NEW YORK (TheStreet) -- Marathon Oil
(MRO) has been having a profitable garage sale for the past three years as it makes room for powerful domestic growth. Since 2011, the Houston energy company has sold over $6 billion worth of assets in order to simplify and concentrate on its core business.
Marathon is employing the time-honored principle of concentrating on what you do best and spending the majority of your time and resources on the most lucrative activities.
Utilizing this approach the company recently sold its operations in Norway for about $2.7 billion in cash. This prized North Sea part of Marathon's production fetched a good price as management waited patiently for oil and gas prices to spike in synch with its increased production.
The proceeds from the Norwegian sale, which is expected to close by the end of 2014, will be mainly spent to beef up onshore domestic energy production. Company officials also suggested the possibility of an additional $1 billion or $2 billion share buyback following the disposal of the North Sea assets.
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