Marathon Oil surging on spinoff plan

By Staff Reporter: Subscribe to Staff's | January 13, 2011 3:49 PM GMT

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(Photo: Reuters / Richard Carson)<br>Roberts, head of worldwide exploration and production for Marathon Oil Company answers questions during the Reuters Energy Summit held in Houston
(Photo: Reuters / Richard Carson)
Roberts, head of worldwide exploration and production for Marathon Oil Company answers questions during the Reuters Energy Summit held in Houston

Shares of Marathon Oil (NYSE: MRO) are surging on the company’s plan to separating its oil exploration/producing business from its lower-margin refining operations.

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Marathon stock is up 7.75 percent as of 9:45 a.m.

The company said that the new refining company will be known as Marathon Petroleum Corp. and is expected to be the fifth-largest refiner in the U.S.

This article is copyrighted by International Business Times, the business news leader
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