UBS Raises Price Target on Marathon Oil (MRO) Following PayRock Energy Purchase Agreement
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Marathon Oil Announces STACK Acquisition
June 20, 2016 6:01 AM EDTHouston, June 20, 2016 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO) today announced the signing of a definitive purchase and sale agreement to acquire PayRock Energy Holdings, LLC (PayRock), a portfolio company of EnCap Investments, for $888 million. PayRock has approximately 61,000 net surface acres and current production of 9,000 net barrels of oil equivalent per day (boed) in the oil window of the Anadarko Basin STACK play in Oklahoma.
Highlights:
High quality inventory immediately competes for capital allocation within Marathon Oils portfolio $4.5 - 4.0 million completed well costs offer 60 - 80% before-tax IRRs at $50... More