Published: June 30. 2011 1:45PM Marathon spin-off gives Ohio fifth-largest refinerThe Associated Press –Ohio is now home to the nation’s fifth-largest oil refinery, with Marathon Oil effectively splitting into two companies.
One company, Marathon Oil Corp., based in Houston, will explore and produce oil.
The Marathon Petroleum division will be based in Findlay, Ohio.
Marathon President Gary Heminger says $78 million in state tax credits was crucial in keeping the refining company headquartered in northwest Ohio, where it already has about 1,600 employees.
As part of the deal, the company must stay in Ohio for at least the next 18 years.
Heminger said Thursday that Marathon Petroleum is poised for growth over the next four years, with a new project to bring Canadian crude oil into the U.S.