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Website: http://www.marathon.com Marathon Oil is engaged in the worldwide exploration and production of crude oil and natural gas, as well as the domestic refining, marketing and transportation of petroleum products. Headquartered in Houston, Marathon is among the leading energy industry players, applying innovative technologies to discover valuable energy resources and deliver the highest quality products to the marketplace. Marathon is the fourth-largest U.S.-based fully integrated energy company, with operations in the U.S., Angola, Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway and the U.K. The Company is also carrying out technical studies that could lead to the exploration for hydrocarbons in Ukraine. During the first six months of 2007, daily production averaged 199 thousand barrels per day of liquid hydrocarbons and 841 million cubic feet per day (mmcfd) of natural gas, or 339 thousand barrels of oil equivalent per day. The company has an estimated 1.26 billion barrels of proven oil reserves. Marathon had total revenues in 2006 of $65.4 billion and net income of $5.2 billion. History The company was founded in Ohio in 1887 by Henry Ernst as the Ohio Oil Company. Ohio was the leading center of oil production in the country at the time. John D. Rockefeller's Standard Oil Trust purchases The Ohio in 1889 and the company would grow by adding pipelines and acquiring other oil companies including the Marathon product name. In 1962, the company changed its name to Marathon in honor of its 75th anniversary. In 1982, Marathon became a subsidiary of US Steel Corporation. In 2002, Marathon Oil became a standalone company trading on the New York Stock Exchange. On October 18, 2007, Marathon Oil completed the acquisition of Western Oil Sands Inc. through a cash and securities transaction of approximately US$5.8 billion, plus Western's outstanding debt valued at approximately US$1.1 billion, for a total transaction value of US$6.9 billion. Benefits Marathon offers its employees an excellent compensation package. In the United States, this package includes medical and dental coverage, life and disability insurance, an investment program through Fidelity Investments and tuition reimbursement. Basic compensation components are supplemented with programs that reward individual, team, and overall corporate performance. These programs include the Marathon Achievement of Company Excellence Award (ACE) Program, which gives employees and teams financial incentives for measurable and exceptional results. Marathon's Success Sharing Plan also complements overall compensation, basing a portion of an employee's total compensation on corporate performance relative to industry competitors. Updated November 15, 2007 |