Marathon Oil provides divestiture update

theflyonthewall.com

As previously announced, Marathon Oil had engaged in discussions with respect to a potential sale of a portion of the company's 20% outside-operated interest in the Athabasca Oil Sands Project, or AOSP, in Alberta, Canada. An agreement was not reached with the prospective purchaser and negotiations have been terminated. Marathon Oil is not engaged in further discussions with respect to a potential sale of these assets; however, the Company will continue to evaluate ways to optimize its portfolio for profitable growth and to deliver value to shareholders. As such, the Company's stated goal of divesting between $1.5B-$3B in assets over the period of 2011 through 2013 remains intact. As of May 22, Marathon Oil has agreed upon or closed on approximately $1.3B in divestitures.

View Comments (0)