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Marathon Oil to buy Permian Basin acreage for $700 million

  • Tuesday, March 21, 2017
  • Posted By Meagan Wildfong

032117 Source: FuelFix.com (Houston Chronicle) | Collin Eaton | March 21, 2017

Marathon Oil Corp. says it will pay $700 million for 21,000 net acres in the Northern Delaware Basin in New Mexico, its second deal in the region in less than two weeks.

The Houston driller said Tuesday the all-cash transaction brings its footprint in the Permian Basin to more than 90,000 net acres. The land deal with private Fort Worth driller Black Mountain Oil & Gas and others is expected to close in the second quarter.

 

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Sale Oil Wells Permian Basin

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