Marathon Oil surging on spinoff plan
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.
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