Clarence P. Cazalot Jr., the majordomo of Marathon Oil Corp. for almost 14 years and a 41-year industry veteran, said Thursday he will retire at the end of the year.
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Marathon Output Rising Sharply in Eagle Ford, Bakken
Marathon Oil Corp. production targets are being raised sharply on growth in the Eagle Ford and Bakken shales, CEO Clarence Cazalot said last week. Targeted asset sales also continue, evidenced by the recent sale of a natural gas processor in Louisiana, he told analysts during a 4Q2012 conference call.
Marathon Achieves ‘Highest Level of Rig Activity’ in Years, Says CEO
Marathon Oil Corp. CEO Clarence P. Cazalot Jr., who led the company’s restructuring last year to become a pure-play exploration and production (E&P) company last week said upstream production in 2011 rose 7% year/year on the “highest level of rig activity in many years.”
Marathon Achieves ‘Highest Level of Rig Activity’ in Years, Says CEO
Marathon Oil Corp. CEO Clarence P. Cazalot Jr., who led the company’s restructuring last year to become a pure-play exploration and production (E&P) company on Wednesday said upstream production in 2011 rose 7% year/year on the “highest level of rig activity in many years.”
Marathon Scouts More Eagle Ford Acreage
Marathon Oil Corp. CEO Clarence Cazalot said the company was close to acquiring additional acreage in the Eagle Ford Shale that would increase its position to more than 300,000 net acres by the end of 2011, with an exit rate of about 18,000 boe/d.
Marathon Looks to Add Eagle Ford Acreage By Year’s End
Marathon Oil Corp. CEO Clarence Cazalot said the company’s purchase of 141,000 net acres in the Eagle Ford Shale from Hilcorp Resources Holdings LP for $3.5 billion was exceeding expectations, with production totaling nearly 1,000 boe/d on Tuesday, Marathon’s first official day as operator (see Shale Daily, June 2).
Industry Briefs
Marathon Oil Corp. issued a statement on Friday to clarify comments made by CEO Clarence P. Cazalot last week regarding its position on whether it is soliciting or is interested in offers to purchase the company. At a media roundtable on April 7 with 11 journalists Cazalot was asked whether the company was a takeover target. His response was that Marathon is “for sale every day on the New York Stock Exchange. To the extent that someone wants to offer a premium, the board would consider it.” Some news reports following the roundtable indicated the company was actively soliciting offers. “Marathon remains convinced that its strategy to remain a fully-integrated company presents the greatest value to its shareholders,” the company said in its statement.
Transportation Notes
Pacific Gas & Electric did not extend a high-inventory OFO that had been in effect Wednesday and Thursday.
Transportation Notes
Gulf South began performing scheduled maintenance Monday on Unit #1 at its Clarence (LA) Compressor Station. The project, which will last through Aug. 18, could reduce capacity on Index 129 (West 30-inch line) by an additional 50 MMcf/d to a total of 125 MMcf/d. The first potential reduction of 75 MMcf/d comes from ongoing work at the Goodrich (TX) Compressor Station (see Daily GPI, July 10 ). In addition, unscheduled maintenance was initiated Monday on Index 391 (20-inch line from Longview to Carthage in East Texas). The maintenance will continue until further notice and requires Gulf South to operate at a lower than normal operating pressure, but no service interruptions are expected.
Marathon Consolidates Operations, Cuts Jobs
Marathon Oil’s new President Clarence Cazalot last week followedthrough on consolidation plans announced earlier this summer. Hesaid the company will consolidate parts of its U.S. upstreamorganization, resulting in an initial staff reduction of about 200jobs. The changes are expected to save the company about $75million/year.