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Marathon Oil To Spin Off Units
Marathon Oil is spinning off its refining and sales operations.
Marathon Oilis spinning off its refining and sales operations,The Wall Street Journalreports. The move will createMarathon Petroleum, which will be based in Ohio with six refineries having a combined capacity of 1.1 million barrels a day.
Marathon Oil will keep the company’s exploration-and-production business and its Canadian oil-sands operations. The spin off is expected to become effective in June 2011.
Click here for the story fromThe Wall Street Journal.
Click here for additional coverage fromBloomberg.