Houston’s Marathon Oil has announced that it anticipates its divested assets from 2011 to 2013 to range between $1.5bn and $3bn. It says that to date it has completed around $700m worth of divestment deals and that another $400m worth are in the pipeline.
Some of the deals currently being pushed through are being examined by federal regulators, says the company, and as such are vulnerable to delay. Among these are its Alaska Cook Inlet assets, which are due to be sold for $375m.
Marathon is also completing deals on a number of acquisitions while it is divesting. “After making a substantial investment in the South Texas Eagle Ford resource play in 2011, Marathon Oil has acquired or reached agreements in principle to acquire almost 25,000 additional net acres in the core of the play at an approximate cost of $1bn so far in 2012,” it said in a statement.
Marathon says it is taking these steps in order to optimise the potential for growth at the company.
PetrolWorld 26102012