Marathon Oil lays off 5% of workforce

Source; Reuters – Shariq Khan

Marathon Oil Corp has laid off around 100 U.S. employees, or about 5% of its total workforce.

Although oil prices have raced back above the pre-pandemic level of $60 per barrel in recent months, producers are focusing on improving balance sheets instead of raising output, as demand forecasts hinge on vaccine rollouts.

Marathon Oil’s spokeswoman said the company’s actions were part of its “commitment to continuously optimize our cost structure.”

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Marathon Oil’s spokeswoman said the company’s actions were part of its “commitment to continuously optimize our cost structure.”

It had about 2,000 full-time employees worldwide at the end of 2019, according to its latest available employment figures, with 74% working in the United States.

World oil demand in 2021 will rebound more slowly than previously thought, the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday, adding to a series of downgrades as the impact of the pandemic lingers.

The company is expected to join other U.S. oil producers in posting an annual loss when it reports fourth-quarter results on Feb. 17.


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About

Marathon Oil Corporation (NYSE: MRO) is an independent oil and natural gas exploration and production (E&P) company based in Houston, Texas. We’re focused on the lower-cost, higher-margin opportunities in the U.S. resource plays, and remain steadfast in our commitment to be safe, responsible and ethical.

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