Marathon Oil Corp. To Divest Its U.K. Business - Quick Facts

(RTTNews) - Marathon Oil Corp. (MRO) announced the company has entered into a share purchase agreement through its subsidiaries for the sale of its U.K. businesses Marathon Oil U.K. LLC and Marathon Oil West of Shetland Limited. The transaction represents a complete country exit for Marathon Oil. The closing consideration payable to Marathon Oil will be approximately $140 million, which reflects the assumption by the buyer of Marathon Oil U.K. and Marathon Oil West of Shetland Limited working capital and cash equivalent balances.

"Today's announcement to divest our U.K. business represents our continued commitment to portfolio management and further concentrates our portfolio on high margin, high return U.S. resource plays," said Lee Tillman, Marathon Oil CEO.

At year-end 2018, the company carried 21.4 million barrels of oil equivalent of proved reserves in the U.K., and 2018 production averaged approximately 13,000 barrels of oil equivalent per day.