Benzinga | Aug 27, 2021 12:58PM EDT

Why Marathon Oil Shares Are Rising Today

Shares of several energy and oil companies, including Marathon Oil Corporation (NYSE:MRO) are trading higher ahead of tropical storms in the Gulf of Mexico, which have disrupted supply.

According to The Weather Channel: Tropical Storm Ida is strengthening in the Caribbean Sea and is forecast to hammer the northern U.S. Gulf Coast as a major hurricane this weekend with life-threatening storm surge, dangerous rainfall flooding, potentially devastating winds and tornadoes.

Marathon Oil is an independent exploration and production company primarily focusing on unconventional resources in the United States. At the end of 2020, Marathon Oil reported net proved reserves of 972 million barrels of oil equivalent.

Marathon Oil is trading higher by 4.5% at $12.04. Marathon Oil has a 52-week high of $14.33 and a 52-week low of $3.73.