Marathon Oil has completed the spin-off of its
downstream business, making Marathon Oil an independent
upstream company and Marathon Petroleum the fifth-largest US
crude oil refiner, the companies said on Friday.
Marathon Oil has a portfolio of assets
leveraged to crude oil production, and will continue to be
based in Houston.
"This is an exciting day and a major milestone
in the nearly 125-year history of Marathon Oil Corporation,"
said Clarence P. Cazalot Jr., Marathon Oil's CEO.
"As an independent upstream company, we have
the capacity to perform at a higher level by focusing on
strategic priorities while providing greater transparency for
investors. Operationally, we're poised to capitalize on a broad
base of opportunities by exhibiting the speed, agility and
flexibility of an independent and retaining our proven ability
to accomplish large and technologically challenging projects.
With this change and effective July 1, Cazalot becomes
chairman of the board of Marathon Oil in addition to his
responsibilities as president and CEO.
Additionally, David E. Roberts Jr. takes on the newly
established role of executive vice president and chief
operating officer. Janet F. Clark will continue in her role as
executive vice president and chief financial officer.
Meanwhile, Marathon Petroleum (MPC) becomes the
fifth-largest crude oil refiner in the US and the largest in
the Midwest, it said, with headquarters in Findlay, Ohio.
MPC's fully integrated strategy provides operational
flexibility to move crude oil, feedstocks and petroleum-related
products efficiently through the company's distribution system
with approximately 4,500 miles of pipeline and 83 terminals, it
The transaction was first announced in January.