cheka.
3rd March 2018, 07:30 AM
continue to fade the hype from the peaker dupes and the nyc liars that dupe them. here's a good data point -- old and large oil company selling many assets to invest more in shale, because higher margins
https://www.bizjournals.com/houston/news/2018/03/02/marathon-oil-exits-libya-with-450m-divestiture.html
Houston-based Marathon Oil Co. (NYSE: MRO) announced March 2 that it has exited Libya with a $450 million deal.
A subsidiary of Paris-based Total SA (NYSE: TOT) bought Marathon Oil Libya Ltd., which holds a 16.33 percent non-operated interest in the Waha concessions in Libya.
The Waha concessions currently produce about 300,000 barrels of oil equivalent per day, which is expected to increase to more than 400,000 boe/d by the end of the decade, according to Total’s press release. Libya’s state-owned National Oil Corp. (NOC) owns 59.18 percent of the Waha concessions, Houston-based ConocoPhillips (NYSE: COP) owns 16.33 percent, and New York-based Hess Corp. (NYSE: HES) owns the remaining 8.16 percent. The Waha Oil Co., which is 100 percent owned by the NOC, operates the asset, per Total’s release.
Marathon reportedly was considering exiting Libya in 2013, but it was later reported that the company changed its mind.
More recently, Marathon has been exiting several areas as it narrows its focus on U.S. shale. In November 2015, the company announced it planned to sell off at least $500 million in traditional exploration assets, including the majority of its Gulf of Mexico assets. In March 2017, Marathon announced deals to exit the higher-cost Canadian oil sands and enter the Permian Basin.
“Today’s announcement to divest Libya at an attractive valuation continues the simplification and concentration of our portfolio to the high-margin, high-return U.S. resource plays,” Lee Tillman, Marathon Oil president and CEO, said in the company’s March 2 press release. “Our relentless focus on portfolio management has driven seven country exits since 2013 and generated proceeds of over $4 billion just in the last 2 years. As a result, 95 percent of our 2018 development capital allocation and about 70 percent of the company’s total production mix will be associated with the U.S. resource plays, naturally expanding our margins in 2018 and beyond.”
https://www.bizjournals.com/houston/news/2018/03/02/marathon-oil-exits-libya-with-450m-divestiture.html
Houston-based Marathon Oil Co. (NYSE: MRO) announced March 2 that it has exited Libya with a $450 million deal.
A subsidiary of Paris-based Total SA (NYSE: TOT) bought Marathon Oil Libya Ltd., which holds a 16.33 percent non-operated interest in the Waha concessions in Libya.
The Waha concessions currently produce about 300,000 barrels of oil equivalent per day, which is expected to increase to more than 400,000 boe/d by the end of the decade, according to Total’s press release. Libya’s state-owned National Oil Corp. (NOC) owns 59.18 percent of the Waha concessions, Houston-based ConocoPhillips (NYSE: COP) owns 16.33 percent, and New York-based Hess Corp. (NYSE: HES) owns the remaining 8.16 percent. The Waha Oil Co., which is 100 percent owned by the NOC, operates the asset, per Total’s release.
Marathon reportedly was considering exiting Libya in 2013, but it was later reported that the company changed its mind.
More recently, Marathon has been exiting several areas as it narrows its focus on U.S. shale. In November 2015, the company announced it planned to sell off at least $500 million in traditional exploration assets, including the majority of its Gulf of Mexico assets. In March 2017, Marathon announced deals to exit the higher-cost Canadian oil sands and enter the Permian Basin.
“Today’s announcement to divest Libya at an attractive valuation continues the simplification and concentration of our portfolio to the high-margin, high-return U.S. resource plays,” Lee Tillman, Marathon Oil president and CEO, said in the company’s March 2 press release. “Our relentless focus on portfolio management has driven seven country exits since 2013 and generated proceeds of over $4 billion just in the last 2 years. As a result, 95 percent of our 2018 development capital allocation and about 70 percent of the company’s total production mix will be associated with the U.S. resource plays, naturally expanding our margins in 2018 and beyond.”