Eagle Ford deal pins attractive value; upside getting priced in versus peers
Event
On 1 June, Marathon Oil (MRO US, US$52.65, Neutral, target: US$54.00, covered by Jason Gammel) announced that it intends to acquire Hilcorp Resources Holdings (Aurora’s operating partner on their Sugarkane properties), in an all-cash deal valued at US$3.5bn. Marathon is acquiring 7.0mboe/d of net production, 141,000 net acres of undeveloped land in the Eagle Ford and expects to recover 450–500mmboe of resource on the acquired lands.
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