Marathon Oil Closes Acquisition of Northern Delaware Acreage and Sale of Canadian Business
June 01 2017 - 4:30PM
Marathon Oil Corporation (NYSE: MRO) announced today it has closed
the acquisition of approximately 21,000 net surface acres in the
Northern Delaware basin of New Mexico from Black Mountain Oil &
Gas and other private sellers for $700 million, excluding closing
adjustments. The effective date of this transaction is March 1,
2017. Combined with the acquisition from BC Operating, which closed
May 1, Marathon Oil’s total position in the Permian Basin is 91,000
net surface acres.
On May 31, the Company closed on the sale of its Canadian
subsidiary to Shell and Canadian Natural Resources Limited for a
total transaction value of $2.5 billion in cash, excluding closing
adjustments. Marathon Oil received proceeds of approximately $1.75
billion, with the remaining proceeds to be paid in first quarter
2018. The effective date of the transaction is Jan. 1, 2017. The
Canadian sale includes the Company’s 20 percent non-operated
interest in the Athabasca Oil Sands Project (AOSP).
# # #
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical fact, including statements regarding
the payment of the remaining proceeds, are forward-looking
statements. While the Company believes its assumptions concerning
future events are reasonable, certain factors could cause actual
results to differ from those projected. Except as required by law,
the Company undertakes no obligation to revise or update any
forward-looking statements as a result of new information, future
events or otherwise.
Media Relations Contact
Lee Warren: 713-296-4103
Investor Relations Contact
Zach Dailey: 713-296-4140
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