Benzinga | Sep 13, 2021 01:52PM EDT

Why Marathon Oil Shares Are Rising

Shares of oil companies, including Marathon Oil Corporation (NYSE:MRO), are trading higher as oil prices gain amid supply concerns caused by Hurricane Ida damage.

Hurricane Ida made landfall in Louisiana as a Category 4 storm Sunday, August 29. The storm caused life-threatening storm surge, dangerous rainfall flooding, devastating winds and tornadoes in the gulf coast and northeast.

Marathon is an independent exploration and production company primarily focusing on unconventional resources in the United States. At the end of 2020, the company reported net proved reserves of 972 million barrels of oil equivalent. Net production averaged 383 thousand barrels of oil equivalent per day in 2020 at a ratio of 67% oil and NGLs and 33% natural gas.

Marathon Oil is trading higher by 7.1% at $12.07. Marathon Oil has a 52-week high of $14.33 and a 52-week low of $3.73.