From Fox Business
Marathon Oil said it plans to sell its interest in an offshore Angola block for about $590 million, while buying acreage at the Eagle Ford shale play in south Texas for about $97 million.
The company is selling its 10% stake in Block 32 offshore Angola to Sonangol E.P. The transaction is expected to close in the fourth quarter and have a retroactive date of Jan. 1.
Chief Executive Lee M. Tillman said the most recent Angola sale brings the company’s current total of completed or agreed divestitures to $3.5 billion, surpassing the $3 billion high end of Marathon’s three-year target.
Marathon also reiterated plans to buy back $1 billion of its stock under an existing share repurchase program. The buyback will be completed in two phases, with the initial phase of $500 million in repurchases almost completed.
Marathon expects the second phase to conclude after closing a previously announced $1.5 billion sale of a 10% interest in another block in offshore Angola.
Read more at Fox Business.