|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the MRO 10-Q filed Nov 7, 2007. 19. Subsequent Event
On October 18, 2007, Marathon completed the acquisition of all the outstanding shares of Western Oil Sands Inc. (“Western”) for cash and securities of approximately $5.8 billion. Western shareholders received cash of 3.808 billion Canadian dollars and 34.3 million shares of Marathon common stock or securities exchangeable for Marathon common stock. Western’s outstanding debt was approximately $1.1 billion at closing. The acquisition will be accounted for under the purchase method of accounting and, as such, Marathon’s results of operations will include Western’s results from October 18, 2007. Western’s oil sands mining operations will be reported as a separate segment and its exploration and production operations will be included in the E&P segment beginning in the fourth quarter of 2007. |
| |||||||
