Marathon Oil to Sell Canadian Subsidiary for $2.5 Billion
March 09 2017 - 2:56AM
Dow Jones News
By WSJ Staff
Marathon Oil Corp. (MRO) said it would sell its Canadian
subsidiary, which includes the company's 20% interest in the
Athabasca Oil Sands Project to Royal Dutch Shell PLC (RDSA.LN) and
Canadian Natural Resources Ltd. (CNQ) for $2.5 billion in cash.
In a press release Thursday, Marathon Oil also said it would buy
about 70,000 net surface acres in the U.S.'s Permian Basin from BC
Operating Inc. and other entities for $1.1 billion in cash.
The Permian Basin deal, Marathon Oil said, includes 51,500 acres
in the Northern Delaware basin of New Mexico, and current
production is about 5,000 net barrels of oil equivalent a day.
Marathon Oil said the Canadian oil sands deal is expected to
close in mid-2017, while the Permian Basin deal will close in the
second quarter of 2017.
(END) Dow Jones Newswires
March 09, 2017 02:41 ET (07:41 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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