Clarence P. Cazalot, Jr. was the CEO of Marathon Oil Corporation from 2000 until his retirement in 2013. He started his career as a geophysicist with Texaco and climbed the ranks, taking on leadership roles in various divisions, including Latin...

Clarence P. Cazalot, Jr. was the CEO of Marathon Oil Corporation from 2000 until his retirement in 2013. He started his career as a geophysicist with Texaco and climbed the ranks, taking on leadership roles in various divisions, including Latin America and West Africa. Under his leadership, Marathon Oil focused on performance-driven compensation, where most of his earnings came from annual bonuses linked to company performance rather than base salary. In 2013, his total compensation reached around $23.39 million, highlighting the results of his strategic leadership. During his tenure, Marathon navigated significant market shifts, and Cazalot's experience in the energy industry helped the company adjust to these changes effectively. Notably, he served as Executive Chairman for a short period after announcing his retirement, ensuring a smooth transition for the company. Cazalot's career reflects a strong commitment to the oil and gas sector, and he was also active in several boards related to the industry after his time at Marathon. His background speaks to someone who has seen the ups and downs of the oil market and managed to steer a company towards growth and stability during challenging times.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Marathon Oil CEOs

M

Clarence P. Cazalot Jr.

Ex-CEO of Marathon Oil

Education

Bachelor's degree in Geology from Louisiana State University

Field of Expertise

Technology & Engineering - Engineering

Sector of Economy

Energy

Born

January 1, 1950 - 75 years ago

CEO of Marathon Oil for

11 years 9 months (Mar 2002 - Dec 2013)

Previous Experience

President of Production Operations at Texaco Inc.

Rivals

Competitors/colleagues of Clarence P. Cazalot Jr.

Holdings

See how much did Clarence P. Cazalot Jr. make over time.

During his time at Marathon Oil, Clarence P. Cazalot, Jr.'s insider trading activity revealed significant holdings in the company, particularly between 2019 and 2024. In September 2019, Cazalot sold shares for about $12.71 million, and sales fluctuated monthly, reaching peaks...

During his time at Marathon Oil, Clarence P. Cazalot, Jr.'s insider trading activity revealed significant holdings in the company, particularly between 2019 and 2024. In September 2019, Cazalot sold shares for about $12.71 million, and sales fluctuated monthly, reaching peaks above $30 million in 2022. These transactions suggest active management of his stock holdings in response to market conditions. In the years that followed, he continued to sell shares, with notable amounts around $24 million to $28 million monthly in the latter half of 2024. This ongoing activity indicates a carefully calculated approach to his wealth management, aligning with performance trends of Marathon Oil: he had substantial wealth connected to his stake in the company during his active years and continued to manage it afterward.

Mar 17, 2025

B

shares

BKR @ $43.88

E

shares

ENB @ $43.50

F

shares

FTI @ $NaN

Total Stock Sold

$8.78M

MRO

$8.78M

269,712 MRO shares

What if they kept their stock?

If Clarence P. Cazalot Jr. didn't sell their stock, today they would have:
Extra MRO269,712 shares worth $1.68M.
This is -80.86% and $7.10M less than what they got when they sold the stock.

Charitable Transactions

ENB

120,025 shares

ENB

MRO

333,310 shares

MRO

Recent Charitable Transactions

ENB

120,025 shares

ENB

Dec 31, 2018

Charity

MRO

167,310 shares

MRO

Dec 12, 2012

Charity

MRO

51,086 shares

MRO

Mar 30, 2011

Charity

MRO

31,914 shares

MRO

Dec 31, 2010

Charity

MRO

83,000 shares

MRO

Dec 31, 2009

Charity

Insider Trading

See recent insider trades of Clarence P. Cazalot Jr..

ENB

120,025 shares

ENB

Dec 31, 2018

Charity

ENB

37,368 shares

ENB

Dec 20, 2018

Received

ENB

82,658 shares

ENB

Dec 14, 2018

Received

FTI

$249.99K

FTI at $29.96/share

May 2, 2016

Received

FTI

$249.99K

FTI at $43.34/share

May 1, 2015

Received

FTI

$249.99K

FTI at $56.47/share

May 1, 2014

Received

FTI

$104.13K

FTI at $48.21/share

Dec 2, 2013

Received

MRO

167,310 shares

MRO

Dec 12, 2012

Charity

MRO

22,850 shares

MRO

Mar 30, 2011

Charity

MRO

51,086 shares

MRO

Mar 30, 2011

Charity

Compensation History

See how much did Clarence P. Cazalot Jr. make over time.

Clarence P. Cazalot, Jr.'s compensation during his time at Marathon Oil varied significantly, primarily because it was tied to performance metrics. For example, in 2013, his total compensation reached about $23.39 million, largely due to a $2.46 million bonus and other incentives not linked to his base salary of $1.4 million. His highest recorded compensation in 2010 was over $100 million, but this included substantial options and rewards. Overall, his compensation package emphasized long-term value creation for shareholders by including performance-based bonuses and options, showing a clear alignment between his interests and those of Marathon's investors.

Year

2013

Total Compensation

$4.19M

Salary

$1.40M

Board Justification

The compensation philosophy is designed to align executive compensation with the company's performance and shareholder interests, focusing on long-term value creation and competitive market positioning.

Bonus

$2.46M

Board Justification

Annual cash bonus awards for 2013 that were determined by the Compensation Committee and paid in February 2014 pursuant to the Company’s Annual Cash Bonus Plan.

Other

$331.74K

Board Justification

Includes personal use of company aircraft, company physicals, tax and financial planning, and contributions to defined contribution plans.

Restricted Stock

$0.00(0 N/A)

Board Justification

No stock awards vested in 2013 as the focus was on performance units and options.

Performance Metrics

The performance metrics included financial and operational goals that drive stockholder value and individual performance.

Other Marathon Oil CEOs

Here are other CEOs of Marathon Oil

Lee M. Tillman

CEO of Marathon Oil

January 2014 - Present