Marathon Oil Corporation (NYSE:MRO) announced that Michael J. Stover, currently vice president of Operations Services, has elected to retire effective Nov. 30 following nearly 30 years of service.
“Mike’s many years of service to Marathon Oil and the industry have been marked by the highest levels of professionalism, dedication and a commitment to advancing the responsible development of oil and gas resources wherever our Company operates,” said Lee M. Tillman, president and CEO of Marathon Oil Corporation. “Mike’s strong blend of operations, technical and planning experience has been an important element of Marathon Oil’s ongoing efforts to advance the improvement of our operating efficiencies in both our conventional and unconventional resource plays while maintaining a sharp focus on the Company’s core values. We thank Mike for his many contributions to our success and wish him and his family the very best in their retirement and future endeavors.”
Stover earned a Bachelor of Science degree in petroleum and natural gas engineering from Pennsylvania State University in 1986. He joined Marathon Oil that same year, initially as a roustabout, followed by operations and reservoir engineering assignments for the Yates Field in West Texas. In 1991, he transferred to the Company’s international group in Houston and was responsible for reservoir and economic studies for fields in Ireland, Tunisia and Norway.
From 1995 through 2000, Stover was located in Anchorage, Alaska, where he worked both development and exploration projects associated with Marathon Oil’s former operations on the Kenai Peninsula. In 2000, he joined Marathon Oil’s Corporate Strategic Planning group in Houston. In this assignment, his responsibilities included business planning and corporate portfolio modeling to support the reorganization of USX Corporation that led to the establishment of Marathon Oil Corporation as a standalone company.
Following that assignment, Stover relocated to Aberdeen, Scotland, where he held the position of European Business Unit Subsurface and Business Planning manager. In 2005, he relocated to Houston where assumed the role of East Texas/North Louisiana asset manager. In 2006, his area of responsibility was expanded to include Marathon Oil’s Oklahoma oil and gas properties.
In 2009, he assumed the position of director of Central Evaluation and Financial Planning. In this role, Stover was responsible for providing financial and portfolio analysis across the business enterprise. In late 2011, he was named Mid-Continent Asset manager with responsibility for Marathon Oil’s assets and operations in Oklahoma, East Texas, North Louisiana and Colorado. In 2013, Stover was appointed to his current position in which he has had oversight responsibility for Marathon Oil’s project development, reliability and engineering, subsurface technology, global supply chain, land and commercial services, marketing, drilling and completions activities and corporate reserves.(Original Source)
Shares of Marathon Oil Corp closed today at $17.90, up $0.19 or 1.07%. MRO has a 1-year high of $34.16 and a 1-year low of $14.03. The stock’s 50-day moving average is $18.10 and its 200-day moving average is $21.09.
On the ratings front, Marathon has been the subject of a number of recent research reports. In a report issued on November 10, Nomura analyst Lloyd Byrne reiterated a Buy rating on MRO, with a price target of $24, which implies an upside of 34.1% from current levels. Separately, on November 6, Tudor Pickering’s Matthew Portillo downgraded the stock to Hold .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Lloyd Byrne and Matthew Portillo have a total average return of -15.9% and -6.3% respectively. Byrne has a success rate of 0.0% and is ranked #3271 out of 3849 analysts, while Portillo has a success rate of 46.7% and is ranked #3201.
Overall, 5 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $20.50 which is 14.5% above where the stock opened today.
Marathon Oil Corp is an energy company engaged in the exploration, production and marketing of liquid hydrocarbons and natural gas, production and marketing of products manufactured from natural gas and oil sands mining.