Houston based Marathon Oil Corp is weighing out a possible sale of a minority stake in its deep-water Gulf of Mexico assets, Houston Chronicle reported.
"Consistent with this plan, and given the significant prospect inventory we've built in the Gulf and our focus on capital discipline, we are evaluating the opportunity to farm down a minority working interest in our Gulf of Mexico portfolio," Lee Warren, company spokeswoman said in a statement.
The proposed farm down is expected to be in line with the company's strategy to increase shareholder returns and optimise performance of its portfolio of assets. However details regarding the assets that the company has identified to sell was kept under wraps.
The move follows the recent launch of its refining wing Marathon Petroleum Corp in June, a spin off that stripped Marathon into a stand-alone oil and gas exploration and production company.
Marathon has increased focus on unconventional oil and gas plays with the recent sign off of a $3.5 billion deal in the Eagle Ford shale formation in South Texas that doubled the company's current grip on unconventional energy sources. Warren however affirmed that Marathon's deep-water Gulf of Mexico continues to be prime exploration target.
According to the company's website Marathon Oil has significant interests in seven producing fields in the Gulf of Mexico, of which it operates four. The company has reportedly drawn out an inventory of prospects that it plans to chase
in the deepwater Gulf of Mexico.
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