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Marathon Oil Ditches Corporate Jetting While Doubling Debt Cuts
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(Bloomberg) Marathon Oil Corp. is giving up its corporate aircraft as the shale driller escalates cost cuts.
Just months after announcing plans to shrink his pay package by 25%, Chief Executive Officer Lee Tillman told analysts on Thursday that the company is ditching its aircraft program. Terminating aircraft leases cost Marathon $13 million during during the first three months of the year.
Marathon is fielding offers for a Hawker 850XP at a time of robust demand and a shrinking pool of used corporate aircraft for sale, said Janine Iannarelli, founder of boutique jet broker Par Avion Ltd.
Shale explorers are facing unprecedented pressure from investors to slash spending and return more profits to shareholders. To that end, Marathon on Wednesday doubled its 2021 debt-reduction target to at least $1 billion.
Marathon Oil Corp. took a rare step among independent shale explorers by cutting executive compensation and boosting anti-pollution targets.
(Bloomberg) Marathon Oil Corp. took a rare step among independent shale explorers by cutting executive compensation and boosting anti-pollution targets.
Such measures have become increasingly common among the top tier of major oil companies as management teams seek to allay investors concerned about environmental impacts, social issues and corporate governance.
The Houston-based oil driller will slash Chief Executive Officer Lee Tillman’s total compensation by 25% and cut greenhouse-gas emissions on a unit-of-production basis in half by 2025, the company said Wednesday in a statement. Kimmeridge Energy Management Co., an activist investor pushing other shale companies to take similar steps, applauded the moves a day later.