Marathon Oil Corporation announced it has signed and closed on the sale of its subsidiary, Marathon Oil Libya Limited, which holds the Company’s 16.33 percent non-operated interest in the Waha concessions in Libya, to a subsidiary of Total S.A. (Elf Aquitaine SAS) for cash consideration of $450 million. The divestiture represents a complete country exit for Marathon Oil.

“Today’s announcement to divest Libya at an attractive valuation continues the simplification and concentration of our portfolio to the high margin, high return U.S. resource plays,” said Lee Tillman, Marathon Oil president and CEO. “Our relentless focus on portfolio management has driven seven country exits since 2013 and generated proceeds of over $4 billion just in the last 2 years. As a result, 95 percent of our 2018 development capital allocation and about 70 percent of the Company’s total production mix will be associated with the U.S. resource plays, naturally expanding our margins in 2018 and beyond.”

At year-end 2017, the Company carried 199 million barrels of oil equivalent of proved reserves in Libya. The divestiture price equates to 9 times Marathon Oil’s estimate of its 2018 free cash flow from Libya at strip pricing. The divestiture closed on March 1, 2018 with an effective date of Jan. 1, 2018.

About Marathon Oil

Marathon Oil Corporation (NYSE: MRO) is an independent global exploration and production company. Based in Houston, Texas, the Company operates in North America, Europe and Africa. Each of the Company’s three reportable operating segments is organized based upon both geographic location and the nature of the products and services it offers.

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.