Deal Insight
Marathon Oil sells Big Horn and Wind River assets for US$870 million
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Situated in Wyoming, the assets include waterflood and EOR properties in the mature Big Horn and Wind River Basins, along with the 570-mile Red Butte pipeline. The Wyoming sale was announced alongside an additional US$80 million divestment, to undisclosed buyers, that included Marathon's 10% stake in the Anadarko-operated Shenandoah discovery (deepwater GoM), operated gas assets in the Piceance Basin, and undeveloped acreage in West Texas, bringing total divestments to US$950 million. The divestments come as no surprise, with Marathon taking strong action to shore up its balance sheet. The onshore US assets were viewed as non-core in comparison to key tight oil plays in the Eagle Ford, Bakken and Mid-Con, while the deepwater position is being steadily sold off. We think continued high grading is likely.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Wyoming assets
- Additional disposals
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Marathon and Merit Energy wells in the Big Horn and Wind River Basins
- Deal analysis: Table 1
- Deal analysis: Table 2
- Lower 48 operating cost distribution
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
What's included
This report contains:
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