Marathon Sells Stake in CLAM Petroleum
Marathon Oil has agreed to sell Burlington Resources it's interest in CLAM Petroleum B. V. (CLAM) for approximately $100 million, which includes approximately $15 million for working capital.
The pending transaction is part of Marathon's previously announced asset rationalization program to divest of certain upstream and downstream assets determined to be non-core to Marathon's long-term strategy. Marathon currently estimates the 2003 sales of these and other upstream and downstream assets are likely to exceed $700 million. Proceeds will be used to strengthen the balance sheet and to invest in business opportunities consistent with Marathon's strategy to create superior long term value growth.
Marathon holds a 50-percent equity interest in CLAM, which includes production from 25 gas fields located offshore the Netherlands that provided net sales of 25 million cubic feet per day of natural gas in 2002. The transaction is expected to close by the end of this month.
Operates 4 Offshore Rigs
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