Marathon Oil put volume heavy and directionally bearish

Bearish flow noted in Marathon Oil with 12,345 puts trading, or 3x expected. Most active are May-23 23 puts and 5/5 weekly 24 calls, with total volume in those strikes near 9,300 contracts. The Put/Call Ratio is 1.62, while ATM IV is up nearly 4 points on the day. Earnings are expected on May 3rd.