Marathon Oil Expansion in South Texas Shale
by: Andrew Schneider, June 1, 2011 10:06:00 pm
The deal with Houston-based Hilcorp Resources, a partnership that includes buyout firm KKR, would add 141 thousand net acres to Marathon’s holdings in Eagle Ford. That will nearly double the firm’s existing stake, much of that acquired in the past year.
Marathon president and CEO Clarence Cazalot.
“We see the Eagle Ford as perhaps the premier resource play in the United States, in large part because it is a primarily liquids-prone play with very strong profitability.”
The purchase cuts across Atascosa, Karnes, Gonzales and DeWitt Counties in south Texas.
Cazalot expects Marathon’s combined Eagle Ford holdings to produce the equivalent of 100,000 barrels of oil per day by 2016.