Past year: ▲ 13%(22.85 – 28.96 USD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2014asset acquisition disposition● Neutral
This amendment to the October 2014 Norway sale filing replaces the pro forma balance sheet as of June 30, 2014, because some adjustments were left out of the original. The pro forma income statements for 2011-2013 are unchanged. There is no new transaction.
20 Oct 2014asset acquisition disposition● NeutralMajor
On October 15, 2014, Marathon Oil completed the sale of its Norwegian subsidiary, Marathon Oil Norge AS, to Det norske oljeselskap ASA for about $2.1 billion after adjustments. The sale includes the operated Alvheim floating production vessel, 10 operated licenses and several non-operated licenses on the Norwegian Continental Shelf; Norway averaged about 80,000 barrels of oil equivalent per day net in 2013. The filing also provides pro forma financial statements showing the effect of the sale.
2 June 2014debt financing● Neutral
On May 28, 2014, Marathon Oil replaced its April 2012 credit agreement with an amended and restated $2.5 billion unsecured five-year revolving credit facility maturing May 28, 2019 (extendable, with an option to add up to $1.0 billion). Commitment fees and interest margins are somewhat lower at the low end than the 2012 facility, and the 65% debt-to-capitalization covenant is unchanged. This continues the bank facility set up in 2012.
29 Oct 2012material agreement● Neutral
On October 29, 2012, Marathon Oil closed a public offering of $1.0 billion of 0.900% Senior Notes due 2015 and $1.0 billion of 2.800% Senior Notes due 2022. It says it intends to use the proceeds to repay commercial paper and for general corporate purposes.
10 Apr 2012debt financing● Neutral
On April 5, 2012, Marathon Oil signed a new $2.5 billion unsecured five-year revolving credit facility maturing April 5, 2017 (extendable, with an option to add up to $1.0 billion), and terminated its $3.0 billion 2004 credit agreement. The facility requires total debt to total capitalization not to exceed 65% at each quarter end.
4 Nov 2011asset acquisition disposition▲ GoodMajor
On November 1, 2011, Marathon Oil completed the purchase of Eagle Ford shale assets in Texas from Hilcorp Resources Holdings, LP (a partnership of Hilcorp Energy and KKR affiliates) for $3.6 billion. The assets cover about 143,000 net acres, mainly in Atascosa, Karnes, Gonzales and DeWitt counties. This completes the purchase agreement dated May 31, 2011, signed shortly before the MPC spin-off.
1 July 2011asset acquisition disposition● NeutralMajor
On June 30, 2011, Marathon Oil completed the spin-off of Marathon Petroleum Corporation (MPC), which holds its former refining, marketing and transportation businesses. Shareholders received one MPC share for every two Marathon Oil shares held on the June 27, 2011 record date (about 356 million MPC shares in total), and MPC now trades separately as "MPC". Six directors left Marathon Oil's board to join MPC's, Gary Heminger resigned as Executive VP, Downstream, CEO Clarence Cazalot Jr. also became chairman, Dennis Reilley became Lead Director, and David Roberts became Executive VP and COO. An amendment to the employee matters agreement with MPC was also signed.
