In the long-running competition for profits in the oil and gas industry Marathon Oil is keeping up a steady pace. The company explores for oil and gas primarily in Canada, Equatorial Guinea, Iraq, Libya, Poland, the UK, and the US. In 2014 it reported proved reserves of more than 2.2 billion barrels of oil equivalent including 644 million barrels of synthetic oil derived from oil sands mining. Its major areas of production include Europe (the UK); Africa (Equatorial Guinea and Libya); and Canada (the Athabasca Oil Sands Project). In the US, the company’s core production assets are in Colorado, the Gulf of Mexico, Louisiana, Oklahoma, Texas, and Wyoming.

Geographic Reach

Marathon Oil has oil and gas assets in Canada, Equatorial Guinea, Ethiopia, Gabon, Kenya, Kurdistan (Iraq), Libya, Norway, Poland, the UK, and the US. 


Marathon Oil is engaged in oil and gas exploration production worldwide, oil sands mining (extracting bitumen from oil sands deposits in Canada, and producing synthetic crude oil and vacuum gas oil), and LNG and methanol marketing in Equatorial Guinea. 

The company operates through three reportable operating segments: North America E&P (70% of 2014 revenues), which explores for, produces, and markets crude oil and condensate, NGLs, and natural gas in North America; International E&P (15%), which explores for, produces, and markets crude oil and condensate, NGLs, and natural gas outside of North America and produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea; and Oil Sands Mining (15%), which mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada, and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas oil.

Sales and Marketing

Marathon Oil’s marketing activities include the transportation of oil and gas to market centers, the sale of commodities to third parties, and the storage of hydrocarbon products.

Financial Performance

The company’s revenues have been restated due to the sale of its Angola and Norway assets. In 2014 Marathon Oil's net revenues decreased by 25% due to the company’s asset dispositions.

Marathon Oil's net income grew by 74% in 2014 due to an increase in discontinued operations costs as a result of the sale of the Angola and Norway operations.

The company’s cash inflow increased by 4% in 2014 as the result of higher net revenues and changes in working capital due to changes in current receivables.


The company continues to focus on liquid hydrocarbon reserves and production worldwide, realizing significant increases in its three key unconventional liquids-rich plays: the Eagle Ford, Bakken, and Oklahoma resource basins. In 2015 about 40% of its  spending was allocated to the Eagle Ford, $760 million for Bakken, $226 million for Oklahoma Resource Basins. Internationally the spend was $429 million primarily in Equatorial Guinea, the UK, and the Kurdistan Region of Iraq, and $232 million for the Gulf of Mexico and seismic surveys in Gabon and Ethiopia.

To free up cash to reinvest in core properties and pay down debt, in 2014 the company sold it Norwegian assets to Det Norske Oljeselskap ASA for $2.7 billion.

In 2014 Marathon Oil sold its non-operated 10% working interests in the Production Sharing Contracts and Joint Operating Agreements for Angola Blocks 31 and 32 for $2.1 billion.

Mergers and Acquisitions

In 2016 the company agreed to acquire Payrock Energy Holdings (a portfolio company of EnCap Investments) for $888 million.

- Show Less + Show Full Description

Company News and Press Releases

- Show Less + Show More News and Press Releases


5555 San Felipe St #2796
Houston, TX 77056-2799
Phone: 1 (713) 629-6600
Fax: 1 (713) 871-0728


  • Employer Type: Public
  • CEO: Cliff Mcbain
  • CEO: Cliff Mcbain
  • Sr V Pres-fin & Admin/cfo: J T Mills

Major Office Locations

  • Houston, TX

Other Locations

  • Grand Junction, CO
  • Littleton, CO
  • Washington, DC
  • Tamarac, FL
  • Aurora, IL
  • Chicago, IL
  • Gurnee, IL
  • Park Ridge, IL
  • Stillman Valley, IL
  • Sullivan, IL
  • Coatesville, IN
  • Gary, IN
  • Muncie, IN
  • Franklin, LA
  • Jackson, LA
  • Battle Creek, MI
  • Detroit, MI
  • Dorr, MI
  • Eastpointe, MI
  • Hastings, MI
  • Niles, MI
  • Oak Park, MI
  • Roseville, MI
  • Temperance, MI
  • Lakeville, MN
  • Dickinson, ND
  • Hobbs, NM
  • New York, NY
  • Bucyrus, OH
  • Columbus, OH
  • Findlay, OH
  • Lindsay, OK
  • Oklahoma City, OK
  • Tulsa, OK
  • Weatherford, OK
  • Wheatland, OK
  • Boyers, PA
  • Pittsburgh, PA
  • Iraan, TX
  • Pasadena, TX
  • Texon, TX
  • Price, UT
  • Radford, VA
  • Byron, WY
  • Cody, WY
  • Gillette, WY
  • Kinnear, WY
  • Thermopolis, WY
- Show Less + Show More