Pumpjack with pipes
Marathon Oil has agreed to sell $950 million in non-core assets, including midstream and upstream holdings in Wyoming. Marathon will sell waterflood developments in the Big Horn and Wind River basins that averaged 16,500 barrels of oil equivalent per day in the first quarter of 2016. It will also sell the 570-mile Red Butte pipeline, which is the only export line in the area.
Marathon has also signed agreements to sell a 10% interest in the Shenandoah Gulf of Mexico discovery, operated natural gas assets in the Piceance Basin in Colorado and undeveloped acreage in West Texas.
CEO Lee Tillman said in a statement the firm is shifting its focus to lower risk, higher return U.S. resource plays. The company has announced or closed on approximately $1.3 billion in non-core assets since last August.
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