Marathon sells off more assets for $950m including offshore properties in the Gulf of Mexico

Marathon sells off more assets for $950m including offshore properties in the Gulf of Mexico

Houston-based Marathon Oil Corporation is continuing its divestment of assets, including offshore fields, with the latest deals being a $950m sell-off to unnamed buyers.

Among the latest tranche of sales is its 10% stake in the Shenandoah discovery in the Gulf of Mexico.

Marathon is striving for liquidity and cost reductions in the face of the oil-price crash and is focusing its future on inland shale developments.

The company had already, in November 2015, sold most of its Gulf of Mexico assets for $205m including the operated producing properties in the greater Ewing Bank area.

In December 2015 Marathon plugged and abandoned its Solomon deepwater well in the Gulf because it did not yield adequate results.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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