Marathon Oil signs agreement for divestiture of Gulf of Mexico assets

Marathon Oil Corp. has announced that it has signed an agreement for the sale of its operated producing properties in the greater Ewing Bank area and non-operated producing interests in the Petronius and Neptune fields in the Gulf of Mexico for US$205 million. The buyer will assume all future abandonment obligations for the acquired assets. These assets represent a majority of the Company's operated and non-operated producing properties in the Gulf of Mexico. The effective date of the transaction is 1 January 2015 and closing is expected before year end.

Marathon Oil will retain its interests in certain other producing assets and acreage in the Gulf of Mexico, as well as its interests in the Gunflint development and Shenandoah discovery.

Marathon Oil Corporation is a global exploration and production company. Based in Houston, Texas, the Company had net proved reserves at the end of 2014 of 2.2 billion boe in North America, Europe and Africa.

Edited from press release by Angharad Lock

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