Key Developments: Marathon Oil Corp (MRO)

MRO on New York Consolidated

40.50USD
23 Jul 2014
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$0.30 (+0.75%)
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Latest Key Developments (Source: Significant Developments)

Marathon Oil Corp Announces $1.5 Billion Sale of Interest in Angola Block 31
Tuesday, 25 Jun 2013 04:59pm EDT 

Marathon Oil Corp announced that its subsidiary, Marathon International Oil Angola Block 31 Limited, has entered into a definitive agreement to sell its 10% working interest in the Production Sharing Contract and Joint Operating Agreement in Block 31 offshore Angola to SSI Thirty-One Limited (Sonangol Sinopec International). The transaction has a total value of approximately $1.5 billion, excluding any purchase price adjustments at closing. The companies anticipate closing the transaction in the fourth quarter of 2013, with an effective date of Jan. 1, 2013. The transaction is subject to government, regulatory and third-party approvals, and pre-emption rights which exist on the block. SSI Thirty-One Limited currently holds a 5% working interest in the block. With this transaction, the Company has agreed upon or closed on nearly $2.9 billion in divestitures, at the upper end of its targeted $1.5 billion to $3 billion of divestitures over the period of 2011 through 2013. Production from the PSVM development on Block 31 commenced in the fourth quarter of 2012. The concessionaire of Block 31 is Sonangol, Angola's state-owned oil company. The operator is BP Exploration Angola with a 26.67% working interest. Sonangol E.P. holds 25%; Sonangol P&P holds 20% ; Statoil Angola A.S. holds 13.33%; and SSI Thirty-One Limited currently holds 5%.  Full Article

Sinopec Buys Marathon Oil Corp's Angola Oil Fields For $1.52 Billion-Reuters
Sunday, 23 Jun 2013 09:30am EDT 

Reuters reported that China's Sinopec Group has agreed to buy Marathon Oil Corp's Angolan offshore oil and gas field for $1.52 billion, the Asiain refiner producer said. Sonangal Sinopec International Ltd, the group's subsidiary, will acquire Houston-based Marathon's 10% stake on the Angolan field called Block 31, it said.  Full Article

Marathon Oil Corp Announces Changes In Chairman, President And CEO Titles
Thursday, 13 Jun 2013 08:38am EDT 

Marathon Oil Corp announced that Clarence P. Cazalot, Jr, Chairman, President and Chief Executive Officer (CEO) of Marathon Oil Corporation has elected to retire on Dec. 31, 2013. Cazalot will continue as Executive Chairman through Dec. 31, 2013. The Marathon Oil board of directors has elected Lee M. Tillman to the board of directors and to succeed Cazalot as President and CEO effective Aug. 1, 2013. The board of directors intends to nominate Dennis H. Reilley, as non-executive chairman upon Cazalot's retirement.  Full Article

Marathon Oil Corp To Sell 20% Alberta Oil Sands Stake Fall Through-WSJ
Thursday, 23 May 2013 08:27am EDT 

The Wall Street Journal reported that Marathon Oil Corp is in discussions to sell its 20% outside operated stake in the Athabasca Oil Sands Project in Alberta, Canada, were unsuccessful and talks with a prospective buyer have been terminated. Marathon Oil said it isn't engaged in further talks tied to a potential sale of the assets, but it will continue to evaluate ways to grow its portfolio. It also backed its previously announced goal of divesting between $1.5 billion and $3 billion in assets from 2011 through 2013.  Full Article

Marathon Oil Corp Declares First Quarter 2013 Dividend
Wednesday, 24 Apr 2013 03:28pm EDT 

Marathon Oil Corp announced that the Company's Board of Directors has declared a dividend of 17 cents per share on Marathon Oil Corporation common stock. The dividend is payable on June 10, 2013, to stockholders of record on May 16, 2013.  Full Article

Marathon Oil Corp Declares Fourth Quarter 2012 Dividend
Friday, 25 Jan 2013 12:33pm EST 

Marathon Oil Corp announced that board of directors has declared a dividend of 17 cents per share on Marathon Oil Corporation common stock. The dividend is payable on March 11, 2013, to stockholders of record on Feb. 20, 2013.  Full Article

Japan Petroleum Exploration Co Ltd Announces Acquisition of Additional Shale Oil Interest from Individual and Marathon Oil Corp
Wednesday, 16 Jan 2013 02:00am EST 

Japan Petroleum Exploration Co Ltd announced that it has acquired 50% interests in a 200-acre mining area from an individual, and 5% interests in a 640-acre mining area from Marathon Oil Corp, which are adjacent to its shale oil development project in Texas, the United States, through its subsidiary Japex (U.S.) Corp.  Full Article

Marathon Oil Corp Raises Q4 2012 Production Guidance-Conference Call
Tuesday, 6 Nov 2012 07:00pm EST 

Marathon Oil Corp announced that for the fourth quarter of 2012, it expects production to reach between 145,000 and 160,000 BOED, 25,000 to 30,000 BOED higher than the Company previously estimated. This increase is the result of both better operational performance, particularly in the resource plays, and the previously announced Eagle Ford bolt-on-acquisitions.  Full Article

Marathon Oil Corp Declares Third Quarter 2012 Dividend
Wednesday, 31 Oct 2012 03:38pm EDT 

Marathon Oil Corp announced that the Company's board of directors has declared a dividend of $0.17 per share on Marathon Oil Corporation common stock. The dividend is payable on December 10, 2012, to stockholders of record on November 21, 2012.  Full Article

Lundin Petroleum AB Announces Approval for Development of Boyla Field in License Shared with Marathon Oil Corporation and Conoco Philips
Friday, 26 Oct 2012 08:05am EDT 

Lundin Petroleum AB announced that its wholly owned subsidiary Lundin Norway AS has received approval from the Norwegian Ministry of Petroleum and Energy of the Plan for Development and Operation (PDO) for the Boyla field in PL 340 shared with Marathon Oil Corporation and Conoco Philips Skandinavia, in the Norwegian North Sea. First production from Boyla is expected in the fourth quarter of 2014. The Boyla field is located approximately 28 kilometers south of the Alvheim field, operated by Marathon Oil. The development solution selected for the Boyla field is a subsea tie-back to the Alvheim floating production, storage and offloading (FPSO) vessel. The estimated gross reserves are approximately 21 million barrels of oil equivalent with gross peak production of 19,000 boepd. Lundin Petroleum has a 15%-working interest in the Boyla field. Partners are Marathon (operator) with 65% and Conoco Philips Skandinavia with 20% working interest.  Full Article

UPDATE 1-U.S. Steel to idle facilities in Pennsylvania, Texas

(New throughout, adds comment from executive, background on tubular steel trade case.)

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