Marathon Oil CFO Departs -- Update
August 22 2016 - 10:28AM
Dow Jones News
By Joshua Jamerson
Marathon Oil Corp. said J. R. Sult had left his role as chief
financial officer, citing personal reasons, as it also announced
several other managerial changes.
The company said Mr. Sult's departure wasn't related to any
disagreement with the company and was unrelated to other
organizational changes detailed on Monday. Pat Wagner has been
named interim CFO, effective immediately, as the company conducts a
search for Mr. Sult's successor.
Shares slipped 6.8% to $15.66 in morning trading in New York,
putting the stock at the bottom of the S&P 500.
Mr. Wagner, vice president of corporate development and
strategy, joined Marathon in 2014. Previously, he held senior roles
at QR Energy LP, Scotia Waterous and Devon Energy Corp. Mr. Sult
joined Marathon Oil in 2013. He previously served as on El Paso
Corp's management team from 2005 until it was bought by Kinder
Morgan Inc. in 2012.
The Houston exploration-and-production company has cut
production, slashed spending and sold off more than $1 billion
worth of stock to shore up its finances as it, like other oil
companies, has been battered by a prolonged drop in oil prices. In
May, the company said its revenue fell below $1 billion for the
first time since becoming a stand-alone company in 2002. In August,
it said revenue in its latest quarter totaled $1.3 billion.
Lance Robertson, vice president of resource plays, elected to
leave the company to pursue other opportunities, Marathon also
said. T. Mitch Little, vice president conventional, was promoted to
executive vice president, operations -- overseeing the firm's
resource play and conventional businesses. He joined the company in
1986.
Cathy Krajicek, currently vice president of technology and
innovation, has taken over Mr. Little's former role. Chief
Information Officer Bruce McCullough will fill the technology and
innovation role and will also remain chief information officer.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 22, 2016 10:13 ET (14:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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