Marathon Oil announced its intention to sell 135 million of common shares through a public offering. The ongoing slump in the global oil industry has led many oil firms to undertake the cost-cutting strategy to keep hold of their cash level.
Oil and gas prices have continued to slashing down in 2016. Due to lower commodity prices, Oil and gas companies are adopting cost reductive measures including job cuts. After job cut spree in Sandridge Energy, Devon Energy has announced 1,000 job cuts on Tuesday. The company has forecast for another 600 job cuts ahead.
The following bids, mergers, acquisitions and disposals were reported on Wednesday including Telefonica Deutschland, Devon Energy, Metro AG, Devon Energy Corp and others
Petroleum company Devon Energy Corp. was nearing a deal to takeover Texas-based GeoSouthern Energy Corp. for USD6 billion. This would be Devon's second large transaction in less than a month.
Devon Energy Corp (DVN.N) said on Wednesday Japan's Sumitomo Corp (8053.T) will take a 30 percent stake in 650,000 shale acres Devon controls in the Permian Basin in a $1.4 billion deal.