Marathon Oil's shares slump as CFO resigns
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- S&P 500 ends up slightly with boost from financials; Netflix up late
- Nestle Said Examining Takeover of Mead Johnson (MJN) - Source
- La Quinta Holdings (LQ) Gains on Plan to Split in Two
- After-Hours Stock Movers 01/18: (OCLR) (CSX) (NFLX) Higher; (AMDA) (RCII) (ZYNE) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - Marathon Oil Corp's shares fell as much as 8 percent on Monday, wiping about $1.14 billion from its market value, after the oil producer said Chief Financial Officer J.R. Sult had resigned.
Marathon said Lance Robertson, its vice president of resource plays, had also quit the company.
Sult, the company's CFO since September 2013, resigned for personal reasons and Pat Wagner will take over as interim CFO until a successor to Sult is found, Marathon said.
The company promoted Mitch Little to executive vice president of operations to oversee its oil and gas operations.
"(Sult and Robertson) were very high profile with the investment community and their replacements for the most part are not," Wells Fargo Securities analyst Roger Read wrote in a note.
Marathon shares were down 7.6 percent at $15.53 in afternoon trading, weighed down also by a nearly 3 percent fall in oil prices.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Kirti Pandey)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Wells Fargo Downgrades Goldman Sachs BDC, Inc. (GSBD) to Market Perform Citing Valution
- Chinese court jails former CNPC general manager for 15 years for graft
- Panasonic aims to move Tesla auto partnership beyond batteries: CEO
Create E-mail Alert Related CategoriesReuters
Related EntitiesWells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!