Marathon Oil to buy back $500M in shares |
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Published
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Mon, 29 Jan 2007 16:19
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HOUSTON (AFX) - Oil producer and refiner Marathon Oil Corp. on Monday said it boosted its stock buyback program by $500 million.The company said it repurchased about 21 million shares for $1.7 billion under a $2 billion buyback program begun in January last year.The new $500 million program would allow Marathon to repurchase about 1.6 percent of its shares outstanding, based on the stock's closing price of $88.82 on Friday.Marathon expects to complete the previous $2 billion buyback in the first quarter this year and finish the $500 million buyback during the rest of the year. The company estimates it had about $2.6 billion in cash on hand at year-end.Marathon shares fell 18 cents to $88.64 in morning trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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