EX-99.2
3
exhibit99-2mropressrelease.htm
EXHIBIT 99.2
Exhibit
Exhibit 99.2
Marathon Oil Closes on Sale of U.K. Business
HOUSTON, July 1, 2019 -- Marathon Oil Corporation (NYSE: MRO) announced today the company has closed on the sale of its U.K. business, which consists of the Brae area fields and Foinaven, to RockRose Energy PLC. The transaction represents a complete country exit for Marathon Oil.
Final terms of the transaction resulted in consideration payable to a subsidiary of Marathon Oil of approximately $95 million, which reflects the assumption by the buyer of the U.K. business' working capital and cash equivalent balances of approximately $345 million on Dec. 31, 2018. The transaction has an effective date of Jan. 1, 2019.
At year-end 2018, the Company carried 21.4 million oil equivalent barrels of proved reserves in the U.K., and 2018 production averaged approximately 13,000 barrels of oil equivalent per day.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company's 2018 Annual Report on Form 10-K and other public filings and press releases, available at www.marathonoil.com.
Media Relations Contact:
Lee Warren: 713-296-4103
Investor Relations Contact:
Guy Baber: 713-296-1892

EX - 99 . 2 3 exhibit99 - 2mropressrelease . htm EXHIBIT 99 . 2 Exhibit Exhibit 99 . 2 Marathon Oil Closes on Sale of U . K . Business HOUSTON , July 1 , 2019 -- Marathon Oil Corporation ( NYSE : MRO ) announced today the company has closed on the sale of its U . K . business , which consists of the Brae area fields and Foinaven , to RockRose Energy PLC . The transaction represents a complete country exit for Marathon Oil . Final terms of the transaction resulted in consideration payable to a subsidiary of Marathon Oil of approximately $ 95 million , which reflects the assumption by the buyer of the U . K . business ' working capital and cash equivalent balances of approximately $ 345 million on Dec. 31 , 2018 . The transaction has an effective date of Jan. 1 , 2019 . At year - end 2018 , the Company carried 21 . 4 million oil equivalent barrels of proved reserves in the U . K . , and 2018 production averaged approximately 13,000 barrels of oil equivalent per day . # # # This release contains forward - looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 . These forward - looking statements are also affected by the risk factors , forward - looking statements and challenges and uncertainties described in the Company 's 2018 Annual Report on Form 10 - K and other public filings and press releases , available at www.marathonoil.com . Media Relations Contact : Lee Warren : 713 - 296 - 4103 Investor Relations Contact : Guy Baber : 713 - 296 - 1892