Investigation into Marathon Oil's Activities in Equatorial Guinea
Type of investigation:
Other Agencies Investigating/Assisting with
Founded in 1887, Marathon Oil Corporation ("Marathon") is an American company engaged in hydrocarbon exploration incorporated in Ohio and headquartered in the Marathon Oil Tower in Houston, Texas. Its stock is traded on the NYSE.
In its August 3, 2004 10-Q filing, Marathon disclosed that it had received a letter dated July 15, 2004 from the United States Securities and Exchange Commission notifying the company that the SEC was conducting an inquiry into payments made to the government of Equatorial Guinea, or to officials and persons affiliated with officials of the government of Equatorial Guinea. The SEC's inquiry followed an investigation and public hearing conducted by the United States Senate Permanent Subcommittee on Investigations, which reviewed, among other things, the operations of U.S. oil companies, including Marathon, in Equatorial Guinea. According to Marathon, the Subcommmittee report made no finding that Marathon violated the U.S. Foreign Corrupt Practices Act or any other applicable laws or regulations. Marathon disclosed that it was cooperating fully with the SEC inquiry.
By letter dated February 13, 2009, the SEC notified Marathon that it had completed its investigation and did not intend to recommend any enforcement action in this matter.
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