Marathon Oil ready to accept bids for North Sea businesses

|About: Marathon Oil Corporation (MRO)|By:, SA News Editor

In an update of its 2014 plans, Marathon Oil (MRO -0.2%) says it will begin accepting bids for its North Sea businesses in Q2, while it is ramping up drilling in the Eagle Ford, Bakken and Woodford shale plays so far this year.

MRO also will expand its share buyback program by $500M, bringing the total to $1.5B after already repurchasing $1B of its common stock.

"We continue to have high confidence in our ability to deliver on our North America long-term production growth targets," CEO Lee Tillman says in describing MRO's plans to deploy more than two dozen rigs in the Eagle Ford shale play in Texas, the Bakken reserve area in North Dakota and the Woodford shale area in Oklahoma.

See 2014 capital spending at $5.9B.