'Marathon Oil Resolves $241 Million EPA Settlement for Environmental Infractions'

Money | July 11, 2024, 7:13 p.m.

Marathon Oil has reached a $241.5 million settlement with the EPA for air quality violations at its oil and gas operations on the Fort Berthold Indian Reservation in North Dakota. This historic settlement requires Marathon to reduce harmful emissions, resulting in over 2.3 million tons of pollution reduction. Despite not admitting liability, Marathon will invest $177 million in compliance measures to significantly reduce emissions. This settlement, the largest ever civil penalty for Clean Air Act violations, aims to improve air quality and health for nearby communities. Marathon, the country's 22nd-largest oil producer, is the seventh-largest emitter of greenhouse gas in the industry, largely due to flaring practices. The agreement highlights the government's focus on reducing methane emissions and its commitment to enforcing environmental regulations. Despite the settlement, Marathon's stock remained steady, reflecting confidence in the company's financial outlook.