Marathon Oil Corp said it plans to sell its stake in an oil and gas field offshore Angola for about $590 million as part of an asset disposal program aimed at shoring up its balance sheet and funding exploration and development projects. The company also said it would acquire about 4,800 net acres in the Eagle Ford shale field in Texas for $97 million.Marathon Oil said it reached an agreement in principle to sell its 10 percent stake in Block 32 offshore Angola to state-run oil firm Sonangol EP.The company in June sold its 10 percent stake in another Angolan field called Block 31 to China's Sinopec Group for $1.5 billion.Marathon Oil had said it would use the proceeds from the deal with Sinopec to purchase back its shares.
Marathon Oil Corporation (Marathon Oil) is an international energy company engaged in exploration and production, oil sands mining and integrated gas with operations in the United States, Angola, Canada, Equatorial Guinea. Shares of MRO remained unchanged at $36.24. In the past year, the shares have traded as low as $28.46 and as high as $37.87. On average, 5078010 shares of MRO exchange hands on a given day and today's volume is recorded at 2600.
Source
