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Marathon Oil, the U.S. oil and gas producer that plans to spin off its refining operations this year, agreed to sell almost one-third of its stake in an oil-shale formation to Japan’s Marubeni for $270 million.
Marubeni will receive a 30 percent working interest in about 180,000 net acres in the Denver-Julesburg Basin of southeastern Wyoming and northern Colorado, Houston-based Marathon said Tuesday in a statement. The transaction values the properties at about $5,000 an acre, Marathon said.
