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Marathon Oil Corporation (MRO)

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  • Tue, May 19, 10:35 AM
    • The chairman of Libya’s National Oil Co. is reassuring Western energy firms that its company is operating without political interference, even as the country is divided between a Western-backed government and an Islamist militia that controls the capital Tripoli.
    • The chairman says said he has gathered officials from joint ventures with Marathon Oil (NYSE:MRO), ConocoPhillips (NYSE:COP), Hess (NYSE:HES), Eni (NYSE:E) and Total (NYSE:TOT) to tell them the National Oil Co. was free of political interference in Tripoli and that its revenues moved transparently through Libya’s banking system.
    • Libya currently produces 436K bbl/day of oil, less than a third of its normal output.
    | 4 Comments
  • Mon, May 18, 7:54 AM
    • Marathon Oil (NYSE:MRO) is seeking bids for its interest in four onshore exploration blocks in east Africa as part of a strategic shift to focus on U.S. shale, Reuters reports.
    • MRO will take offers for all or part of the properties located in Ethiopia and Kenya, with cash bids due July 23, according to the report.
    | 5 Comments
  • Wed, May 13, 6:19 PM
    • North Dakota recorded a surprising jump in oil and natural gas production in March, as producers successfully wring efficiencies out of existing operations in an attempt to maintain production even at depressed prices.
    • The state's oil producers pumped nearly 1.2M bbl/day in March, up ~15K from February, while natural gas output rose 14% to 47.2M cf, according to the Department of Mineral Resources.
    • The agency says 189 North Dakota wells were completed in March at locations owned by Exxon Mobil (NYSE:XOM), Hess (NYSE:HES), Continental Resources (NYSE:CLR) and ConocoPhillips (NYSE:COP), as "these four appear to be more in tune with having normal cash flow, and continue to complete their wells in a more aggressive manner."
    • But in a sign of divergent strategies in the state, EOG Resources (NYSE:EOG) and Marathon Oil (NYSE:MRO) continue to delay fracking.
    • Other top Bakken producers include WLL, OAS, NOG and EOX
    | 80 Comments
  • Mon, May 11, 4:59 PM
    • Oil production from seven major U.S. shale plays is expected to fall by 86K bbl/day in June, according to the latest report from the Energy Information Administration.
    • Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47K bbl/day, while production at the Bakken shale play, centered in North Dakota, is expected to drop by 31K bbl/day, the report says.
    • "The data shows that production in the Bakken and Eagle Ford [plays] peaked in March at 1.33M bbl/day and 1.73M bbl/day, respectively," says WTRG Economics energy economist James Williams.
    • Among the top Eagle Ford producers: EOG, BHP, COP, CHK, MRO, APC
    • Among the top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | 20 Comments
  • Fri, May 8, 3:09 PM
    • Marathon Oil (MRO +0.8%) is upgraded to Outperform from Market Perform at a $34-$36 valuation range, raised from $30-$32, at Wells Fargo, which says MRO's attractive shale acreage and drilling program should deliver based on growth, cash flow and returns.
    • The firm believes MRO has been disciplined in its spending, successfully controlled costs, has greater access to capital markets than its peers, and is well-positioned to grow production in 2015 and poised to accelerate if market conditions allow.
    • Assuming no share repurchases, an estimated $500M in planned non-core asset sales, and a ramp down in capex levels for the remainder of 2015, the firm estimates MRO will return to a cash flow positive level during H2 2015.
    | 1 Comment
  • Wed, May 6, 5:23 PM
    • Marathon Oil (NYSE:MRO): Q1 EPS of -$0.37 beats by $0.08.
    • Revenue of $1.53B (-46.3% Y/Y) misses by $100M.
    • Press Release
    | Comment!
  • Wed, Apr. 29, 5:20 PM
    • Marathon Oil (NYSE:MRO) declares $0.21/share quarterly dividend, in line with previous.
    • Forward yield 2.69%
    • Payable June 10; for shareholders of record May 20; ex-div May 18.
    | Comment!
  • Wed, Apr. 22, 6:53 PM
    • Nomura came out bullish today on the energy E&P sector - issuing Buy ratings for MRO, PXD, EOG, CLR, APC, NFX, RRC, CNQ, CXO, ECA and SU - even as the firm does not foresee a V-shaped rebound in crude oil prices.
    • Nomura believes core North American shale plays do not represent the economic marginal cost of supply in the world, which runs counter to commonly held views that largely see shale occupying the high end of the cost curve; thus as oil rebounds, so will investment in the shales, which should support prices, the firm says.
    • In such an environment, Nomura says selecting stocks will depend on factors such as ”the reinvestment opportunity set, impact of oilfield technology, continued efficiencies, potential new geologic plays, management acumen and balance sheet strength."
    • The firm is Neutral on DVN, HES, MUR, OAS, UPL, WLL, XEC, COG, COP and SWN; it rates NBL, APA, DNR, CHK and CVE as Reduce.
    | 9 Comments
  • Mon, Apr. 20, 10:58 AM
    • Marathon Oil (MRO +2.3%) is upgraded to Overweight from Equal Weight with a $37 price target, raised from $25, at Morgan Stanley, as shares currently trade at a discount to peers despite the company's above average production.
    • MRO has significantly lagged in the 2015 recovery in the E&P segment, and the firm says its discounted valuation has been traditionally justified by the company's shorter than peer inventory life, but the oil price driven pullback in activity has narrowed the gap.
    • Stanley says MRO's downspacing efforts and enhanced completion are expected to provide a steady stream of catalysts in the near to medium term, leading to an increased NAV of $56/share.
    | 2 Comments
  • Fri, Apr. 10, 11:26 AM
    • Credit Suisse adds four companies to its U.S. Focus List, led by Devon Energy (NYSE:DVN), which it sees as a pure-play energy stock that investors can feel comfortable holding for the long-term and is not pegged to the oil markets.
    • The firm also likes DVN's defensive valuation, top quartile oil growth profile and further accretion possibilities from the EnLink Midstream assets; its $80 stock price target is among the Street's best outlook.
    • Credit Suisse cites another energy choice, Marathon Oil (NYSE:MRO), for its higher multiple businesses, and believes upstream cash margins have room to move up as shale production increases and oil prices recover.
    • Also added to the U.S. Focus List: JPMorgan Chase (NYSE:JPM), Dunkin' Brands (NASDAQ:DNKN).
    • Earlier: Dunkin' Brands tapped by Credit Suisse for new highs
    | 3 Comments
  • Tue, Apr. 7, 5:38 PM
    • Eni (NYSE:E) has emerged in recent weeks as the only international oil company still pumping near capacity in war-torn Libya, helped by protection from militias and tribes secured by its local partners, WSJ reports.
    • The security risks have crippled the efforts of rival oil companies such as Total (NYSE:TOT), Repsol (OTCQX:REPYY, OTCPK:REPYF) and Marathon Oil (NYSE:MRO), which have said they have suspended production onshore in the country.
    • Eni is the largest western producer in Africa, and its relationships there have helped it produce 240K boe/day in Libya last year and 300K boe/day in early 2015, by far the most of any company in the country.
    • Eni says it has no agreements with any militias in Libya.
    | 8 Comments
  • Tue, Apr. 7, 12:59 PM
    • Peabody Energy (BTU +7.3%) spikes higher after Balyasny Asset Management's Christian Zann tells CNBC he likes the stock as a value play in the coal space.
    • Zann points out that coal is a relatively low capital intensive business vs. shale producers, who must spend considerable sums drilling new wells to maintain a production base.
    • Zann likes Schlumberger (SLB +1%) and Halliburton (HAL -1.3%) among oil services stocks, and Marathon Oil (MRO +1.3%) in the E&P group.
    | 9 Comments
  • Wed, Mar. 25, 6:08 PM
    • The number of drill rigs in North Dakota’s oil patch has slipped below 100 for the first time in five years thanks to weaker crude oil prices.
    • Only 98 rigs are now drilling in the area, 100 fewer than on the same day a year ago and the lowest since March 2010.
    • North Dakota has been producing ~1.2M bbl/day of oil, and industry officials say ~115 rigs need to be drilling to keep that level of production.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | 16 Comments
  • Fri, Mar. 20, 10:33 AM
    • No matter how unfavorable market fundamentals may be to Bakken operators, North Dakota likely will see a big surge in production this June, potentially besting another supply record even if prices continue to crater, according to the director of the state's Department of Mineral Resources.
    • Production is expected to remain at 1.1M-1.2M bbl/day over the next few months before skyrocketing in June by nearly 10%, or an additional 75K-100K bbl/day, propelled by a state-mandated time limit on drilling and the expected trigger of a major oil tax incentive.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | 19 Comments
  • Tue, Mar. 17, 7:40 PM
    • Crude oil production at three major U.S. shale oil fields - the Eagle Ford in south Texas, the Bakken in North Dakota, and the Niobrara in Colorado and adjacent states - is projected to fall this month for the first time in six years, the Energy Information Administration says.
    • Net production from the three fields is expected to drop by a combined 24K bbl/day, but overall losses likely will be masked by production gains in the Permian Basin in west Texas and other regions.
    • It is one of the first signs that idling hundreds of drilling rigs and billions of dollars in corporate cutbacks are starting to affect the U.S. oil patch, but it also shows that drilling technology and techniques have advanced to the point that productivity gains may be negligible in some shale plays.
    • Top Eagle Ford producers: EOG, BHP, COP, CHK, MRO, APC
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    • Top Niobrara producers: NBL, APC, ECA, CHK, EOG, WPX
    | 37 Comments
  • Tue, Mar. 17, 7:12 PM
    • Most of the top 15 shale oil producers in the U.S. are heavily concentrated in basins expected by NavPort to be severely affected by the decline in prices, with one major exception: ConocoPhillips (NYSE:COP).
    • COP has the lowest well completion concentration in basins expected to suffer the greatest production cuts this year, implying less disruption than other shale competitors, according to NavPort, which collates oil well and rig data using regulatory reports.
    • All 14 of the other top producers tracked by NavPort have at least two-thirds of well completion concentrated in the basins rated with "strong" or "severe" exposure: CHK, APC, EOG, DVN, SWN, MRO, APA, SD, XOM, CLR, PXD, NBL, BHP, WLL.
    • Operators concentrated in basins that have been less severely affected - such as the Woodford, Utica and Haynesville basins - should enjoy more production than their peers through a higher volume of well completions, NavPort says.
    • The study sees the Mississippi Lime, Granite Wash, Bakken and Permian basins suffering at least a 40% Y/Y reduction in drilling.
    | 17 Comments
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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.