Marathon Oil to Sell Stock to Shore Up Balance Sheet
01 March 2016 - 9:59AM
Dow Jones News
By Josh Beckerman
Marathon Oil Corp. plans to sell as much as about $1.23 billion
of stock, based on Monday's closing price, intending to use
proceeds to strengthen its balance sheet and fund part of its
capital program.
While the industry has suffered from a severe, prolonged
downturn in energy prices, several energy producers have been
successful in their efforts to raise cash in stock offerings.
Within the past two weeks, Energen Corp., QEP Resources Inc.,
Cabot Oil & Gas Corp. and Devon Energy Corp. have increased
public stock offerings.
In after-hours trading, Marathon shares fell 4% to $7.88. Shares
of the company have declined by more than half over the past three
months.
The company intends to sell 135 million shares, plus up to 20.25
million additional shares in an overallotment.
In February, Marathon reported its first annual loss in 20
years. The Houston exploration and production company announced a
$1.4 billion capital program for 2016, compared with $3 billion in
2015.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 29, 2016 17:44 ET (22:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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