Marathon Oil to split shares 2-for-1 |
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Wed, 25 Apr 2007 21:51
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HOUSTON (AP) - Marathon Oil Corp. on Wednesday said it intends to offer a 2-for-1 split of its common stock.The oil and gas company said the split will be distributed as a stock dividend on June 18 to shareholders of record on May 23.The split will bring Marathon's total number of shares outstanding to about 688.6 million. The company reported it had about 344.3 million shares outstanding as of Feb. 26, according to a filing with the Securities and Exchange Commission.A company will often split its stock when it feels the price of its shares has gotten too expensive for retail investors.Marathon shares closed at $102.73 on the New York Stock Exchange, up $2.95, or 3 percent, on the day.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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