Sector News

Marathon Oil CFO departs

August 29, 2016

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.

By Joshua Jamerson

Source: Wall Street Journal

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