Marathon Oil Corp. has closed on the sale of its subsidiary, Marathon Oil Libya Limited, which holds the company’s 16.33 percent non-operated interest in the Waha concessions in Libya, to a subsidiary of Total S.A. for $450 million.
“Today’s announcement to divest Libya at an attractive valuation continues the simplification and concentration of our portfolio to the high-margin, high-return U.S. resource plays,” said Lee Tillman, Marathon Oil president and CEO. “Our relentless focus on portfolio management has driven seven country exits since 2013 and generated proceeds of over $4 billion just in the last two years. As a result, 95 percent of our 2018 development capital allocation and about 70 percent of the company’s total production mix will be associated with the U.S. resource plays, naturally expanding our margins in 2018 and beyond.”
Marathon holds stakes in international developments in the North Sea, Iraq and West Africa.
