Marathon Oil in North America, including $600 million in the Eagle Ford and $200 million in the Bakken formation. The company owns 277,000 net acres in the Bakken formation. Marathon began as The Ohio Oil Company in 1887. In 1889, it was purchased by John D. Rockefeller's Standard Oil. It remained a part of Standard Oil until Standard Oil was broken in 1911. In 1930, The Ohio Oil Company bought the Transcontinental Oil Company and established the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company". In 1982, Mobil made a hostile offer to buy the company;
Pan American Petroleum and Transport Company Company, Gulf Oil, the Pan-American Petroleum and Transport Company, and Atlantic Refining. The remaining 5% share went to an Armenian businessman, Calouste Gulbenkian, who had previously owned shares within TPC. Pan American sold out its shares in NEDC to Jersey Standard and Socony (later Mobil) in 1930. In 1932 Pan American sold its foreign properties to Standard Oil of New Jersey for about $100 million. With this acquisition, Standard Oil of New Jersey became Mexico's largest oil producer. The deal also included large oil concessions in Venezuela and Pan-American's UK subsidiary Cleveland Petroleum Products. However, a few years later the