Marathon shares enjoy jump following Payrock acquisition

The Marathon Oil Tower in Houston
The Marathon Oil Tower in Houston

Marathon Oil saw its shares jump more than 3% following the announcement it had acquired PayRock Energy Holdings LLC for $888 million. Shares of Marathon Oil gained 3.2% to $13.58 premarket.

The US oil major snapped up the shale assets of PayRock in the Anadarko Basin in Oklahoma as it sought to extend its stake in the shale plays on the back of higher oil prices.

Up to Friday’s close, shares of the company had fallen more than 50% in the past 12 months.