M&A Deal Summary

Marathon Oil and Ashland Acquire Marathon Ashland Petroleum

On January 1, 1998, Marathon Oil and Ashland acquired oil/gas exploration company Marathon Ashland Petroleum

Acquisition Highlights
  • This is Marathon Oil’s 1st and Ashland’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Marathon Oil’s 1st and Ashland’s 1st transaction in the United States.
  • This is Marathon Oil’s 1st and Ashland’s 1st transaction in Ohio.

M&A Deal Summary
Date 1998-01-01
Target Marathon Ashland Petroleum
Sector Oil/Gas Exploration
Buyer(s) Marathon Oil
Ashland
Deal Type Joint Venture

Target

Marathon Ashland Petroleum

Finland, Ohio, United States
Based in Findlay, Ohio, Marathon Ashland Petroleum LLC (MAP), owned 62 percent by Marathon Oil Company -- a part of USX-Marathon Group (NYSE: MRO) -- and 38 percent by Ashland Inc. (NYSE: ASH), is the nation's fifth largest refiner with nearly 1,000,000 barrels-per-day of refining capacity.The company's operations stretch across 23 states with refining, transportation, and marketing systems positioned to respond to market changes and challenges.

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Buyer(S) 2

Buyer

Marathon Oil

Houston, Texas, United States

website

Category Company
Founded 1886
Sector Oil/Gas Exploration
Employees1,570
Revenue 7.5B USD (2022)
DESCRIPTION
Marathon Oil's corporate headquarters in Houston, Texas.
Marathon Oil's corporate headquarters in Houston, Texas.

Marathon Oil is an international exploration and production company. Marathon has net proved reserves of more then 2 billion barrels of oil equivalent across North America, Europe and Africa. Marathon Oil was formed in 1887 and is based in Houston, Texas.

DEAL STATS #
Overall 1 of 11
Sector (Oil/Gas Exploration) 1 of 11
Type (Joint Venture) 1 of 1
State (Ohio) 1 of 2
Country (United States) 1 of 8
Year (1998) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-05-29 Tarragon Oil & Gas

Calgary, Alberta, Canada

Tarragon has exploration and production operations in Alberta, Sas- katchewan, British Columbia, and North Dakota.Tarragon Oil and Gas Limited is a Canadian oil and gas producer with balanced focus in natural gas, conventional crude oil and heavy crude oil. Current daily production is 210 million cubic feet of natural gas and 21,000 barrels of liquids.

Buy $1.1B
Buyer

Ashland

Wilmington, Delaware, United States

website

Category Company
Founded 1924
Sector Chemicals
Employees3,900
Revenue 2.4B USD (2022)
DESCRIPTION

Ashland is a global specialty chemicals company. Ashland has three reportable segments: Specialty Ingredients, Performance Materials and Valvoline. Specialty Ingredients is a global provider of cellulose ethers, vinyl pyrrolidones and biofunctionals. Performance Materials is composed of two divisions: Composites and Intermediates/Solvents. Performance Materials is a global provider of unsaturated polyester resins and vinyl ester resins. The business unit has positions in gelcoats, maleic anhydride, butanediol, tetrahydrofuran, N-Methylpyrrolidone and other intermediates and solvents. Valvoline is a worldwide producer and distributor of premium-branded automotive, commercial and industrial lubricants and automotive chemicals. Ashland was incorporated in 1924 and is based in Wilmington, Delaware.

DEAL STATS #
Overall 1 of 7
Sector (Oil/Gas Exploration) 1 of 1
Type (Joint Venture) 1 of 1
State (Ohio) 1 of 1
Country (United States) 1 of 6
Year (1998) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-21 Ashland Paving And Construction

Atlanta, Georgia, United States

Ashland Paving And Construction, Inc. is an asphalt and heavy highway construction company with approximately 9,700 employees and extensive operations in 14 mid-western and southern states.

Sell $1.3B
Mergr

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