Join The Discussion

 

Texas has old, new candidates to offer as presidential hopefuls

The Republican Party has long been riven between its establishment and conservative wings, a split that plays out every four years in the race for the White House.

read more >

Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

read more >

Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

read more >

Compass BBVA names Happel CEO for Fort Worth

BBVA Compass has appointed Brian Happel, most recently the Fort Worth city president, its chief executive officer of Fort Worth.

read more >

Two Fort Worth Baylor medical properties acquired

Baylor Surgical Hospital of Fort Worth and Baylor Surgical Hospital Integrated Medical Facility are among three facilities acquired by Carter Validus Mission Critical REIT II Inc.

read more >

 

Marathon Oil selling Norway ops in $2.7B deal

HOUSTON (AP) — Marathon Oil Corp. of Houston is selling its Norwegian business to Det Norske Oljeselskap ASA in a deal valued at about $2.7 billion as it streamlines operations and hones its focus on the U.S.

Det Norske is buying the subsidiary Marathon Oil Norge AS, which comes with the Alvheim floating production, storage and offloading vessel, 10 company-run licenses and some non-operated licenses on the Norwegian Continental Shelf in the North Sea. Last year's net production in Norway averaged approximately 80,000 barrels of oil equivalent per day.

Marathon anticipates approximately $2.1 billion in net proceeds from the sale, after adjusting for debt, net working capital and interest.

In 2011, Marathon spun off its refining operations, effectively splitting the company in two. Since then, CEO Lee Tillman said the company has conducted $6.2 billion of strategic divestitures, ramped up share buybacks, and increased activity in lucrative U.S. oil and gas plays.

The Houston company recently sold off assets in Angola, while accelerated rig activity in Eagle Ford, Bakken and Oklahoma Woodford formations in the U.S., areas that have boomed due to new drilling techniques.

Marathon had been shopping its U.K. North Sea business as well, but said Monday that it had not receive an acceptable offer, and would hold on to those assets.

The company plans to use proceeds from Norwegian sale to accelerate activity in the U.S. and for additional stock buybacks, Tillman said Monday.

The sale of the Norwegian assets is expected to close in the fourth quarter.

Shares of Marathon Oil are up almost 4 percent over the last year and at Friday's closing price of $36.66, they are approaching all-time highs reached in 2007, when energy prices were streaking toward record levels.

 

 

 

< back

Email   email
hide
Catch
How 'bout them Cowboys?