Marathon Oil Corp. (NYSE: MRO) is moving forward with plans to repurchase $1 billion of its common stock pursuant to its outstanding share repurchase authorization.

Unrelated to the share repurchase, the company also plans to sell its interest in Block 32 offshore Angola for $590 million and the acquisition of 4,800 net acres in the core of its south Texas Eagle Ford position for $97 million, including carried interest of $23 million.

The $1 billion in share repurchases will be completed in two phases. The initial phase of $500 million in common stock repurchases is substantially complete. The second $500 million phase is anticipated to be completed after closing the previously announced sale of its 10% working interest in Block 31 offshore Angola. That transaction, with a total value of $1.5 billion, excluding any purchase price adjustments, is anticipated to close 4Q 2013, with an effective date of Jan. 1, 2013.

Marathon Oil has reached an agreement in principle to sell its 10% working interest in the production sharing contract and joint operating agreement in Block 32 offshore Angola to Sonangol E.P. The transaction has a total value of $590 million, excluding any purchase price adjustments. Pending execution of definitive agreements and government approval, the transaction is expected to close 4Q 2013, with an effective date of Jan. 1, 2013.

"The share repurchases underscore our commitment to financial discipline and creating long-term value for our shareholders," Lee M. Tillman, Marathon Oil president and CEO, said in the release. "With the anticipated sale of our interest in Angola Block 32, we have now completed or agreed to divestitures totaling approximately $3.5 billion, surpassing the $3 billion upper end of our stated three-year target. We continue to evaluate our portfolio for high-grading opportunities and expect that process to remain evergreen and integral to our forward business plans."

Following the $1 billion of share repurchases, Marathon Oil will have $800 million remaining on the board authorized share repurchase program. The program may be changed based upon the company's financial condition or changes in market conditions and is subject to termination prior to completion. The program's authorization does not include specific price targets or timetables.

Marathon Oil Corp. operates as an energy company worldwide. The company is based in Houston.