Marathon Oil Corporation (NYSE: MRO) announced the company has closed on the sale of its U.K. business, which consists of the Brae area fields and Foinaven, to RockRose Energy PLC. The transaction represents a complete country exit for Marathon Oil.

Final terms of the transaction resulted in consideration payable to a subsidiary of Marathon Oil of approximately $95 million, which reflects the assumption by the buyer of the U.K. business' working capital and cash equivalent balances of approximately $345 million on Dec. 31, 2018. The transaction has an effective date of Jan. 1, 2019.

At year-end 2018, the Company carried 21.4 million oil equivalent barrels of proved reserves in the U.K., and 2018 production averaged approximately 13,000 barrels of oil equivalent per day.

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.