Merit Energy Co., Dallas, has agreed to acquire all of the upstream and midstream assets in Wyoming that belong to Marathon Oil Corp., Houston, for $870 million, a Marathon official confirmed to OGJ on Apr. 12.
The upstream properties, comprised primarily of waterflood developments in the Big Horn and Wind River basins, averaged 16,500 boe/d during the first quarter. The assets also include the 570-mile Red Butte pipeline, the only export line in the area, Marathon says.
The deal is effective Jan. 1, and expected to close midyear.
"Since August 2015, we have now announced or closed noncore asset sales of approximately $1.3 billion, surpassing our targeted range of $750 million to $1 billion," said Lee Tillman, Marathon Oil president and chief executive officer.
Contact Matt Zborowski at [email protected].
