NorthAmOil: Marathon closes purchase of Ensign’s Eagle Ford assets for $3bn

Marathon Oil has closed the acquisition from Ensign Natural Resources of Eagle Ford shale acreage for $3bn in cash. The deal had been announced in early November.

The assets – in the core of the play – nearly double Marathon’s Eagle Ford position to 290,000 net acres (117,350 hectares) and are adjacent to Marathon’s existing Eagle Ford wells.

The acreage was expected to produce 67,000 barrels of oil equivalent per day (boepd) in the fourth quarter of 2022.

The purchase was of more than 600 undrilled locations, representing an inventory life greater than 15 years, and 700 existing wells. Most of the existing wells had been drilled before 2015 and offer redevelopment potential.

The acreage is located primarily in the prolific condensate and wet gas phase windows of the play.