Marathon Oil to sell Wyoming assets for $950m

Marathon Oil to sell Wyoming assets for $950m

Marathon Oil (NYSE:MRO) has signed a deal to sell its Wyoming assets for US$950 million reaching sales of around $1.3 billion since last year.

The producer said it will relieve all of its Wyoming upstream and midstream resources for $870 million, but has not identified the buyers.

The company’s assets are largely water flood developments in the Big Horn and Wind River Basins, averaging 16,500 barrels of oil a day.

The agreement is also comprised of a 917 kilometre pipeline and is anticipated to close halfway through 2016.

Lee Tillman, Marathon’s CEO, said the firm has surpassed its targeted range of $750 million to $1 billion in total asset sales.

The company also said it will sell a 10 per cent working interest in the natural gas assets in the Piceance basin in Colorado, the Shenandoah finding in the Gulf of Mexico and particular undeveloped land in West Texas for around $80 million.