Company Overview Visit marathonoil.com website
Marathon Oil is an American oil and gas exploration company located in Houston with operations worldwide. The multinational corporation is one of the largest petroleum companies in the world, with a market cap of $26 billion dollars (USD). Marathon is an approved member of the Standard & Poor 500 index.
Marathon Oil was founded by William Gates McFaddin on May 26, 1887 as The Gulf Oil Corporation. It's original headquarters were located in Cleveland Ohio.
Gulf Oil Corporation soon moved to New York City before finally settling its new head office to California during the 1960s where it remains today.
The company began petroleum production in Iraq as early as 1928 and controlled 60% of Iraqi output at one point. In America, the first refinery was built in 1943 when the War Production Board allotted Gulf a daily production of.
In the 1950s, the company began to expand globally acquiring holdings in Libya and Nigeria.
In 1979, Gulf began its acquisitions into what would become Marathon Oil by taking over the Colony Development Company which was founded by William Rainey Harper in 1908. By 1991, MRO's market value was $9 billion dollars (USD).
Marathon Oil is a member of OPEC. The price is essentially controlled by their policies and can fluctuate depending on amount produced domestically (where it may be subject to quotas) or foreign markets which are not subject to quotas.