Marathon Oil CFO Departs
August 22 2016 - 8:50AM
Dow Jones News
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.
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.
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.
The company also said Monday that 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.
Lance Robertson, vice president of resource plays, elected to leave
the company to pursue other opportunities, Marathon said.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 22, 2016 08:35 ET (12:35 GMT)
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