Marathon Oil (NYSE:MRO) announced it'll be selling most of its retail and refining assets in Minnesota, signing a nonbinding letter of intent.
In a deal valued at over $800 million, three investment firms are buying the assets from the giant oil firm. The three private investment firms are Acon Investments LLC, NTR Partners LLC and TPG Capital LP.
Assets to be sold include it interests in piplines, 166 SuperAmerica convenience stores, and a refinery and terminal located in St. Paul Park.
In the midst of selling off some of its overseas holdings, Marathon says they should complete the sale in either the third or fourth quarter.
The major reason behind the sale, and others, is to help pay for their capital expenditures, which have reached pretty high levels.
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