Merger in the Oil Sector: Marathon Oil Cuts Jobs

Marathon Oil, currently in the process of being acquired by its larger competitor ConocoPhillips, has announced plans to cut 500 employees in Texas. This information comes from a notification to the Texas Workforce Commission. The merger of the two energy giants, valued at $22.5 billion, was announced in May. While Marathon Oil shareholders have already approved the deal, final approval of the merger by the Federal Trading Commission's regulatory authorities is still pending. The Houston-based company Marathon Oil employed a total of 1,681 full-time staff at the end of 2023. A statement from company representatives was not available at the time of the report.