Why Marathon Oil Corporation (MRO) Stock Is Falling Today

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Marathon Oil Corporation ( MRO ) stock was down today following news that it's offering more of its common shares .

Marathon Oil is offering 145 million shares of its common stock to the public at a price of $7.65 per share. The offering also includes an additional 21,750,000 shares as an option for underwriters that last for 30 days.

Marathon Oil said that the money generated by the offering will be used to cover general corporate needs and strengthening its balance sheet. It will also use some of the funds for capital program. The offer ends on March 4, 2016.

MRO shares were sitting at around $7.90 as of Noon Tuesday. This is down roughly 3% from its closing price of $8.20 on Monday.

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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.