Market Overview

Marathon Oil Higher Off Cash Infusion

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Marathon Oil Corporation (NYSE: MRO) shares are trading higher by $0.60 at $15.47 in Thursday's session. As a result of Canadian Natural Resources (NYSE: CNQ) agreeing to jointly acquire 20 percent share in the Athabasca Oil Sands Project and related oil sands investment, the company will receive $12.74 billion in stock, cash and a deferred payment.

After a higher open, Marathon's stock continued in that direction, until it peaked at $15.94 and reversed course. So far, the ensuing decline has found intra-day support ahead of Wednesday's close ($14.87) at $15.22. Since making that low, the high off the rebound has been capped at $15.62.

 

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