Word: marathoning
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...many years the Rotarians and Lions of Findlay, Ohio (pop. 34,000) have launched most of their boasts on the nearby Blanchard River, which in 1910 inspired Findlayite Tell Taylor to write Down by the Old Mill Stream. Lately, Findlay has become equally proud of another local phenomenon: Marathon Oil Co., which has expanded in a few years from a small oil producer into a $500 million-a-year company. In a business where great exploration costs and fierce competition can easily break a firm, Marathon has competed successfully against the oil giants by acting as if it were...
Capping a recent series of strikes in places as diverse as Libya and Alaska, Marathon last week announced that it had begun drilling the first exploratory oil well ever attempted in Northern Ireland, also prepared to tow a large drilling rig from the British coast into the North Sea, where it will explore one of the world's richest new oil and gas regions. In Bavaria, where it is making its first big move into petrochemicals, it is starting to build a plant that will use Libyan crude to manufacture acetylene and ethylene. In the U.S., the company...
Frustrating Drought. Marathon's rise to worldly wealth and power has been so recent that few outside the Midwest have ever heard of the company. It owns 9,000 wells and has interests in 11,000 others around the globe, spends a large part of its capital expansion and exploration budget-which averages $100 million annually-looking for more. It owns refineries in Spain and Germany, has a 7% stake in the Trans-Alpine pipeline. Its big red "M" flies over 3,800 gas stations in six states and nearly 700 more in Europe. Last year all these operations...
Cash for Complaints. The drought ended dramatically in 1958 when the Oasis Oil Co., which Marathon owns jointly with Continental Oil and Amerada Petroleum, hit the Dahra field in Libya. "That success alone," says Donnell, "more than justified the decision to venture abroad." The find has in creased Donnell's proven reserves by more than 100% (to 1.7 billion bbl.) and expanded his production by 150,000 bbl. per day. With that, Donnell moved into high gear. He acquired four more refineries and hundreds of gas stations by taking over Michigan's Aurora Gasoline Co. and Texas...
...Marathon retains the neighborly image of a small-town firm. It has begun to offer cash refunds to customers who write in with legitimate gripes about service in its stations: one man asked for his gas money back because the attendant neglected to wipe his windshield (complaint accepted), and one woman wanted back the $2.50 that her son had put in the vending machines (accepted). For Jim Donnell, 55, who spends more than half his time jetting to inspect his many outposts, success has its disappointing aspects. He feels most at home down by the old mill stream...