LONDON, UK / ACCESSWIRE / March 6, 2018 / Active-Investors.com has just released a free research report on Marathon Oil Corp. (NYSE: MRO). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MRO as the Company's latest news hit the wire. On March 02, 2018, Marathon Oil announced that it had closed the sale of its subsidiary, Marathon Oil Libya Ltd, to a subsidiary of Total S.A. (NYSE: TOT), Elf Aquitaine SAS. The all-cash deal is valued $450 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
www.active-investors.com/registration-sg
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Marathon Oil and Total most recent news are on our radar and our team decided to put out fantastic reports on these companies that are now available for free below:
www.active-investors.com/registration-sg/?symbol=MRO
www.active-investors.com/registration-sg/?symbol=TOT
Details of Asset Sale in Libya
Marathon Oil Libya held 16.33% non-operated interest in the Waha concessions in Libya which will now be owned by Total's subsidiary. The sale of Marathon Oil Libya, marks Marathon's complete exit from Libya. The deal was closed on March 01, 2018 and was effective as on January 01, 2018. The Company's decision is in-line with its strategy of focusing on the US shale business. The Company carried 199 million barrels of oil equivalent (boe) of proved reserves in Libya for the year-end 2017. The sale consideration is equal to 9 times the Company's estimated free cash flow from Libya for FY18 at strip pricing.
For Total the acquisition will allow it to get access to reserves and resources of more than 500 million barrels of oil equivalent, with immediate production of around 50.000 barrels of oil equivalent per day (boe/d). The asset has significant exploration potential in around 53.000 square kilometers covered by the Concessions in the Sirte Basin.
Total has a long history with Libya and has been in the country since 1954. Total's production from Libya was 31,500 boe/d which included production from offshore Al Jurf field, where it has 37.5% interest and the El Sharara onshore area where it has 15% interest in block ex-NC 115 and 12% interest in Block ex-NC 186.
Management Quotes
Commenting on the asset sale, Lee Tillman, President and CEO of Marathon Oil, said:
"Today's announcement to divest Libya at an attractive valuation continues the simplification and concentration of our portfolio to the high margin, high return US resource plays. Our relentless focus on portfolio management has driven seven country exits since 2013 and generated proceeds of over $4 billion just in the last 2 years. As a result, 95% of our 2018 development capital allocation and about 70% of the Company's total production mix will be associated with the US resource plays, naturally expanding our margins in 2018 and beyond."
Patrick Pouyanné, Chairman and CEO of Total, added:
"This acquisition is in-line with Total's strategy to reinforce its portfolio with high quality and low-technical cost assets whilst bolstering our historic strength in the Middle-East and North Africa region. It builds on the Group's long-term presence in Libya, a country with very large oil and gas resources, and demonstrates our commitment to continue supporting the recovering oil and gas industry of the country."
About the Waha concessions in Libya
The Waha concessions are in the Sirte Basin of eastern Libya. The production from this site is around 300,000 barrels of oil equivalent per day (boe/d) and has a potential of reaching 400,000 boe/d by the end of the decade due to the restart of the existing installations and the resumption of development drilling. The stakeholders in Waha Concessions are Libya's state-owned National Oil Corp (NOC) with 59.18% interests, now Total with 16.33% interest, ConocoPhillips Corp. (NYSE:COP) with 16.33% interest, and Hess Corp. (NYSE:HES) with 8.16% interest.
About Total S.A.
Paris, France-based Total is the 4th largest international oil and gas company and a major integrated player in low-carbon energies. The Company discovers, produces, transforms, markets, and distributes energy in a variety of forms. The Company has operations in more than 130 countries including in Africa, Middle-East, North America, South America, and Europe and is supported by a global team of 98,000 employees.
The Company had sales of $149.7 billion in FY16.
About Marathon Oil Corp.
Houston, Texas-based Marathon Oil is an independent E&P Company focused on oil-rich resource plays in the US including the Eagle Ford in Texas, Permian in New Mexico, STACK and SCOOP in Oklahoma, and the Bakken in North Dakota. The Company also has international operations in Europe and Africa.
The Company's average net production from the US resource play was 227,000 boe/d in Q3 2017 with projected production growth in the US resource play was between 25% to 30% from Q4 2016 to end of Q4 2017.
Stock Performance Snapshot
March 05, 2018 - At Monday's closing bell, Marathon Oil's stock advanced 1.95%, ending the trading session at $15.15.
Volume traded for the day: 11.65 million shares.
Stock performance in the last three-month - up 2.09%; and previous six-month period - up 36.24%
After yesterday's close, Marathon Oil's market cap was at $12.88 billion.
The stock has a dividend yield of 1.32%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 0.9% at the end of the session.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors