Marathon Oil Corporation has signed a definitive agreement to acquire Houston-based Globex Energy, Inc. in a transaction valued at $155 million.
The acquisition will strengthen Marathon's exploration and production asset base, primarily in Equatorial Guinea, with the addition of 38 million barrels of oil equivalent (BOE) in proven reserves.
These new assets will complement Marathon's integrated gas strategy, which is designed to create sustainable value growth through the integrated development of natural gas resources. The acquisition is subject to the approval of the Australian Foreign Investment Review Board and closing of the sale, which are expected before the end of June.
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