This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Marathon Oil Corporation Provides Asset Divestiture Update

HOUSTON, May 23, 2013 (GLOBE NEWSWIRE) -- As previously announced, Marathon Oil Corporation (NYSE: MRO) had engaged in discussions with respect to a potential sale of a portion of the Company's 20 percent outside-operated interest in the Athabasca Oil Sands Project (AOSP) in Alberta, Canada.  An agreement was not reached with the prospective purchaser and negotiations have been terminated. 

Marathon Oil is not engaged in further discussions with respect to a potential sale of these assets; however, the Company will continue to evaluate ways to optimize its portfolio for profitable growth and to deliver value to shareholders.  As such, the Company's stated goal of divesting between $1.5 billion and $3 billion in assets over the period of 2011 through 2013 remains intact. As of May 22, 2013, Marathon Oil has agreed upon or closed on approximately $1.3 billion in divestitures.

###

This release contains forward-looking statements with respect to projected asset dispositions through 2013. These statements are based on current expectations, good faith estimates and projections and are not guarantees of future performance. Actual results may differ materially from these expectations, estimates and projections and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and difficult to predict. In accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2012, and subsequent Forms 10-Q and 8-K, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

CONTACT: Media Relations Contacts:
         Lee Warren: 713-296-4103
         John Porretto: 713-296-4102
         
         Investor Relations Contacts:
         Howard Thill: 713-296-4140
         Chris Phillips: 713-296-3213

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,063.49 -16.65 -0.09%
S&P 500 2,112.14 -5.55 -0.26%
NASDAQ 5,062.5410 -29.5440 -0.58%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs