Marathon Oil (NYSE: MRO) is seeking to sell over 96,000 acres in the Eagle Ford Shale in Texas. An electronic data room for the sale, which accounts for 96,738 acres including land in Karnes, Bee, and Wilson counties, opened up on October 1. Bids are due by October 25.
According to Marathon CEO David Roberts, the Eagle Ford Shale remains “a priority” and the company expects to see Eagle Ford production go up to 120,000 barrels of oil equivalent per day by 2016. Between 2011 and 2013, Marathon hopes to have achieved $1.5 to $3 billion in asset sales.
“The marketing effort is part of our normal efforts to high-grade our acreage and focus on the core,” Lee Warren, a spokeswoman for Houston-based Marathon, said in an e-mail today. “The acreage being marketed is not part of the approximately 200,000 net acres within our holdings that we consider the core of the play.”
Marathon holds approximately 325,000 net acres in the Eagle Ford Shale, and daily gross output currently approximates 100,000 barrels of oil.