Shares of Marathon Oil Corporation (MRO) are up more than 7% Thursday morning after the company announced a gross debt reduction of $500 million.
The company said it has sent an irrevocable notice of its intention to fully redeem its currently outstanding $500 million aggregate principal amount of 2.8% Senior Notes Due 2022, which will reduce gross debt by $500 million and annual cash interest expense by $14 million.
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