Oil producer Marathon Oil confirms layoffs

 

Houston’s Marathon Oil Corporation confirmed it has laid off nearly 100 workers including some in Oklahoma’s STACK and SCOOP plays where the firm is active.

The layoffs represent about 5% of the company’s total workforce. They also followed action by the company’s board cut salaries of its executives and board members.

A spokeswoman said the layoffs were part of Marathon’s  “commitment to continuously optimize our cost structure.”

At the end of 2019, Marathon had nearly 2,000 full-time workers across the globe and 74% of them worked in the U.S.

The company will release its fourth-quarter financial results on Wednesday.