Marathon Oil Corporation
 (MRO)

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  • Dec. 15, 2015, 5:41 PM
    | Dec. 15, 2015, 5:41 PM | 4 Comments
  • Dec. 7, 2015, 10:35 AM
    • The energy sector (-4.5%) paces the opening decline, as WTI crude oil prices -4% at $38.35/bbl following a 2.7% slide on Friday after OPEC's failure to agree on a production target to reduce the oil glut.
    • Investors are betting on oil prices staying lower for even longer after OPEC's non-decision, pushing U.S. crude futures for delivery nearly 10 years away below $60/bbl, Reuters reports.
    • But the oil glut is set to continue as much because of the U.S. as of OPEC, as U.S. shale drillers have only trimmed their pumping a little, and rising oil flows from the Gulf of Mexico are propping up U.S. production; the overall output of U.S. crude fell just 0.2% in September, the most recent monthly federal data available, and is down less than 3%, to 9.3M bbl/day, from the peak in April.
    • Goldman Sachs says it expects oil prices to remain "lower for longer," with a risk that prices could fall as low as $20/bbl.
    • In early trading: XOM -2.9%, CVX -4.1%, BP -3.2%, RDS.A -4.2%, COP -4.6%, MPC -3.2%, MRO -7.4%, PSX -2.8%, HES -4.9%, APC -6.1%, OXY -3.1%, EOG -5.8%, DVN -9.3%, PXD -7.2%, APA -3.9%, CHK -8%, CLR -9.1%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 7, 2015, 10:35 AM | 118 Comments
  • Dec. 4, 2015, 3:25 PM
    • U.S. crude oil settled 2.7% lower at $39.97 and Brent fell 1.9% to $43 after OPEC decided to roll over its policy of maintaining crude production in order to retain market share - a not unexpected outcome but one that offers no relief in sight for the oil industry's pain.
    • "OPEC not cutting is going to put more pressure on oil prices," and the pressure on companies’ spending will feed through into their investment in increasing their production, says Jefferies equity analyst Jason Gammel. “It’s not as though they’ll shut down existing production, but over time their output will decrease."
    • Don’t expect prices to stabilize until low prices force curtailments of pumping in the U.S., which will not happen until the end of next year, Goldman Sachs analyst Damien Courvalin.
    • Energy stocks (-0.7%) are the only S&P industry sector to decline, as the rest of the market has rebounded from yesterday's drop; some of the big oils - XOM +0.3%, CVX +0.6% - have inched higher, and refiners are mostly higher, but it's another down day for most: DVN -1.2%, CLR -5.9%, MRO -2.3%, HES -1%, COP -0.8%, EOG -0.7%, APC -2.4%, ETE -9.3%, ETP -3.5%, EPD -2.4%, WMB -6.9%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 4, 2015, 3:25 PM | 150 Comments
  • Dec. 3, 2015, 8:37 AM
    • Marathon Oil (NYSE:MRO) says it has plugged and abandoned its Solomon exploration well in the deepwater Gulf of Mexico after failing to encounter its lower tertiary target interval.
    • MRO says it plans no further exploration at the closely watched prospect.
    • MRO is the operator of the well, with a 58% working interest; Murphy Oil (NYSE:MUR) holds a 20% interest.
    • The move comes after MRO agreed to sell all its operated producing properties in the Gulf and a tranche of non-operated interests for $205M last month.
    | Dec. 3, 2015, 8:37 AM | 2 Comments
  • Dec. 3, 2015, 7:51 AM
    • Devon Energy (NYSE:DVN) is in talks to buy Felix Energy for ~$2B, including debt, Reuters reports.
    • DVN owns oil acreage and an interest in oil and gas pipelines located close to Felix's assets in northern Oklahoma.
    • A deal would represent a bet by DVN that crude oil prices will recover from their current $40/bbl lows to ~$65 sooner rather than later, according to the report.
    • Besides DVN, other major players with investments in the are where Felix operates include Marathon Oil (NYSE:MRO), Newfield Exploration (NYSE:NFX), Continental Resources (NYSE:CLR) and Cimarex Energy (NYSE:XEC).
    | Dec. 3, 2015, 7:51 AM | 2 Comments
  • Dec. 2, 2015, 3:21 PM
    | Dec. 2, 2015, 3:21 PM | 84 Comments
  • Nov. 14, 2015, 8:25 AM
    • The number of oil wells in North Dakota that have been drilled but not fracked surpassed 1,000 for the first time in September, as producers wait for prices to recover before turning them on.
    • As a result, more than 8% of oil wells in North Dakota now are sitting idle, harming the industry's ability to grow production; daily output in the state fell 2% in September to ~1.16M bbl/day.
    • The backlog is "sending a definite signal to the market that oil and gas operators are not willing to do a lot of drilling or hydraulic fracturing or production at these low prices," says Lynn Helms, director of the state's Department of Mineral Resources, who figures the backlog is not likely to be worked off until next year at least, and only if oil prices rise.
    • Top North Dakota producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
    | Nov. 14, 2015, 8:25 AM | 116 Comments
  • Nov. 9, 2015, 11:34 AM
    • Marathon Oil (MRO -0.9%) agrees to sell a major chunk of its Gulf of Mexico assets in a deal worth $205M with an undisclosed buyer.
    • MRO will hold on to its minority stakes in two Gulf projects, the Gunflint project expected to start pulling up its first barrels of oil next year and Anadarko Petroleum’s deepwater Shenandoah discovery, but will sell off the aging Gulf fields it operates in the Ewing Bank blocks where oil companies began drilling more than 20 years ago.
    • In a display of the depressed oil markets, Simmons analysts say MRO’s ~$14K/boe sale price for its Gulf assets was well below the ~$55K/boe average value of 35 similar deals over the last five years.
    | Nov. 9, 2015, 11:34 AM | 13 Comments
  • Nov. 6, 2015, 4:59 PM
    • Royal Dutch Shell (RDS.A, RDS.B) unveils a $1.3B carbon capture storage project for Alberta, but says future efforts to curb greenhouse gases will continue to need financial support from governments.
    • Shell CEO Ben van Beurden says carbon capture and storage projects need a $60-$80 price for carbon dioxide to justify building them, more than 5x the current price of C$15/ton (US$11.27) in Alberta.
    • Shell’s Quest facility will extract 1M tons of the gas from its Scotford refinery each year, and the carbon dioxide will be injected into an underground saline formation ~50 miles from the plant - it is the first in North America to store CO2 in a deep saline formation.
    • The governments of Alberta and Canada contributed $745M and $120M, respectively, to build the project that counts Shell (60%), Chevron (NYSE:CVX) and Marathon Oil (NYSE:MRO), each with 20%, as investors.
    | Nov. 6, 2015, 4:59 PM | 33 Comments
  • Nov. 6, 2015, 12:42 PM
    • Marathon Oil (MRO -4.1%) will cut 200 jobs this month as part of a plan to restructure its upstream business into two distinct units for its key U.S. shale plays and its conventional drilling fields in the Gulf of Mexico and elsewhere, FuelFix reports.
    • MRO's Bakken shale, Eagle Ford shale and Oklahoma assets will get the lion’s share of the company’s sharply reduced $2.2B capital budget next year in an attempt to concentrate on profitable and prolific shale fields; MRO is adding muscle to its shale presence at a time when U.S. shale oil production is wavering amid the oil downturn.
    • MRO's new conventional business will include assets in the Gulf of Mexico, Equatorial Guinea, Gabon, Kurdistan, Libya and the U.K., as well as its fields in Wyoming and its oil sands mines.
    | Nov. 6, 2015, 12:42 PM
  • Nov. 5, 2015, 11:38 AM
    • Marathon Oil (MRO -3.2%) CEO Lee Tillman says the company plans to sell at least $500M in assets and has sold acreage in eastern Africa as part of an effort to reduce conventional exploration in favor of shale.
    • MRO says it will cut capex by at least 29% next year as costs decline and its outlook on oil prices worsens, but Tillman says 75% of its $2.2B budget next year will be spent in the U.S. shale plays, "which offer our highest risk-adjusted returns.”
    • The CEO says MRO’s move to cut its dividend to $0.05/share, announced last week, will help the company steer $425M in capital toward highly productive plays.
    | Nov. 5, 2015, 11:38 AM | 1 Comment
  • Nov. 4, 2015, 6:57 PM
    • Marathon Oil (NYSE:MRO) -3.3% AH after posting a smaller than expected Q3 loss but reporting a 55% Y/Y decline in revenues and saying it plans to scale back efforts to look for oil and gas in conventional plays.
    • CEO Lee Tillman says MRO expects crude prices to remain low for a long time, so the company is cutting its preliminary 2016 investment budget for drilling projects to $2.2B, 29% less than it expects to spend this year.
    • Despite the cuts, MRO says it is on track to produce 20% more shale oil and gas than a year ago while spending $200M less, thanks to technological advances that have helped cost efficiency.
    • MRO, which is selling exploration land in Ethiopia and Kenya, expects full-year 2015 production to increase 7% Y/Y, at the top end of its previous guidance for a 5%-7% increase.
    | Nov. 4, 2015, 6:57 PM
  • Nov. 4, 2015, 5:12 PM
    • Marathon Oil (NYSE:MRO): Q3 EPS of -$0.20 beats by $0.20.
    • Revenue of $1.32B (-55.6% Y/Y) misses by $60M.
    • Shares -4.5% AH.
    | Nov. 4, 2015, 5:12 PM | 3 Comments
  • Nov. 3, 2015, 5:35 PM
  • Oct. 29, 2015, 11:37 AM
    • Marathon Oil (MRO +2%) is higher even as it becomes the first major U.S. shale producer to cut its quarterly dividend, reducing it by 76% in an effort to prop up cash holdings amid weak oil prices.
    • MRO says its dividend decision is not an indication of the company's performance, and that it expects Q3 earnings to come in above analysts' expectations.
    • MRO also cuts its 2015 capital spending plans by $200M to $3.1B, and forecasts 2016 spending at up to $2.2B.
    • The dividend cut is bigger and sooner than expected, Deutsche Bank's Ryan Todd says; analysts had worried that large dividend payouts would contribute to a shortage of cash in 2016 that would impair MRO's ability to take advantage of an eventual market recovery, so he thinks the reduction "largely addresses this risk.”
    | Oct. 29, 2015, 11:37 AM | 7 Comments
  • Oct. 29, 2015, 7:00 AM
    • Marathon Oil (NYSE:MRO) declares $0.05/share quarterly dividend, -76.2% decrease from prior dividend of $0.21.
    • Forward yield 1.13%
    • Payable Dec. 10; for shareholders of record Nov. 18; ex-div Nov. 16.
    | Oct. 29, 2015, 7:00 AM | 16 Comments
Company Description
Marathon Oil Corp is an energy company engaged in the exploration, production and marketing of liquid hydrocarbons and natural gas, production and marketing of products manufactured from natural gas and oil sands mining.