Marathon Oil Corporation has closed the transaction with Det norske oljeselskap ASA for the sale of Marathon Oil Norge AS for a total transaction value of $2.7 billion. After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil received proceeds of approximately $2.1 billion. The effective date of the transaction is Jan. 1, 2014.

"The sale of the Norway business was one of Marathon Oil's strategic priorities for 2014 and a continuation of our portfolio optimization strategy," said Lee M. Tillman, Marathon Oil's president and CEO. "The successful closing of this transaction simplifies and concentrates our portfolio, and further demonstrates our commitment to rigorous portfolio management. Importantly, organic reinvestment is our first priority for the proceeds, and we have the depth of resource and future drilling inventory to support it.

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