name to the Marathon Oil Company.
In January 1982, Marathon was acquired by United States Steel. After the acquisition, the USX Corporation was created to act as the parent of U.S. Steel and Marathon Oil, which operated as divisions. In 2001, USX spun off Marathon under the name Marathon Oil Corporation. In 2011, Marathon Oil spun off its downstream operations as Marathon Petroleum. Since 2011, Marathon Oil has operated as an independent exploration and production company.
On May 29, 2024, ConocoPhillips announced it was acquiring Marathon for $22.5 billion in an all-stock transaction, including debt.[4][5]
History
Marathon Oil began as "The Ohio Oil Company" in 1887.[6] In 1889, the company was purchased by John D. Rockefeller's Standard Oil. It remained a part of Standard Oil until Standard Oil was broken up in 1911. In 1930, The Ohio Oil Company bought the Transcontinental Oil Company and established the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company".[7]
In 1959, the Ohio Oil Company acquired Detroit based Aurora Oil Company which operated Speedway 79 stations and became an Ohio Oil subsidiary.[8]
In 1962, the Speedway 79 and Marathon stations were consolidated under the Marathon name and the Ohio Oil Company is renamed Marathon Oil Company.[9][10]
In 1981, Mobil made a hostile takeover offer to buy the company.[11][12] However, the board of Marathon Oil rejected the offer and instead sold the company to United States Steel. A legal battle ensued thereafter.[13]
In 1990, the headquarters was moved to Houston, Texas, but the company's refining subsidiary maintained its headquarters in Findlay, Ohio.[14]
In 1984, Marathon purchased the U.S. unit of Husky Energy for $505 million.[15]
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.[17]
In 2003, Marathon sold its Canadian operations to Husky Energy.[18]
Since 2003, Marathon Oil and its partners Noble Energy and AMPCO, have invested in the Bioko Island Malaria Control Project (BIMCP) in Equatorial Guinea. The project includes distribution of insecticide nets, indoor residual spraying and larval source management, preventive therapy for pregnant women and malaria case management, and investment in a possible malaria vaccine. The project has resulted in a 63% reduction in malaria parasite prevalence and a 63% reduction in the mortality rate and 97% reduction in severe anemia in children under 5 years old.[30]
Criticism
Environmental record
According to a 2017 study, the company was responsible for 0.19% of global industrial greenhouse gas emissions from 1988 to 2015.[31]
James C. Donnell, 1911–1927
Otto D. Donnell, 1927–1948
James C. Donnell, II, 1948–1972
Harold D. Hoopman, 1972–1985
William E. Swales, 1985–1987
Victor G. Beghini, 1987–1999
Clarence P. Cazalot, Jr., 2000–2013
Lee M. Tillman, 2013–