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

Marathon Oil Board Elects Lee Tillman To Succeed Cazalot As President & CEO

Marathon Oil To Present At UBS Global Conference; Webcast At 10:25 AM ET

Marathon Oil Corp. Q1 13 Earnings Conference Call At 9:00 AM ET

Marathon Oil Q1 Profit Rises - Quick Facts

Trade MRO now with

5/9/2012 8:41 AM ET

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: Quote).

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.

Click here to receive FREE breaking news email alerts for Marathon Oil Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 145 Articles

Editors Pick

Red Hat Results Edge Past Estimates

Red Hat Inc., the world's largest seller of Linux software, said Wednesday after the markets closed that its first quarter profit rose 8% from last year, as revenue increased 15% amid strong consumer demand. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue.

Negative Reaction To Fed Leads To Sell-Off On Wall Street - U.S. Commentary

After moving mostly higher over the course of the two previous sessions, stocks pulled back sharply during trading on Wednesday. A negative reaction to the Federal Reserve's monetary policy announcement weighed on the markets in afternoon trading. The major averages saw some volatility following the announcement from the Fed, closing firmly in the red.

CBO Finds Senate Immigration Bill Would Reduce Budget Deficit

Providing a potential boost to comprehensive immigration reform, the non-partisan Congressional Budget Office has estimated that the immigration bill currently being debated in the Senate would result in a notable reduction to the federal budget deficit.