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Marathon selling most Alaska assets to Hilcorp

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Posted: Monday, April 9, 2012 6:03 pm | Updated: 1:51 pm, Wed Jan 16, 2013.

JUNEAU, Alaska - Marathon Oil Corp. plans to sell most of its Alaska assets to Hilcorp Alaska LLC as part of a corporate strategy to focus on oil shale production.

The sale of Cook Inlet assets, natural gas storage and interests in gas pipeline transmission systems is subject to regulatory approval. Terms of the agreement weren't disclosed. The companies hope to have the deal completed by fall.

An onshore drilling rig on the Kenai peninsula is being sold separately.

Wade Hutchings, Marathon's Alaska asset manager, said the decision to sell was driven by the company's strategic focus on liquids-rich resource plays.

He says Marathon has about 62 employees in the state. Some will transfer elsewhere in the company, but he says most will be retained by Hilcorp.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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