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Marathon Oil to buy PayRock Energy for $888 million

Staff writer |
Marathon Oil said it agreed to buy PayRock Energy Holdings for $888 million from venture capital firm EnCap Investments.

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Marathon Oil, which held about 265,000 net acres in Oklahoma, said in February it has allocated about 14 percent or $204 million of its 2016 capital spending to the basin.

PayRock, an Oklahoma and Kansas-focused portfolio company of EnCap Investments, has current production of about 9,000 net barrels of oil equivalent per day in the Anadarko Basin STACK play in Oklahoma.

Marathon had agreed to sell non-core assets for $950 million in April, bringing its total sales through divestitures to about $1.3 billion since last August.

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