Marathon Oil says no deal reached for sale of oil sands stake

Thu May 23, 2013 8:56am EDT

May 23 (Reuters) - Marathon Oil Corp said on Thursday that negotiations to sell a portion of its 20 percent stake in the Athabasca Oil Sands Project in Canada had ended without a deal.

An agreement with the prospective purchaser was not reached and the company is not engaged in any other discussions to sell the assets, Marathon said.

The company disclosed the negotiations in October.

Marathon, which has spun off its refining business, said it still expects to raise up to $3 billion from asset sales over the three years through 2013. So far it has raised about $1.3 billion.

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