Marathon Oil To Spin Off Units

Marathon Oil is spinning off its refining and sales operations.

Marathon Oil is spinning off its refining and sales operations, The Wall Street Journal reports. The move will create Marathon Petroleum, which will be based in Ohio with six refineries having a combined capacity of 1.1 million barrels a day.

Marathon Oil will keep the company’s exploration-and-production business and its Canadian oil-sands operations. The spin off is expected to become effective in June 2011.

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