HOUSTON, March 26,
2024 /PRNewswire/ -- Marathon Oil Corporation
(NYSE: MRO) (the "Company") announced today that it has priced an
offering of senior notes in an aggregate amount of $1.2 billion, consisting of $600 million principal amount of its 5.300%
Senior Notes due 2029 and $600
million principal amount of its 5.700% Senior Notes due
2034.
The Company intends to use the net proceeds from the offering,
together with cash on hand, to fund the repayment in full of
outstanding borrowings under the Company's term loan facility. The
offering is expected to close on March 28,
2024, subject to customary closing conditions.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Mizuho
Securities USA LLC, MUFG
Securities Americas Inc. and SMBC Nikko Securities America, Inc.
are acting as Joint Book-Running Managers for the offering.
The Company has filed a registration statement (including a base
prospectus) and a prospectus supplement with the Securities and
Exchange Commission (the "SEC") for the offering to which this
communication relates. Before investing, investors should read the
prospectus in that registration statement, the prospectus
supplement and other documents the Company has filed with the SEC
for more complete information about the Company and this offering.
These documents may be accessed for free by visiting EDGAR on the
SEC's website at www.sec.gov or by calling J.P. Morgan Securities
LLC collect at 1-212-834-4533, Morgan Stanley & Co. LLC at
1-866-718-1649, Mizuho Securities USA LLC toll-free at 1-866-271-7403, MUFG
Securities Americas Inc. toll-free at 1-877-649-6848 or SMBC Nikko
Securities America, Inc. toll-free at 1-888-868-6856.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of any securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Marathon Oil
Marathon Oil Corporation (NYSE: MRO) is an independent oil and
gas exploration and production (E&P) company focused on four of
the most competitive resource plays in the U.S. - Eagle Ford,
Texas; Bakken, North Dakota; STACK and SCOOP in Oklahoma; and Permian in New Mexico and Texas, complemented by a world-class
integrated gas business in Equatorial
Guinea. The Company's Framework for Success is founded on a
strong balance sheet, ESG excellence and the competitive advantages
of a multi-basin portfolio.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical fact, including, without limitation,
statements regarding the Company's plans and expected timing with
respect to the offering and the Company's repayment of outstanding
borrowings under its term loan facility, are forward-looking
statements. Words such as "anticipate," "believe," "continue,"
"could," "estimate," "expect," "forecast," "future," "guidance,"
"intend," "may," "outlook," "plan," "positioned," "project,"
"seek," "should," "target," "will," "would," or similar words may
be used to identify forward-looking statements; however, the
absence of these words does not mean that the statements are not
forward-looking. While the Company believes its assumptions
concerning future events are reasonable, these expectations may not
prove to be correct. A number of factors could cause actual results
to differ materially from those projected, including, but not
limited to: conditions in the oil and gas industry, including
supply/demand levels for crude oil and condensate, natural gas
liquids and natural gas and the resulting impact on price; changes
in expected reserve or production levels; changes in political or
economic conditions in the U.S. and Equatorial Guinea, including changes in
foreign currency exchange rates, interest rates, inflation rates
and global and domestic market conditions; actions taken by the
members of the Organization of the Petroleum Exporting Countries
(OPEC) and Russia affecting the
production and pricing of crude oil and other global and domestic
political, economic or diplomatic developments; capital available
for exploration and development; risks related to the Company's
hedging activities; voluntary or involuntary curtailments, delays
or cancellations of certain drilling activities; well production
timing; liabilities or corrective actions resulting from
litigation, other proceedings and investigations or
alleged violations of law or permits; drilling and
operating risks; lack of, or disruption in, access to storage
capacity, pipelines or other transportation methods; availability
of drilling rigs, materials and labor, including the costs
associated therewith; difficulty in obtaining necessary approvals
and permits; the availability, cost, terms and timing of issuance
or execution of, competition for, and challenges to, mineral
licenses and leases and governmental and other permits and
rights-of-way, and our ability to retain mineral licenses and
leases; non-performance by third parties of contractual or legal
obligations, including due to bankruptcy; administrative
impediments or unexpected events that may impact dividends or other
distributions, and the timing thereof, from our equity method
investees; changes in our credit ratings; hazards such as weather
conditions, a health pandemic, acts of war or terrorist acts and
the governmental or military response thereto; shortages of key
personnel, including employees, contractors and subcontractors; the
impacts of supply chain disruptions that began during the COVID-19
pandemic and the resulting inflationary environment; security
threats, including cybersecurity threats and disruptions to our
business and operations from breaches of our information technology
systems, or breaches of the information technology systems,
facilities and infrastructure of third parties with which we
transact business; changes in safety, health, environmental, tax,
currency and other regulations, requirements or initiatives,
including those addressing the impact of global climate change, air
emissions or water management; our ability to achieve, reach or
otherwise meet initiatives, plans, or ambitions with respect to
environmental, safety and governance matters; our ability to pay
dividends and make share repurchases; our ability to secure
increased exposure to global LNG market prices and progress on the
Equatorial Guinea Gas Mega Hub; impacts of the Inflation Reduction
Act of 2022 and our assumptions relating thereto; the risk that
assets we acquire do not perform consistent with our expectations,
including with respect to future production or drilling inventory;
other geological, operating and economic considerations; and the
risk factors, forward-looking statements and challenges and
uncertainties described in the Company's 2023 Annual Report on Form
10-K and other public filings. Except as required by law, the
Company undertakes no obligation to revise or update any
forward-looking statements as a result of new information, future
events or otherwise.
Media Relations Contact:
Karina Brooks: 713-296-2191
Investor Relations Contacts:
Guy Baber: 713-296-1892
John Reid: 713-296-4380
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SOURCE Marathon Oil Corporation