All About Debts

by Freddie Mooche - Senior Financial ColumnistIf Marathon (NYSE: MRO) lives up to its name, the agreement with Kinder Morgan Energy Partners (NYSE: KMP) is more like a one-legged sack race in which Marathon comes in last.

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Consolidation Consumer Debt June 21, 2003 (AXcess News) Houston TX - If Marathon Oil Corporation (NYSE: MRO) lives up to its name, the agreement announced Friday by Kinder Morgan Energy Partners (NYSE: KMP) is more like a one-legged sack race in which Marathon comes in last.

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Debt Settlement Kinder Morgan Energy, the largest publicly traded pipeline limited partnership in the U.S., announced an agreement with subsidiaries of Marathon Oil Corporation to dissolve MKM Partners L.P. which controlled oil and gas production operations in the Permian Basin of West Texas.

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Debt Free According to the announcement, Marathon holds an 85 percent equity interest and KMP owns a 15 percent equity interest in the MKM partnership. The production was given to the use of CO2 recovery methods which is delivered to the properties through an 8-inch pipeline that runs 25 miles from McCamey to Iraan, Texas.The Partnership was formed in January 2001 to hold significant interests in the Yates and SACROC fields. SACROC is one of the largest and oldest oil fields in the US using CO2 flooding technology.

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Consolidation Debt Service Under the agreement KMP is purchasing a 12.75% interest in the SACROC field from the Partnership, raising its stake to 97%.

Company Consolidation Debt Kinder Morgan Energy is also purchasing Marathon Carbon Dioxide Transportation Company, which owns 65 percent of the Pecos Carbon Dioxide Pipeline Company. This will raise KMP's control of the Pipeline to nearly 70%.But the sale didn't end there, under the agreement Marathon may sell its 42.5% interest in the Yates field to Kinder Morgan Energy, which if completed would occur prior to the end of this year. KMP currently holds a 7.5% stake in Yates.

Consolidation Debt Online While KMP's expertise is in pipelines and Marathon's is in development and production, why Marathon would give control to KMP goes unanswered.

Consolidation Debt Free According to Kinder Morgan Energy's CEO and Chairman, Richard Kinder, "These agreements are consistent with our strategy to increase KMP's ownership of the profitable SACROC Unit and our increased ownership in the Pecos CO2 Pipeline Company is a logical extension of our CO2 transportation business. Additionally, we are excited about the Yates opportunity, which has long-lived reserves and is an ideal asset for CO2 flooding."

Debt Problem While every advantage from an operating standpoint leans towards KMP, the properties themselves are lucrative with SACROC alone producing 20,000 barrels of oil per day by utilizing CO2 flooding technology according to Kinder. Investors can only guess as to the reasons why Marathon would have disposed of their interests in the Limited Partnership if the properties are that lucrative.According to Standard & Poor's, Marathon's dissolution of the Partnership with Kinder Morgan Energy and subsequent sale of assets would not affect its rating or S&P Outlook. Marathon is currently rated BBB+/Stable by Standard & Poor's.

Credit Debt While no definitive amounts were disclosed in Friday's announcement, Marathon estimated that total 2003 asset sales are likely to exceed $700 million, which should provide the company with meaningful debt reduction opportunities.

Advice Debt Standard & Poor's views further debt reduction as necessary for Marathon to maintain credit quality consistent with its current rating following a series of debt-funded acquisitions in recent years.Marathon's shares closed Friday at $26.83, up $0.36 or 1.36%, on 1,681,500 shares volume. Average volume was reported to be 1,357,185 shares. The 52 week hi/lo for Marathon's stock is $18.82 to 27.35.

Card Credit Debt Eliminate According to the NASDAQ, MRO's last reported short position on May 15 was 2,449,981 shares. A dramatic change from its high of 5,309,558 shares reported on March 14, 2003 when Marathon Oil's shares were trading around $22. The company's shares began a steady climb at the end of April to a high of $27.35 in June.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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