Marathon Oil boosts repurchase programadmin
Marathon Oil Corp. on Monday said it intends to increase its stock buyback program by $500 million.
The Houston-based oil producer and refiner has repurchased about 21 million shares for $1.7 billion under a $2 billion buyback program begun in January last year.
The additional repurchases would allow the company to acquire about 1.6 percent of its shares outstanding, based on the stock’s Jan. 26 closing price of $88.82.
Marathon expects to complete the previously announced $2 billion buyback in the first quarter and the $500 million buyback by the end of the year. The company estimates it had about $2.6 billion in cash on hand at year-end.
Published January 29, 2007 by the Houston Business Journal