Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.



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

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.


Marathon Petroleum reports 77% drop in profit

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

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.


US stocks decline as energy shares fall with oil

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

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.

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’

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.