Marathon Oil (MRO) has started out 2012 at a slower pace than in 2011, and the share price has under-performed many of its competitors. The company made some big changes in 2011 and is now focused on growing production results in the U.S. and and ramping up operations in Libya.

In June of 2011, Marathon spun off the company’s midstream refining, transport and retail assets into a new company, Marathon Petroleum (MPC). Marathon Oil is now a focused exploration and production – E&P – company, whose fortunes rest on the company’s ability to increase oil and gas production along with the prices the company receives for those energy products. The division of integrated oil companies into E&P and refining plus retail is a mini-trend. Later in May 2012, ConocoPhillips (COP) will complete its spin off with the refining and retail assets moving into the new Phillips 66 company.

Marathon Oil holds a diverse, global portfolio of production assets. In the U.S. the company is very active in shale oil plays, primarily Eagle Ford and the Bakken play. Marathon also has extensive production operations off the U.S. shore in the Gulf of Mexico. In Canada, Marathon is involved in oil sands production. International oil and gas operations are located in or offshore Norway, the United Kingdom, Poland, Libya, West Africa, Kurdistan Iraq and Indonesia.

The Poland exploration project is quite new and has potential for the production of high value natural gas for the European markets.To continue reading, click here.