Marathon Oil to buy back shares with Angola deal proceeds

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

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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.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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