For Immediate Release
Chicago, IL - November 12, 2015 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Marathon Oil Corp. ( MRO ), Apache Corp. ( APA ), Chesapeake Energy Corporation ( CHK ) and Anadarko Petroleum Corporation ( APC ).
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Here are highlights from Wednesday's Analyst Blog:
MarathonOil Inks Agreement to Divest GoM Assets for $205M
Upstream energy firm Marathon Oil Corp. ( MRO ) announced that it has entered into an agreement to divest its Gulf of Mexico (GoM) assets for a total price of $205 million. The name of the buyer has not been disclosed.
The assets under sale include acreage in the greater Ewing Bank area, which is operated by Marathon. Also, acreage in the Petronius and Neptune fields, in which the company holds non-operated producing interests, are being sold.
The deal is expected to close by the end of this year and will have an effective date of Jan 1, 2015.
These assets comprise the majority of Marathon's operating and non-operating interest in the GoM. However, Marathon will continue to hold stakes in other producing assets and properties in the area. The company will also retain its stake in the Gunflint development and Shenandoah discovery.
Marathon is a leading energy firm with a large and geographically-diverse reserve base and solid project pipeline. Additionally, it possesses a healthy balance sheet, which helps it to capitalize on investment opportunities.
However, Marathon's earnings and cash flows are bound to be affected by the ongoing oil price slump. This has, in fact, been reflected on the company's recently released results as well. Marathon posted third-quarter adjusted loss from continuing operations of 20 cents per share that compared unfavorably with the year-ago quarter profit of 57 cents per share. The year-over-year fall stemmed from lower liquid price realizations.
Other firms from the oil and gas exploration and production industry like Apache Corp. ( APA ), Chesapeake Energy Corporation ( CHK ) and Anadarko Petroleum Corporation ( APC ) were also affected by this weakness in commodity prices. With oil prices anticipated to remain weak in the near term, financials for upstream firms are expected to be under pressure.
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MARATHON OIL CP (MRO): Free Stock Analysis Report
APACHE CORP (APA): Free Stock Analysis Report
CHESAPEAKE ENGY (CHK): Free Stock Analysis Report
ANADARKO PETROL (APC): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
