Marathon Oil Sells Canadian Oil Sands Assets, Bets On Permian

By Tsvetana Paraskova In a sign that oil companies have realized where the biggest returns can be reaped after the downturn, Marathon Oil Corporation said on Thursday that it is divesting its Canadian oil sands operations and acquiring acreage in the Permian Basin. Marathon Oil has signed a deal to sell its Canadian subsidiary—that includes a 20-percent non-operated interest in the Athabasca Oil Sands Project (AOSP)—to Shell and Canadian Natural Resources Limited for US$2.5 billion in cash, excluding closing adjustments. The sale further simplifies and concentrates…

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