Marathon Oil to buy back shares with Angola deal proceeds

June 25 Tue Jun 25, 2013 5:21pm EDT

June 25 (Reuters) - U.S. oil and gas company Marathon Oil Corp on Tuesday said proceeds from its $1.5 billion deal to sell its interest in Block 31 offshore Angola to China's Sinopec Group will be used to buy back its shares.

The deal expected to close in the fourth quarter, the Houston based company said.