Marathon Oil Corporation announced that the Company fully redeemed its $900 million aggregate principal amount of 3.85% Senior Notes Due 2025, accelerating the realization of Marathon Oil's previously disclosed gross debt objective of approximately $4.0 billion. This transaction brings total 2021 gross debt reduction to $1.4 billion and will contribute to approximately $50 million of annualized cash interest expense savings.
"This meaningful acceleration of our gross debt reduction objective further enhances our investment grade balance sheet that is foundational to our framework for success," said Chairman, President, and CEO Lee Tillman. "As a result, we will be shifting our return of capital focus to equity holders while still retiring future debt at maturity, fully consistent with our message during our recent second quarter earnings call. We continue to believe that our commitment to a strong balance sheet, ESG excellence, sustainable free cash flow generation, and meaningful return of capital to shareholders is the best approach to maximizing shareholder value in our industry."