NEW ORLEANS, March 24 Marathon Oil Corp
said on Monday it will buy back an additional $500 million of
its shares after it completed a $1 billion share repurchase
using proceeds from the sale of interest in a block offshore
The buy back is part of Marathon's strategy to improve
investor returns and grow output from oil producing fields in
Texas, North Dakota and Oklahoma while selling mature assets in
the North Sea.
The company's plans to accelerate drilling in the Eagle
Ford, Bakken and Woodford shales is on track with 28 rigs
running, Marathon Chief Executive Officer Lee Tillman told the
Howard Weil energy conference on Monday.
Marathon has opened a data room for marketing its North Sea
businesses in the United Kingdom and Norway and bids are due in
the second quarter, the Houston company said.
The company now has $1.5 billion remaining under its current
share repurchase authorization, it said.
Shares of Marathon edged down less than 1 percent, or 5
cents, to $34.34 in midday trading on the New York Stock
(Reporting by Ernest Scheyder; writing by Anna Driver; editing
by Tom Brown)