Marathon Energy Purchases Customer Contracts from Bluerock of Syracuse, New York

Source Press Release
Company Marathon Energy Corporation 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date October 16, 2018

Marathon Energy announced today that it has purchased certain energy customer contracts from BlueRock Energy Inc. (“BlueRock”) of Syracuse, New York.

The purchased book of customers includes all utilities served by BlueRock in New York, and one utility in each of New Jersey and Pennsylvania.

In conjunction with the purchase, Marathon’s President Jerry Drenis issued the following statement: “The purchase of BlueRock’s book was timed perfectly to coincide with Marathon’s expansion into additional utility markets this year and enables us to quickly reach volumetric economies of scale. We were attracted to this opportunity because we have the greatest respect for BlueRock 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.”

Terms of the transaction were not disclosed.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd