Marathon Oil put volume heavy and directionally bearish

Bearish flow noted in Marathon Oil with 5,236 puts trading, or 2x expected. Most active are Aug-23 24.5 puts and Aug-23 26.5 calls, with total volume in those strikes near 4,200 contracts. The Put/Call Ratio is 2.22, while ATM IV is up nearly 3 points on the day. Earnings are expected on August 2nd.