By OGJ editors
HOUSTON, July 1 -- Marathon Oil Corp. completed the spinoff of the downstream business, Marathon Petroleum Corp., making Marathon Oil an independent upstream company based in Houston.
Marathon Petroleum became an independent refiner based in Findlay, Ohio (OGJ, Jan. 7, 2011, Newsletter).
Clarence P. Cazalot Jr. on July 1 became Marathon Oil’s chairman in addition to his responsibilities as president and chief executive officer.
To effect the spinoff, Marathon Oil shareholders received one share of Marathon Petroleum common stock for every two shares of Marathon Oil common stock held on the June 27.
Marathon Oil adopted a corporate logo of an abstracted tricolor wave. At yearend 2010, Marathon Oil had net proved reserves of more than 1.6 billion bbl in the US, Angola, Canada, Equatorial Guinea, Indonesia, Iraqi Kurdistan Region, Libya, Norway, Poland, and UK.