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Marathon Oil CEO Lee Tillman. Image courtesy of MarathonOilCorp/Youtube.

Marathon Oil has exited most of its Gulf of Mexico assets and announced plans to cut 200 positions as part of a new restructuring plan.

According to Fuel Fix, the Houston-based company confirmed Friday that it plans to axe about 200 positions as it restructures its upstream division.

The cuts are expected to be complete by November 30 and the restructuring is expected to begin on December 1.

The headcount reduction is part of a restructuring plan that calls for Marathon to consolidate its Bakken, Eagle Ford and Oklahoma assets into a single division, Fuel Fix added.

The company said Monday it has sold its operated producing properties in the greater Ewing Bank area and non-operated producing interests in the Petronius and Neptune fields in the Gulf of Mexico for $205 million.

The unnamed buyer will assume all future abandonment obligations for the acquired assets.

The assets represent a majority of the company’s operated and non-operated producing properties in the Gulf of Mexico.

The effective date of the transaction is January 1, 2015 and closing is expected before the end of the year.

Marathon Oil reported a third quarter 2015 adjusted net loss of $138 million, or $0.20 per diluted share, “excluding the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results.”

The company booked a third quarter net loss of $749 million, or $1.11 per diluted share, down from a $386 million net loss in the second quarter.

The company also took $611 million in third quarter non-cash charges comprised “largely of losses and asset impairments resulting from lower forecasted commodity prices and changes in the company’s conventional exploration strategy.”

Marathon reduced its full year 2015 capital budget by $200 million to $3.1 billion and set a preliminary 2016 capital program of up to $2.2 billion.

Total company net production available for sale from continuing operations, excluding Libya, averaged 434,000 net oil equivalent barrels per day, a 6 percent increase over the year-ago quarter and a 7 percent increase over the prior quarter.

“In this uncertain commodity price environment, we’ve been laser-focused on rigorous cost control to help protect our margins,” Marathon Oil CEO Lee Tillman said.