Why Marathon Oil Shares Are Rising

·1 min read

Shares of several energy companies, including Marathon Oil Corporation (NYSE: MRO), are trading higher in sympathy with the price of oil on increased demand.

Shares of several energy companies were also trading higher Tuesday as oil prices continue to rise following OPEC+ decision to stay with an existing pact to increase oil output by 400,000 bpd in November.

Companies in the broader oil sector also continue to see strength as oil prices gain amid ongoing supply concerns from the impact of Hurricane Ida.

Marathon Oil is an independent exploration and production company primarily focusing on unconventional resources in the United States. At the end of 2020, the company reported net proved reserves of 972 million barrels of oil equivalent.

Marathon Oil has a 52-week high of $16.08 and a 52-week low of $3.73.

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