Marathon Oil to sell non-core assets
HOUSTON, August 6, 2015 – Houston-based independent US Marathon Oil has decided to sell off its non-core assets after releasing its second-quarter results on Wednesday. These will include natural gas facilities in East Texas, north Louisiana and Oklahoma.
The company hopes to gain $100 million in the sale but has yet to disclose the buyer. This is part of the company’s overall plan to divest a total of $500 million from its portfolio.
In its second-quarter results, Marathon reported a net loss of $386 million, whereas the company had made a profit of $360 million in the same quarter in 2014. The company’s continuing operations are producing 407,000 barrels of oil equivalent per day, which is a 6-percent increase from the same period last year.
“Capital spending in the quarter was down about 40 percent sequentially as we’ve moderated activity levels in the U.S. resource plays,” said Marathon chief executive Lee Tillman.