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.
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Marathon Oil sells Big Horn and Wind River assets for US$870 million PDF - 5.18 MB 7 Pages, 6 Tables, 2 Figures
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Deal insight | Apr 2016
Marathon Oil sells Big Horn and Wind River assets for US$870 million
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