Marathon Oil Corp. used to represent everything that was wrong with U.S. shale: enormous debtloads, lavish executive pay and a seeming willingness to spend whatever it took to boost output. The company hemorrhaged money, and the stock plunged 84% from a peak in 2014 through the end of last year.
WPX Energy has bought over RKI Exploration & Production in a $2.35billion deal.
The move by the oil and gas explorer, which is a spin off from Williams Cos, comes just a day after Marathon Petroleum Corp agreed to takeover MarkWest Energy.
WPX has been looking at its options in a bid to increase its profit over the next five years as well as increasing its oil output considerably.
