This oil platform stopped pumping 30 years ago. Alaska still won't make the owner tear it down. [Yahoo! Finance]
Marathon Oil Corporation (MRO)
Last marathon oil corporation earnings: 2/12 04:30 pm
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Source: Yahoo! Finance
The Spurr oil platform stopped pumping crude from beneath the silty ocean water outside Anchorage in 1992. The platform, built in Cook Inlet during Alaska's first oil boom in the 1960s, was losing money, officials from owner Marathon Oil wrote in a letter to the state. Oil production was expected to decline, and a review of seismic data showed that “no further economic development potential exists,” the letter said A top Alaska oil and gas official, Ken Boyd, agreed. He informed Marathon that in less than two years the company would need to start the process of demolishing and hauling away the hulking structure, as required under its lease with the state. When oil companies build offshore platforms and other infrastructure, they must also agree to restore the public property to the state's satisfaction once they've finished extracting oil and gas. But more than 30 years later, the platform is still there. It has not produced a drop of oil since George H.W. Bush was president.
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News
- Marathon Oil Co. (NYSE: MRO) had its price target raised by analysts at Mizuho from $31.00 to $33.00. They now have a "neutral" rating on the stock.MarketBeat
- Are Oils-Energy Stocks Lagging Marathon Oil (MRO) This Year? [Yahoo! Finance]Yahoo! Finance
- Wednesday's analyst upgrades and downgrades [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Are Investors Undervaluing Marathon Oil (MRO) Right Now? [Yahoo! Finance]Yahoo! Finance
- Oil edges up after Israel strikes Gaza, while truce talks continue [Yahoo! Finance Canada]Yahoo! Finance Canada
MRO
Earnings
- 5/1/24 - Beat
MRO
Sec Filings
- 5/2/24 - Form 10-Q
- 5/1/24 - Form 3
- 5/1/24 - Form 8-K
- MRO's page on the SEC website