Marathon Oil CFO Departs

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 [e-mail]

(END) Dow Jones Newswires

August 22, 2016 08:35 ET (12:35 GMT)

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