by: Andrew Schneider, June 30, 2011 10:06:00 pm
Marathon is only the latest in a wave of oil and gas industry divestitures across the U.S. and Europe, driven by a combination of high oil prices and static demand for refined product. Marathon Oil president and CEO Clarence Cazalot
“The businesses are quite different, between exploration and production, refining and marketing. The challenges that the businesses face are quite different. So our ability to have these two companies, strong in their own right, with strong financial balance sheets, pursue those strategies to deliver maximum value is what drove the decision.”
Marathon Petroleum president Gary Heminger says $78 million in tax credits played a part in the decision to keep the downstream company headquarters in Findlay, Ohio. The tax credits require the company stay in Ohio for the next 18 years.