Houston-Shares of integrated major Marathon Oil closed down slightly December 11 despite its surprise announcement it will delay a decision on whether to spin off its downstream refining business into a separate company. Announcement of that possibility July 31 had triggered a 10% increase in Marathon's shares with investors and analysts welcoming the idea (ON 8/1). Since then, however, global economic turmoil has created a difficult environment for such maneuvers, the Houston-based company acknowledged in a statement announcing deferral of a final decision that had been expected before the end of the year.
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