Benzinga | Oct 5, 2021 11:23AM EDT

Why Marathon Oil Shares Are Rising

Shares of several energy companies, including Marathon Oil Corporation (NYSE:MRO), are trading higher as oil prices continue to rise following OPEC+ decision to stay with an existing pact to increase oil output by 400,000 bpd in November.

Shares of oil and energy companies also continue to see strength as oil prices gain amid ongoing supply concerns from the impact of Hurricane Ida.

Marathon Oil 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.

Marathon Oil has a 52-week high of $15.70 and a 52-week low of $3.73.