Marathon dumping assets so it can keep the lights on!
April 11 (Reuters) - Marathon Oil Corporation said on Monday it had signed agreements to sell non-core assets for $950 million, bringing its total sales through divestitures to about $1.3 billion since last August. The oil and natural gas producer, which did not identify the buyers, said it will divest all of its Wyoming upstream and midstream assets for $870 million, excluding closing adjustments. The Wyoming properties, mainly waterflood developments in the Big Horn and Wind River basins, averaged 16,500 barrels of oil equivalent per day in first quarter 2016 production. The deal, expected to close in mid-2016, also includes a 570-mile pipeline. Marathon said it will also sell its 10 percent working interest in the Shenandoah discovery in the Gulf of Mexico, operated natural gas assets in the Piceance basin in Colorado, and certain undeveloped acreage in West Texas for a total of about $80 million. Chief Executive Lee Tillman said the company had surpassed its targeted range of $750 million to $1 billion in total non-core asset sales. With oil prices having fallen 60 percent since mid-2014 to around $40 a barrel, companies are using a mix of asset sales and financings to weather the down market. (Reporting by Manish Parashar in Bengaluru; Editing by Terry Wade and Chris Reese - See more at: http://www.rigzone.com/news/oil_gas/a/143945/Marathon_Oil_Signs_Dea...
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Replies to This Discussion
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Permalink Reply by Craig Cooper on
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Aw c'mon Paul,
'dumping assets so it can keep the lights on'? Really? If you really are a 'gas professional' and have worked in the E&P side of the business for any length of time during your career you know that selling-off things that don't fit a company's current or newly revised strategy or that don't meet corporate financial hurdle rates is done all of the time - even during boom times.
Marathon is doing the sensible, responsible thing and is in no danger of being forced to 'turn off the lights'.
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Permalink Reply by Paul Butler on
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How much are you getting paid for acting as apologist?
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LOL. How much are you being paid to insult & exaggerate?
Seriously, though, do you honestly believe that Marathon's selling off non-core assets and the like are signs of their impending demise?
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Permalink Reply by Coffeeguyzz on
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To Mr. Butler and all ...
Mr. Craig Cooper is a highly regarded commentator on several sites over the years.
Whether or not Marathon's transactions indicate financial stress, it is considered to be in better financial shape than many of its peers.
I, for one, would be interested in who purchased the watertlood project in Wyoming as I think water flooding may play a growing role in LTO extraction in years to come.
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Permalink Reply by Paul Butler on
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In 2014 the stock traded at $40/share. It's 13 this morning.
Marathon lost 3 billion last year.
That's strong evidence of serious incompetence.
The entire executive suite should be in the unemployment line.
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Permalink Reply by Paul Butler on
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Plenty of them.
See if you can work the google button on the internet machine.
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Word is Merit Energy- privately held out of Dallas- They have offset properties so consolidation makes sense
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Permalink Reply by Tusc-county-man on -
MRO is gonna be just fine
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Keep the lights on?....you're a fool
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Permalink Reply by Paul Butler on
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Expert is recommending shorting Marathon. Nothing but losses are on horizon for this troubled Goliath, blighted by incompetent management.
http://seekingalpha.com/article/3966345-short-marathon-oil-favorite...
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One of the dumbest threads I've seen on this site....total bull crap headline
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