Marathon Oil to buy PayRock Energy Holdings for $888 million

June 20, 2016 10:43 AM

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Marathon Oil to buy PayRock Energy Holdings for $888 million

Oil and natgas producer Marathon Oil Corp said it agreed to buy PayRock Energy Holdings LLC for $888 million from venture capital firm EnCap Investments, boosting its presence in the Oklahoma basin.

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.

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