Merit buys Marathon's Wyoming assets

Merit Energy Co. of Dallas, Texas, recently agreed to acquire all the upstream and downstream assets in Wyoming that belong to Marathon Oil Corp., Houston, for $870 million.

The upstream properties, comprised primarily of waterflood developments in the Big Horn and Wind River basins, averaged 16,500 barrels of oil equivalent per day (boe/d) during the first quarter. The assets also include the 570-mile Red Butte pipeline, the only export line in the area, according to Marathon.

The deal is effective Jan. 1, and is expected to close midyear.

Marathon Oil President and CEO Lee Tillman said, "Since August 2015, we have now announced or closed noncore asset sales of approximately $1.3 billion, surpassing our targeted range of $750 million to $1 billion.