Marathon Will Pay $3.5B For PE-Owned Properties

Marathon Oil Corp. will pay $3.5 billion to buy oil and gas properties in Texas’ Eagle Ford shale field from private equity firm Kohlberg Kravis Roberts & Co. and Hilcorp Resources Holdings, Reuters reported Wednesday. KKR’s stake is now valued at $1.13 billion, nearly triple the $400 million the firm invested in Hilcorp a year ago.

(Reuters) – Marathon Oil Corp (MRO.N) will pay $3.5 billion to buy oil and gas properties in Texas’ Eagle Ford shale field from private equity firm KKR and Co (KKR.N) and Hilcorp Resources Holdings LP, KKR said on Wednesday.

KKR’s stake in Hilcorp will be valued at $1.13 billion, nearly triple the $400 million the firm invested in the company a year ago.

Hilcorp owns 140,000 net acres in the south Texas field that has some of the most sought-after properties in North America’s energy industry.

(Reporting by Matt Daily, editing by Dave Zimmerman)