Marathon Sells Wyoming Assets to Merit Energy For $950M

Marathon Oil says it will sell its Wyoming assets to Merit Energy for $950 million in a deal that includes the state's most productive oil fields.

Mnet 123401 Marathonoiltower

CASPER, Wyo. (AP) — Marathon Oil says it will sell its Wyoming assets to Merit Energy for $950 million in a deal that includes the state's most productive oil fields.

The Casper Star-Tribune reports that the sale announced Monday includes Marathon's properties in the Big Horn and Wind River basins. It comes after company executives said last year they would sell non-core assets to raise money amid falling oil prices.

The purchase by Dallas-based Merit Energy will put Marathon on track to exceed its goal of $750 million to $1 billion in asset sales.

Marathon, which has had a presence in Wyoming for more than a century, has turned to shale in North Dakota and Texas in recent years.

The deal with Merit is expected to close in mid-2016.

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