Marathon

Americas

The $30bn exodus: Foreign oil firms bail on Canada

23/08/2019

Capital keeps marching out of Canada’s oil industry, with Kinder Morgan Inc.’s sale of its remaining holdings in the country on Wednesday adding to more than $30 billion of foreign-company divestitures in the past three years.

Market info

Marathon Petroleum reports 77% drop in profit

03/02/2016

Marathon Petroleum has reported a 77% drop in quarterly profit after it took an inventory valuation adjustment charge of $370million. The refiner said the net income attributable to the company fell to $187million for the quarter ended to December 31st from $798million. The company revenue fell nearly 30 percent to $15.61 billion.

Other News

Alba topside prepares to move off to new destination

21/10/2015

The topside for Marathon Oil’s new Alba B3 platform is getting ready for a sail away to its next stop as the platform moves towards completion. The preparations for a sail away to the Heerema Vlissingen yard are in full swing from its current location at the Heerema Zwijndrecht yard in the Netherlands.

Market info

US stocks decline as energy shares fall with oil

06/08/2015

US stocks declined for the fourth time in five sessions, as results from Viacom Inc. and Twenty-First Century Fox Inc. disappointed while energy shares fell with oil. Viacom and Fox slumped at least 10 percent after joining a parade of media companies reporting disappointing results. Keurig Green Mountain Inc. plunged 30 percent after cutting its sales and profit forecasts. Marathon Oil Corp. and Apache Corp. sank at least 1.4 percent. Michael Kors Holdings Ltd. added 12 percent after posting better-than-estimated results. The Standard & Poor’s 500 Index lost 0.4 percent to 2,092.34 at 9:59 a.m. in New York, after adding 0.3 percent on Wednesday. The Dow Jones Industrial Average fell 92.40 points, or 0.5 percent, to 17,448.07. The Nasdaq Composite Index also decreased 0.5 percent.

Oil & Gas

Refiner Marathon buys MarkWest for $15.8billion

13/07/2015

The pipeline unit of refiner Marathon Petroleum Corp. plans to buy MarkWest Energy Partners LP, the second-largest U.S. processor of natural gas, for about $15.8 billion in stock and cash. The transaction represents a major expansion into pipelines and processing for Marathon, which created its pipeline unit MPLX LP in 2012, the year after it was spun out of producer Marathon Oil Corp. The refiner has more than doubled in value since then as processors reap the rewards from low crude prices brought on by the shale revolution.

Oil & Gas

Marathon preparing to restart Galveston Bay FCCU, report says.

18/06/2015

Marathon Petroleum Corp is preparing to restart the 60,000 barrel per day (bpd) gasoline-producing Fluidic Catalytic Cracking Unit 1 at its 451,000 bpd Galveston Bay Refinery in Texas City, Texas, said two sources familiar with plant operations. Marathon could begin restarting the unit, which has been shut since Jan. 13, as early as Friday, the sources said. If there are no problems with the restart, the FCCU is expected to be back in production by June 26.

Oil & Gas

Marathon chief exec says Puerto Rico debt among firm’s ‘best ideas’

07/05/2015

Marathon Asset Management’s chief executive officer said debt of Puerto Rico’s public power utility is among the distressed-debt firm’s best investments. “We think it’s a very high rate of return for Prepa,” Bruce Richards said in an interview at the SkyBridge Alternatives Conference in Las Vegas. “It’s one of the best ideas that we have in our fund.” The cash-strapped Puerto Rico Electric Power Authority, known as Prepa, has been in talks with creditors to negotiate a plan to restructure its $8.6 billion of obligations, many of which trade at distressed levels.

Breaking