Marathon Oil has sent an irrevocable notice of its intention to fully redeem its currently outstanding $500 million aggregate principal amount of 2.8% Senior Notes Due 2022 on April 29, 2021. This transaction will reduce gross debt by $500 million and annual cash interest expense by $14 million. 

"Today's announcement represents swift follow through on our commitment to reduce our gross debt by at least $500 million in 2021," said Chairman, President and CEO Lee Tillman. "This action is a strong step toward ensuring at least 30% of our cash flow from operations is directed toward investor friendly purposes. It is also consistent with our objective to continue improving our investment-grade balance sheet through gross debt reduction and fully addresses our next significant debt maturity. We continue to believe maintaining a strong balance sheet is foundational to successfully executing our strategy of sustainable free cash flow generation and meaningful return of capital to investors across a wide range of commodity prices."

KeyFacts Energy: Marathon Oil US country profile