Back to MRO
Marathon Oil Announces Sale of Alaska Assets

HOUSTON, April 9, 2012 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO) announced today that it has entered into a definitive agreement with Hilcorp Alaska LLC, under which Hilcorp will purchase substantially all of Marathon Oil's Alaska assets. The companies expect to close the transaction, subject to completion of the necessary Government and regulatory approvals, by this fall.

With an effective date of Jan. 1, 2012, the sale includes 17 million barrels of oil equivalent of net proved reserves across 10 fields in the Cook Inlet, as well as natural gas storage, and interests in natural gas pipeline transmission systems. In 2011 net production averaged approximately 93 million cubic feet of natural gas per day and 112 barrels of oil per day. Additionally, Marathon Oil had approximately 12.5 billion cubic feet of natural gas in storage at the end of 2011.

The sale does not include Marathon Oil's Alaska onshore drilling rig, which is being marketed separately.

Marathon Oil Corporation is an independent international energy company. Based in Houston, Texas, Marathon Oil had net proved reserves at the end of 2011 of 1.8 billion barrels of oil equivalent in North America, Europe and Africa. For more information, please visit the website at http://www.marathonoil.com.

# # #

This release contains forward-looking statements with respect to the sale of substantially all of Marathon Oil's Alaska assets.  Some factors that could potentially affect the sale of these assets are completion of the necessary Government and regulatory approvals and customary closing conditions. In accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2011, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

CONTACT: Media Relations Contacts
         Lee Warren: 713-296-4103
         John Porretto: 713-296-4102
         
         Investor Relations Contacts
         Howard Thill: 713-296-4140
         Chris Phillips: 713-296-3213
Back to MRO
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki