Marathon Oil Corporation’s bid to sell off its stake in the Athabasca Oil Sands Project has ended with “terminated negotiations”. The company said in a press release it “is not engaged in further discussions with respect to a potential sale of these assets”.
Read the release below courtesy Marathon Oil Corp:
As previously announced, Marathon Oil Corporation (NYSE: MRO) had engaged in discussions with respect to a potential sale of a portion of the Company’s 20 percent outside-operated interest in the Athabasca Oil Sands Project (AOSP) in Alberta, Canada. An agreement was not reached with the prospective purchaser and negotiations have been terminated.
Marathon Oil is not engaged in further discussions with respect to a potential sale of these assets; however, the Company will continue to evaluate ways to optimize its portfolio for profitable growth and to deliver value to shareholders. As such, the Company’s stated goal of divesting between $1.5 billion and $3 billion in assets over the period of 2011 through 2013 remains intact. As of May 22, 2013, Marathon Oil has agreed upon or closed on approximately $1.3 billion in divestitures.