Marathon Oil has agreed to sell most of its Gulf of Mexico portfolio as part of a plan to divest $500 million in non-core holdings. Marathon on Monday said it would sell its operated producing properties in the greater Ewing Bank area and non-operated producing interests in the Petronius and Neptune fields for $205 million. The company will retain interests in other producing assets and acreage in the gulf, along with its interests in the Gunflint development and the Shenandoah discovery. The transaction is expected to close by the end of the year.
Meanwhile, a Bloomberg report examines the impact of Marathon’s 2011 split into separate upstream and downstream companies amid the recent oil price collapse. Marathon Petroleum has helped the companies deliver investors a higher annualized return than oil majors such as ExxonMobil and Chevron during the downturn.
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