Marathon Oil Corp. has entered a deal to acquire the natural gas and condensate-weighted Eagle Ford Shale assets of Ensign Natural Resources for $3 billion in cash.


The assets span 130,000 net acres in South Texas’ Live Oak, Bee, Karnes and Dewitt counties across the condensate, wet gas and dry gas phase windows of the Eagle Ford, management said. 

Fourth quarter production from the acreage is expected to average about 67,000 boe/d net, including 22,000 b/d of oil. Marathon Oil believes it can hold fourth quarter production flat with about one rig and 35 to 40 wells to sales per year, management said.

“This acquisition in the core of the Eagle Ford satisfies every element of our exacting acquisition criteria, uniquely striking the right balance between immediate cash flow...