This action is being taken as part of the company's recently announced plan to divest of certain upstream and downstream assets, which is part of an ongoing process of actively managing Marathon's global asset portfolio. The marketing of the company's interests in Western Canada, and their potential sale, will have no impact on Marathon's current exploration activities offshore Nova Scotia.
With the possible sale of these Canadian interests, the recently announced agreement to sell 193 Speedway SuperAmerica retail outlets in the Southeastern U.S. to Sunoco, Inc., and the contemplated sale of other upstream and downstream assets, Marathon now estimates its asset dispositions will likely exceed the previously announced estimate of $400 million. Proceeds from these asset sales will be used to pay down debt and to invest in other business opportunities that provide a strategic fit to Marathon's plans to create long-term superior value growth.
Marathon's Western Canada producing operations account for approximately 21,000 barrels of oil equivalent per day of net production.
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