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.
The oil price in the global market continued to skid further on Wednesday touching a new low since March 2009 while crude inventories in the US are increasing.
U.S. export regulators are seeking more information from at least three would-be exporters of domestic condensate, including Marathon Oil, while half a dozen other firms have recently been cleared to sell the abundant ultra-light oil abroad, people familiar with the process told Reuters.
Spanish oil firm Repsol (REP.MC) is set to accelerate a $10 billion acquisition drive to take advantage of lower U.S. shale valuations in the face of falling oil prices and eventually fill a gap left by the 2012 seizure of its Argentine business.
Marathon Oil Corp said it would selling its 10% stake in an Angolan oil and gas field for USD 590 million.
Subscribe to VCpost newsletter
- Dr. Stuart Lutton & New Life Teeth Clinic: Leading the Way with Zirconia Dental Implants
- Macy's Receives $5.8 Billion Buyout Offer: Report
- Wall Street Experts See Solid Potential in These 3 Stocks
- Why Billionaire Tech Leader Romesh Wadhwani Is Investing $1 Billion on AI's Future
- AMD Shares Rise After it Unveils New AI Chips to Compete with Nvidia