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.
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 8 images and tables including:
- 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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