US independent Marathon Oil is entering the Permian basin through a $1.1 billion deal to buy out private equity-backed BC Operating.
Houston-based Marathon will gain access to about 70,000 net acres in the Permian, with 51,500 net acres concentrated in the northern Delaware basin in New Mexico and current production of roughly 5000 net barrels of oil equivalent per day.
“The northern Delaware basin features outstanding well economics that compete at the top of our organic portfolio and is experiencing a positive rate of change in well performance unrivalled in US unconventional basins,” Marathon chief executive Lee Tillman said.
“This
