Sep. 13, 2013, 10:55 AM
- With the U.S. poised to become a major oil exporter in the not too distant future, it makes sense that U.S. companies raising their oil production may have a bright future; these companies increased their oil production the most YTD:
- Continental Resources (CLR) will raise its production 38% this year, continuing a string of double-digit increases over the past four years; consensus stock target price is $110.
- Noble Energy (NBL) is expected to raise its production in 2013 by 15%; consensus stock price target is $70.50.
- Permian Basin pure play Concho Resources (CXO) is expecting a 14% rise in its production; consensus target is $110.
- Also: BP, SWN, MRO, RDS.A, RDS.B.
Sep. 10, 2013, 8:45 AM
- Marathon Oil (MRO) agrees to sell its 10% working interest in its offshore Angola Block 32 to Sonangol E.P. for $590M, and it will acquire 4,800 net acres in the core of its south Texas Eagle Ford position for ~$97M.
- With the anticipated Angola Block 32 sale, MRO has completed or agreed to ~$3.5B in sales, surpassing the $3B upper end of its three-year target.
- MRO also says it is moving forward with plans to repurchase $1B of its common stock pursuant to its outstanding share repurchase authorization.
Aug. 28, 2013, 11:59 AM
- Energy stocks (XLE +1.9%) lead the way this session as West Texas crude tests $110, with tensions over Syria continuing to feed Middle East supply concerns; Syria concerns and Libyan export cuts are trumping the bearish influence from a surprise gain for U.S. crude supplies.
- Among sector leaders: MRO +3.3%, EOG +3.1%, CVX +2.5%, TOT +2.4%, WLL +2.4%, APC +2.2%, RDS.A +2.1%, XOM +2.1%, HAL +2%, SLB +2%, COP +1.8%, PSX +1.7%, BP +1.6%, APA +1.6%, HES +1.5%, KOG +1.3%.
- ETFs: ERX, VDE, DIG, IEO, IEZ, IYE, PXE, PXI, XES, XOP, RYE, FXN, OIH, PXJ, PSCE, ERY, DUG, DDG, FRAK.
- After big losses yesterday, gold miners (GDX +2.4%) are strong today despite only a slight gain in the metal.
- Miners: ABX +3.6%, GG +3.2%, NEM +2.2%, KGC +2%, SLW +2%, GFI +1.2%.
Aug. 28, 2013, 9:44 AM
- Libyan oil production has dropped to one-eighth of capacity as protests over pay and allegations of corruption spread to fields operated by Eni (E +2.5%) and Repsol (REPYY.PK, REPYF.PK).
- Earlier protests were in the central and eastern regions that produce and export the majority of Libya’s crude, affecting companies such as Royal Dutch Shell (RDS.A, RDS.B), Marathon Oil (MRO), Hess (HES) and ConocoPhillips (COP).
- Libyan output has slumped to ~200K bbl/day vs. 640K earlier this month and optimal capacity of 1.6M, according to the chairman of the state oil company.
Aug. 27, 2013, 11:48 AM
- Marathon Oil (MRO +1.1%) names former El Paso Corp. executive John Sult as its new CFO, replacing Janet Clark, who plans to retire Oct. 1.
- Sult was El Paso's CFO during 2009-12 until the company was acquired by Kinder Morgan in 2012, and was controller during 2005-09; he currently serves on the board of power company Dynegy.
Aug. 23, 2013, 11:58 AM
- Marathon Oil (MRO) is upgraded to Outperform from Market Perform with a $38 price target by Raymond James, saying the stock’s recent declines created an attractive entry point.
- The firm sees realistic long-term targeted organic growth of 5%-7% per year, enabled by a hefty footprint in high-margin resource plays, and complemented by an exploration program with plenty of catalysts coming up.
- Also, MRO is poised to organically fund essentially all of its 2014 capital program, one of few E&P companies able to make such a claim.
Aug. 22, 2013, 10:30 AM
- Libya says it will resume oil exports from Brega, one of four ports where it declared force majeure this week, as protests that shut the facilities have eased.
- Brega may add ~90K bbl/day to Libya’s exports that are running at 500K bbl/day shipped through the Zawiya terminal in western Libya; the three other terminals, including Es Sider, remain shut.
- The closures continue to impact companies operating in the eastern and central regions such as Marathon Oil (MRO), Royal Dutch Shell (RDS.A, RDS.B), Hess (HES) and ConocoPhillips (COP).
Aug. 20, 2013, 3:10 PM
- Clashes erupt at oil terminals in eastern Libya, as tensions mount in the region.
- The forced closure of Libya's key oil ports by striking guards and workers has more than halved the country's oil production to ~600K bbl/day in recent weeks; oil usually is exported from Libya through a partnership between state-run NOC, Occidental Petroleum (OXY) and OMV (OMVJF.PK).
- Libya's coast guard yesterday stopped a tanker from entering at the Es Sider terminal amid fears gunmen are trying to market oil outside government control; the port exports oil from concessions run by Libya's NOC with Marathon Oil (MRO), ConocoPhillips (COP) and Hess (HES).
Aug. 19, 2013, 11:12 AM
- Operator Total (TOT -0.7%) and partner Marathon Oil (MRO -2.6%) say their pre-salt Diaman-1B deepwater exploration well off Gabon’s coast encountered gas condensate, but it continues to analyze the scale of the discovery.
- Wells Fargo says the discovery is unlikely to be developed on a fast track, so it is not making meaningful changes in its estimates for reserves, margins, cash flow or profitability.
- Cobalt Energy (CIE -12.8%) also is a partner in the Diaba license where the gas was found (earlier); Gabon's government owns a 15% stake.
Aug. 16, 2013, 2:55 PM
- Petrobras (PBR -1.6%) becomes the first company to shut in production due to the low-pressure system headed towards the Gulf of Mexico, evacuating workers from its Cottonwood natural gas and condensate field.
- BP and Marathon Oil (MRO) have evacuated non-essential workers from their Gulf facilities but say production has not been affected.
- Crews remain on board the FPSO on site at PBR's 80K bbl/day Cascade and Chinook fields.
- Cottonwood, off the Texas coast, produces at a peak of ~70K boe/day.
Aug. 16, 2013, 12:19 PM
- Predictions for a higher-than-average number of Atlantic storms this year mean a strong possibility that Gulf of Mexico energy production will be affected.
- Even now, Marathon Oil (MRO) and BP are evacuating some workers from the Gulf as a storm makes its way from the Caribbean.
- The Gulf is home to ~23% of U.S. oil production and ~40% of total refining capacity; for natural gas, just 6% of U.S. output occurs in the Gulf, while the region was producing almost 25% of U.S. gas as recently as 2005.
- Energy industry leaders believe the threat of cyberattacks could pose as big a threat as hurricanes, floods, ice and storms.
Aug. 15, 2013, 3:17 PM
- Marathon Oil (MRO) and BP begin to evacuate some workers from the Gulf of Mexico as a storm makes its way from the Caribbean.
- MRO is removing workers not essential to production from its Ewing Bank platform, which can produce up to 9,700 bbl/day of oil and 8.2M cf/day of natural gas.
- BP begins evacuating workers from its Thunder Horse and three other deepwater production platforms in the Gulf, though they are continuing to pump oil and gas.
Aug. 7, 2013, 12:20 PM
- Marathon Oil (MRO -5%) is downgraded to Neutral from Buy with a $42 price target (down from $42) at BAML, as the company's re-rating has played out.
- The firm believes most gains anchored around MRO's transition to an unconventional resource play have been recognized, but the investment case now takes a pause; production is declining except for the U.S., and visibility on the next major source of incremental value and production is less clear.
- Q2 earnings grew 8.4% but results missed Wall Street expectations.
Aug. 6, 2013, 6:23 PM
- Marathon Oil's (MRO) Q2 profit grew 8.4%, assisted by higher revenue and a sharp drop in marketing expenses.
- Sales volume, excluding Libya, averaged 457K boe/day vs. 485K boe/day in Q2, a 5.8% drop, in part due to a planned turnaround in Equatorial Guinea and unplanned mine downtime.
- Operating margin widened to 40.4% from 39%, as marketing expenses dropped 34%.
- FY 2013 output guidance from North America E&P and international E&P, excluding Libya, is narrowed to 410K-425K boe/day vs. previous guidance of 405K-425K.
Aug. 6, 2013, 5:48 PM
Aug. 6, 2013, 12:10 AM
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MRO vs. ETF Alternatives
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.
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