Marathon to Spin Off Refining, Become ‘Pure-Play’ Oil
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Marathon Oil Corp., the fourth-biggest U.S. integrated oil company, will spin off its fuel-making business, creating a refiner that may be worth $9 billion.
Marathon shareholders will get one share of the new entity, Marathon Petroleum Corp., for every two shares they own as of a still undetermined date, according to a company statement today. Marathon Petroleum will be the fifth-largest U.S. refiner, capable of processing 1.14 million barrels of crude a day, the company said.