Thursday, September 27, 2012

Marathon To Exit the Marcellus

Link to Rigzone.com.
Marathon Oil Corp. is putting its natural gas-rich acreage in the Marcellus Shale formation up for sale as it trims non-core assets, people familiar with the situation said.  
Marathon Oil is putting about 80,000 acres in West Virginia and Pennsylvania up for sale because the company doesn't consider them central to its growth plans, a person familiar with the company's plans said Wednesday. The company could realize up to $1,000 an acre, the person estimated, adding that a specific price hasn't been set yet.
Hmmm.

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Reminds me a bit of Lily Allen's It's Not Fair:
Do I Love You, Hillbilly Moon Explosion

1 comment:

  1. Marathon is also cutting back their drilling operations in the Bakken. I believe that they will continue but with fewer rigs. Marthon, like other operators, are studying more economical methods in drilling. This emphasis on cutting costs will continue as operators seek to drill additonal wells at lower costs.

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