- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Marathon Oil to Sell Norway Business for $2.7 Billion
Marathon Oil Corporation (NYSE:MRO) has entered into a definitive agreement with Det norske oljeselskap ASA for the purchase of Marathon Oil’s 100 percent owned subsidiary, Marathon Oil Norge AS, for $2.7 billion. After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil anticipates net proceeds from the transaction to be approximately $2.1 billion at closing.
Marathon Oil Corporation (NYSE:MRO) has entered into a definitive agreement with Det norske oljeselskap ASA for the purchase of Marathon Oil’s 100 percent owned subsidiary, Marathon Oil Norge AS, for $2.7 billion. After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil anticipates net proceeds from the transaction to be approximately $2.1 billion at closing.
As quoted in the press release:
The sale includes the Marathon Oil-operated Alvheim floating production, storage and offloading (FPSO) vessel, 10 Company-operated licenses and a number of non-operated licenses on the Norwegian Continental Shelf in the North Sea. Full-year 2013 net production in Norway averaged approximately 80,000 barrels of oil equivalent (BOE) per day.
Marathon CEO, Lee M. Tillman, said:
The sale of our Norway assets advances one of our key 2014 priorities and further demonstrates our commitment to rigorous portfolio management to simplify and concentrate our business. Since becoming an independent E&P company in 2011, Marathon Oil has executed $6.2 billion of strategic divestitures repositioning the portfolio for future growth and profitability. The disciplined allocation of capital to opportunities that can deliver long-term growth at higher returns and improved margins is a strategic imperative.
Click here to read the Marathon Oil Corporation (NYSE:,MRO) press release
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.