Marathon Oil Adds to Permian Acquisition with $700 Million Deal
03.22.17
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Simpson Thacher represented Marathon Oil Corporation (NYSE: MRO) in its announced bolt-on Permian basin acquisition of approximately 21,000 net mineral acres, largely in the Northern Delaware Basin, from Black Mountain Oil & Gas and other private sellers for $700 million. Combined with Marathon Oil’s earlier announced Permian basin acquisition of 70,000 net mineral acres, the deal provides Marathon Oil with more than 90,000 net mineral acres in the Permian, with over 70,000 net mineral acres concentrated in the Northern Delaware basin. The acquisition is expected to close in the second quarter of 2017 with an effective date of March 1, 2017.
Marathon Oil is an independent global exploration and production company. Based in Houston, Texas, the company operates in North America, Europe and Africa.
The Simpson Thacher team included Byron Romain and Breen Haire (M&A).