Marathon Oil Corp. has acquired approximately 21,000 net surface acres in the Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers for $700 million, excluding closing adjustments.
The effective date of this transaction is March 1, 2017.
Combined with the acquisition from BC Operating, which closed May 1, Marathon Oil’s total position in the Permian Basin totals 91,000 net surface acres.
On May 31, the company closed on the sale of its Canadian subsidiary to Shell and Canadian Natural Resources Limited for a total transaction value of $2.5 billion in cash.