Key Developments: Marathon Oil Corp (MRO)
35.15USD
24 May 2013
$-0.08 (-0.23%)
$35.23
$34.86
$35.16
$34.66
3,220,121
5,107,683
$36.68
$23.17
Latest Key Developments (Source: Significant Developments)
Marathon Oil Corporation's Marathon Oil KDV B.V. And Total S.A's Subsidiaries Agree To Jointly Explore Two Blocks In The Kurdistan Region Of Iraq
Marathon Oil Corporation announced that its subsidiary Marathon Oil KDV B.V. has closed farmout agreements with subsidiaries of Total S.A. under which Total has acquired 35% working (43.75% paying) interests in the Harir and Safen blocks in the Kurdistan Region of Iraq. With this transaction, Marathon Oil reduces its stake to a 45% working (56.25% paying) interest in each of the two blocks while remaining operator of the Harir block and exploration operator of the Safen block. A Total subsidiary will become the operator of any development of the Safen block. The Kurdistan Regional Government continues to have a fully carried 20% interest in each of the blocks. The Harir block is approximately 174,000 gross acres (705 square kilometers) and the Safen block is approximately 105,000 gross acres (424 square kilometers). Both blocks are located northeast of Erbil Full Article
Marathon Oil Corporation Declares Second Quarter 2012 Dividend
Marathon Oil Corporation 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 Sept. 10, 2012, to stockholders of record on Aug. 16, 2012. Full Article
Africa Oil Corp. Signs Farmout With Marathon Oil Corporation
Africa Oil Corp. announced that it has signed a definitive farmout agreement with Marathon Oil Corporation whereby Marathon Oil will acquire the rights to obtain an interest in two of Africa Oil's Kenyan exploration blocks. Under the terms of the farmout agreement, Marathon Oil will acquire a 50% interest in Block 9 and a 15% interest in Block 12A, both in Kenya. Africa Oil will maintain operatorship in Block 9, but Marathon Oil has the right to assume operatorship if a commercial discovery is made. In addition, Africa Oil and Marathon Oil have agreed to jointly pursue exploration activities on an additional exploration area in Ethiopia. In consideration for the assignment of these interests, Marathon Oil will pay Africa Oil an entry payment of $35 million which includes prior expenditures, and has agreed to fund Africa Oil's working interest share of future joint venture expenditures anticipated to be spent over the next three years up to a maximum of $43.5 million. Full Article
Total Gabon SA Sells 21.25% stake in Diaba Permit to Marathon Oil Corporation Subsidiary
Total Gabon SA announced that it has agreed to sell a 21.25% stake in the Diaba permit to Marathon Upstream Gabon Ltd, a subsidiary of Marathon Oil Corporation. The permit is located around 50 kilometers from the Southern coast of Gabon. Following this agreement, Total Gabon SA will retain a 42.5% stake in the Diaba permit together with Marathon Upstream Gabon Ltd (21.25%), Cie Gabon Diaba Ltd (21.25%), a subsidiary of Cobalt International Energy, and the Gabonese state (15%). Financial terms of the agreement were not disclosed. Full Article
Statoil ASA Transfers Vilje Operatorship to Marathon Oil Corp's Subsidiary
Statoil ASA announced that it has decided to transfer the operatorship of the Vilje field in the North Sea to Marathon Oil Norge, a subsidiary of Marathon Oil Corp. The agreement does not involve any change of stakes in the production license (PL 036D). Thanks to this transfer of operatorship a rig that was planned to be used for the Vilje South development will be available for other Statoil drilling jobs. The agreement with Marathon takes effect on 1 September 2012 subject to the approval of the Ministry of Petroleum and Energy. Full Article
Marathon Oil Corporation Declares First Quarter 2012 Dividend
Marathon Oil Corporation announced that the Company's board of directors have declared a dividend of 0.17 per share on the Company's common stock. The dividend is payable on June 11, 2012, to stockholders of record on May 16, 2012. Full Article
Marathon Oil Corporation Announces Sale Of Alaska Assets
Marathon Oil Corporation announced that it has entered into a definitive agreement with Hilcorp Alaska LLC, under which Hilcorp will purchase substantially all of Marathon Oil's Alaska assets. The companies expect to close the transaction, subject to completion of the necessary Government and regulatory approvals, by this fall. With an effective date of January. 1, 2012, the sale includes 17 million barrels of oil equivalent of net proved reserves across 10 fields in the Cook Inlet, as well as natural gas storage, and interests in natural gas pipeline transmission systems. The sale does not include Marathon Oil's Alaska onshore drilling rig, which is being marketed separately. Full Article
Genesis Energy, L.P. Completes Acquisition Of Interests In Gulf Of Mexico Oil Pipelines, Including Poseidon From Marathon Oil Corporation
Genesis Energy, L.P. announced that it has acquired from Marathon Oil Company, a wholly owned subsidiary of Marathon Oil Corporation, interests in several Gulf of Mexico crude oil pipeline systems, including its 28% interest in Poseidon Oil Pipeline Company, L.L.C., its 29% interest in Odyssey Pipeline L.L.C., and its 23% interest in the Eugene Island Pipeline System. The purchase consideration for all of the assets, subject to usual and customary post closing adjustments for debt, working capital, etc., is $205.9 million, which includes an estimated $26 million valuation of crude oil line fill at current market prices owned by the interests to be acquired. Genesis financed the transaction under its revolving credit facility. Full Article
Genesis Energy, L.P. Enters Into Agreements to Acquire Interests in Gulf of Mexico Oil Pipelines, Including Poseidon From Marathon Oil Corporation's Marathon Oil Company
Genesis Energy, L.P. announced that it has entered into definitive agreements to acquire from Marathon Oil Company interests in several Gulf of Mexico crude oil pipeline systems, including its 28% interest in Poseidon Oil Pipeline Company, L.L.C., its 29% interest in Odyssey Pipeline L.L.C., and its 23% interest in the Eugene Island Pipeline System. Marathon Oil Company is a wholly-owned subsidiary of Marathon Oil Corporation. The Poseidon and Odyssey interests are subject to the expiration or waiver of rights of first refusal, and Genesis is not obligated to consummate any transaction unless it is ultimately successful in acquiring the interest in Poseidon. Additionally, Marathon Oil has the right to dispose of certain of the other oil pipeline assets prior to any final closing of a transaction with Genesis. The purchase consideration for all of the assets, subject to usual and customary adjustments for debt, working capital, etc., is $205.76 million, which includes an estimated $29 million valuation of crude oil line fill at current market prices owned by the interests to be acquired. Genesis intends to finance the transaction with the more than $400 million of funds available under its revolving credit facility and expects the transaction to close before year end. The Poseidon system is comprised of a 367-mile network of crude oil pipelines, varying in diameter from 16 to 24 inches, with capacity to deliver approximately 400,000 barrels per day of crude oil. Full Article
Marathon Oil Corporation's Marathon Petroleum Corporation Completes Transformation To New, Independent Public Energy Company
Marathon Petroleum Corporation announced the completion of its transformation into a new, independent, publicly traded energy company. Marathon Petroleum Corporation is a subsidiary of Marathon Oil Corporation. Full Article
UPDATE 2-Marathon Oil says no deal reached for sale of oil sands stake
May 23 - 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 ended without a deal.
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