Deal insight

Marathon Oil sells Big Horn and Wind River assets for US$870 million

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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.

What's included

This report contains

  • Document

    Marathon Oil sells Big Horn and Wind River assets for US$870 million

    PDF 5.18 MB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Marathon and Merit Energy wells in the Big Horn and Wind River Basins
  • Lower 48 operating cost distribution

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

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