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.

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.

Nyse