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Marathon Oil completes $700M Permian acreage buy, sells Canadian unit for $2.5B

Marathon Oil Corp. has strengthened its position in the Permian basin with the closing of its $700 million acquisition of about 21,000 net surface acres in the Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers.

The additional acreage, along with those acquired from the BC Operating transaction, brings the company's position in the basin up to 91,000 net surface acres.

Marathon Oil also closed the sale of its Canadian subsidiary to Royal Dutch Shell plc and Canadian Natural Resources Ltd. for $2.5 billion in cash. The sale includes 20% of Marathon Oil's non-operated interest in the Athabasca Oil Sands Project. The company received about $1.75 billion, with the remaining to be paid in first quarter of 2018.

Effective date of the acquisition is March 1, while the sale's effective date is Jan. 1.