RTTNews | Apr 1, 2021 10:37AM EDT

10:37 Thursday, April 1, 2021 (RTTNews.com) - Shares of Marathon Oil Corporation (MRO) are up more than 7% Thursday morning after the company announced a gross debt reduction of $500 million.

The company said it has sent an irrevocable notice of its intention to fully redeem its currently outstanding $500 million aggregate principal amount of 2.8% Senior Notes Due 2022, which will reduce gross debt by $500 million and annual cash interest expense by $14 million.

"This action is a strong step toward ensuring at least 30% of our cash flow from operations is directed toward investor friendly purposes. It is also consistent with our objective to continue improving our investment-grade balance sheet through gross debt reduction and fully addresses our next significant debt maturity," said Chairman, President and CEO Lee Tillman.

MRO, currently at $11.51, has been trading in the range of $3.02- $13.29 in the last 52 weeks.

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