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Stock Market & Financial Investment News

News Breaks
June 2, 2014
05:04 EDTMROMarathon Oil to sell Norway business for $2.7B
Marathon Oil announced that it has entered into a definitive agreement with Det norske oljeselskap ASA under which Det norske will purchase Marathon Oil's wholly owned subsidiary, Marathon Oil Norge AS, for a total transaction value of $2.7B. After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil expects net proceeds of approximately $2.1B at closing. The effective date of the transaction is Jan. 1. The companies expect to close the transaction in Q4. The sale includes the Marathon Oil-operated Alvheim floating production, storage and offloading vessel, 10 Company-operated licenses and a number of non-operated licenses on the Norwegian Continental Shelf in the North Sea. FY13 net production in Norway averaged approximately 80,000 barrels of oil equivalent per day.
News For MRO From The Last 14 Days
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January 27, 2015
10:00 EDTMROOn the Fly: Analyst Downgrade Summary
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January 26, 2015
16:26 EDTMROMarathon Oil, Cobalt, RSP Permian downgraded at UBS
UBS lowered its Brent and WTI forecasts to $52.50 and $49 from $67.50 and $62.50, respectively, and downgraded a number of names in the energy space in conjunction. Along with making changes to its oil price forecasts, UBS downgraded Marathon Oil (MRO), Cobalt (CIE) and RSP Permian (RSPP), all to Neutral from Buy. The firm also identified ConocoPhillips (COP), Devon Energy (DVN), Murphy Oil (MUR), Ultra Petroleum (UPL), Range Resources (RRC), Denbury Resources (DNR), and Magnum Hunter (MHR) as having high valuations, slowing growth and wide free cash flow deficits and said it was cautious on all of those names as well.
16:21 EDTMROMarathon Oil downgraded to Neutral from Buy at UBS
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