March 21 Marathon Oil Corp said on
Tuesday it bought additional acreage in the Permian basin for
about $700 million, the company's second purchase in less than
two weeks as it focuses on higher-margin, lower-cost U.S.
The about 21,000 acres, situated in the Northern Delaware
basin of New Mexico, was acquired from Black Mountain Oil & Gas
and other private players, the company said.
Marathon, which has said it would exit its Canadian oil
sands business, bought up about 70,000 net surface acres in the
oil-rich Permian basin for $1.1 billion earlier this month.
Oil producers have made a beeline for the Permian basin as
the region's sprawling pipeline network, abundant labor and
supplies and warm winters that allow year-round work help
companies make money at current crude prices.
(Reporting by John Benny in Bengaluru; Editing by Sriraj