logo
Share SHARE
FONT-SIZE Plus   Neg

Paloma Partners II Agrees To Be Acquired By To Marathon Oil For $750 Mln In Cash

Houston based Paloma Partners II, LLC announced that it has recently entered into an agreement for the sale of the company to Marathon Oil Corp. (MRO).

As per the terms of the agreement, Marathon Oil will acquire Paloma II for $750 million in cash, effective as of April 1, 2012, subject to customary closing terms and conditions.

Closing is expected to occur in the third quarter of 2012. Paloma II owns roughly 17,000 net acres in the Eagle Ford shale play, primarily in Karnes and Live Oak counties, TX. Net production as of April 1 was approximately 7,000 boepd.

Paloma II is a privately held acquisition, exploration and production company headquartered in Houston, Texas.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Facebook Inc. (FB), Wednesday reported a jump in profit for the second quarter, as the social networking giant's bottom line continues to be driven by soaring ad revenues. Both earnings and revenues trumped Wall Street expectations, sending shares up by 6 percent in the extended hours. Menlo Park,... Boeing Co.(BA) reported a loss for the second-quarter 2016 compared to profit in the prior year, reflecting 787 cost reclassification and charges on the 747 program and the KC-46 Tanker program, partially offset by solid execution and higher volume. It cut its profit outlook for fiscal year 2016, while it reaffirmed annual revenue guidance. Automaker Fiat Chrysler Automobiles NV on Wednesday reported a 25 percent increase in profit for the second quarter from last year. However, quarterly net revenues and worldwide shipments declined from last year.
comments powered by Disqus
Follow RTT