Marathon Energy Acquiring Multi-State Book Of Customers
June 3, 2020 Email This Story Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Marathon Energy ("Marathon") and National Fuel Resources, Inc. ("NFR") jointly announced that they have entered into an Asset Purchase Agreement whereby Marathon will
acquire NFR’s commercial and industrial gas contracts in NY and PA, along with select other assets.
The agreement was signed May 22nd, 2020, and is subject to customary regulatory approvals. Closing is
expected to take place on or about August 1st, 2020.
Terms of the transaction were not disclosed.
Marathon’s President & CEO, Jerry Drenis, issued the following statement: "The anticipated purchase of
NFR’s book coincides with Marathon’s expanded footprint, and enables us to continue increasing our
volumetric economies of scale. We are attracted to this opportunity because we have the greatest respect
for NFR and its team, the target market it serves, and our shared values of high levels of customer service
and industry leading low churn levels. We expect the transaction to be accretive to earnings."
"NFR has appreciated the opportunity to serve our customers over the past two and a half decades," said
Jeffrey F. Hart, Vice President of NFR. "Marathon’s experience in the energy sector and its strong
reputation make it an excellent successor. With their strength of leadership and attention to customer
service, we are confident our customers will be well served by Marathon. NFR's exit from the market
comes as its parent company, National Fuel Gas Company, focuses on other strategic areas of the energy
Marathon currently serves customers at 33 utilities in
New York, New Jersey, Pennsylvania and Maryland