Marathon Oil Corp., the U.S. oil producer that has been expanding exploration from Ethiopia to Texas, picked as its next chief executive officer the Exxon Mobil Corp. engineer who helped oversee the global portfolio of the world’s largest energy company.
Growth prospects for smaller oil- sands producers including BlackPearl Resources Inc. and Southern Pacific Resource Corp. are fading as political wrangling over the Keystone XL pipeline and rising U.S. supply slow deals in the Canadian energy industry.
Marathon Oil Corp. ended talks to sell part of its stake in the Athabasca Oil Sands Project as Canadian oil sands deals languish in the face of low heavy crude prices and competing U.S. shale investments.
Seeking to quell environmental concerns about the chemicals it shoots underground to extract oil and natural gas, Apache Corp. told shareholders in April that it disclosed information about “all the company’s U.S. hydraulic fracturing jobs” on a website last year.
Marathon Oil Corp., the U.S. oil producer that spun off its refining business last year, paid Chief Executive Officer Clarence Cazalot three times more in 2011 than a year earlier after the company’s stock price surged.
A wave of shareholder rebellions and executive retirements that’s left at least six North American oil and gas companies searching for chief executive officers is leading toward a bidding war for the industry’s best leaders.
Marathon Oil Corp., the fourth- largest U.S. energy company, said it doesn’t expect changes in the $1.3 billion price or closing schedule on its planned sale of a 20 percent stake in a block off the coast of Angola.