Cazalot added about the company's exploration and production strategy, "Over the past five years, we have executed sales with approximately $3.5 billion in transaction value. We continue the ongoing review of our global portfolio with a goal of an additional $1.5 billion to $3 billion in divestitures over the next two to three years." Overall, Marathon, a former piece of Rockefeller's Standard Oil founded in the 19th century, now expects oil & gas production to grow by 5% in 2012, with onshore oil production like shale drilling driving growth.
Recent merger activity like
Statoil's $4.4 billion
It is yet to be seen whether Marathon would dispose of the $3 billion in shale assets in a sale to another player or in a spin via a master limited partnership. In October,
-- Written by Antoine Gara in New York