Marathon Oil Corp. declared that it has refined less crude oil in the second quarter than a year ago and said it will take a charge related to foreign currency and taxes when it reports its quarterly earnings next month. For full story, click here
Marathon Oil Corp announced that crude pipeline supplying its Garyville, Louisiana, refinery remained shut one day after a deadly explosion nearby. For full story, click here
The list of the world’s biggest oil companies stung by crude’s swift collapse grew by two on Tuesday, as BP PLC and Marathon Oil Corp. both reported fourth-quarter losses to end a dismal earnings period for major producers. For full story, click here
OPEC’s meeting tomorrow will almost certainly result in talk of cutting production, but not much in the way of concerted action. Member nations’ motivations are not synchronized, so consensus is exceedingly unlikely. Iran wants to impose OPEC-wide decreases, but the UAE thinks current levels are appropriate. Although OPEC will not move together on this issue, some countries (notably Saudi Arabia) are likely to retrench significant volumes.
At this point, there are much more pressing threats to the pipeline’s continued functioning. A long simmering dispute between Georgia and Russia over the disputed South Ossetia region erupted into war. Reports on Monday morning confirmed that Russian forces had pressed along the Greater Liakhvi River, beginning to enter the city of Gori.
Numerous private contractors are helping Marathon Oil Co. to contain and clean up a massive crude oil spill from a pipeline break in eastern Wayne County. The spilled crude has a value of more than $525,000. For more information, click here
Marathon oil could quickly become an acquisition target for oil giants sitting atop massive piles of cash but struggling to find new sources of crude and natural gas. For full story, click here
While the world is focusing on Olympics for the next few weeks, Marathon Oil is jumping over hurdles of its own to win over investors. For full story, click here
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