Marathon Oil Shares Down After Company Unveils Share Offering

Marathon Oil Corp. said Monday it plans to offer 135 million shares of its common stock, granting underwriters a 30-day option to buy up to 20.25 million additional shares. The company said it plans to use net proceeds to strengthen its balance sheet and for general corporate purposes, including funding a portion of its capital program. Shares of Marathon fell 3.8% late Monday after ending the regular trading day up 2.2% at $8.21. Several energy companies are selling assets and issuing equity amid a persistent slump in oil prices.