Marathon Oil Corp. has agreed to sell non-core assets in northwest Wyoming, Colorado, West Texas and the offshore Gulf of Mexico (GOM) for $950 million, bringing the total value of the company’s divestitures since last year to about $1.3 billion.
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An engineer with Marathon Petroleum Corp. (MPC) said that despite ongoing low commodity prices, the company is committed to building a pipeline system to transport natural gas liquids (NGL) from wells targeting the Utica Shale to its refinery in Canton, OH.
Thomas Usher, chairman of the board of Marathon Petroleum Corp. (MPC), will retire following the company’s shareholder’s meeting April 27, the company said. The board of directors has elected Gary Heminger, MPC president and CEO, to succeed Usher as chairman in addition to his current duties. Usher joined United States Steel Corp. in 1965 and played a pivotal roles in both the separation of Marathon Oil and U.S. Steel in 2001 and the spinoff of MPC from Marathon Oil in 2011. Heminger joined Marathon in 1975 and has worked in a variety of groups and functions, including auditing, marketing and commercial roles, and in Marathon’s pipeline subsidiary. He held several executive positions in Marathon’s downstream business, and was appointed president of MPC, a wholly owned subsidiary of Marathon, in 2001. Heminger is also chairman of the board and chief executive officer of MPLX GP LLC.
MarkWest Energy Partners LP and Marathon Petroleum Corp.’s (MPC) master limited partnership MPLX LP, which merged in December, said talks are underway with Appalachian producers about building an alkylate facility somewhere in Ohio or Pennsylvania.
Marathon Petroleum Corp. outlined a $4.2 billion 2016 capital investment plan at an investor meeting on Thursday, just two days after the company said MarkWest Energy Partners LP unitholders overwhelmingly approved a merger with MPC’s master limited partnership (MLP), MPLX LP.
The same horizontal drilling and hydraulic fracturing technologies that unlocked gushers across North America’s unconventional plays have so far turned up meager results in North Dakota’s Tyler Shale in Slope County.
Marathon Petroleum Corp. (MPC) is adding $400 million to the cash consideration payable to MarkWest Energy Partners LP unitholders in a proposed merger with MPC’s midstream master limited partnership, MPLX LP.
Marathon Oil Corp.’s U.S. resource plays can hold their own in a low-price environment, and the company’s U.S. drilling program is expected to proceed essentially unchanged from plan, executives said Tuesday.