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Marathon Oil Corporation (MRO)

  • 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.
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  • 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.
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  • 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.
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  • Aug. 6, 2013, 5:48 PM
    • Marathon Oil (MRO): Q2 EPS of $0.67 misses by $0.04.
    • Revenue of $3.9B (+3% Y/Y) in line.
    • Shares flat AH. (PR)
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  • Aug. 6, 2013, 12:10 AM
  • Aug. 5, 2013, 5:35 PM
  • Jul. 31, 2013, 6:52 PM
    • Moody's raises Marathon Oil's (MRO) rating one notch to Baa1, a step shy of investment grade, with a stable outlook, seeing the expected growth in MRO's U.S. oil plays easing its exploration costs and improving its capital efficiency.
    • The higher rating also reflects Moody's view that MRO will pursue conservative financial policies, spending its own cash while keeping shareholder dividends and buybacks in check.
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  • Jul. 31, 2013, 5:36 PM
    • Marathon Oil Corporation (MRO) declares $0.19/share quarterly dividend, 12.0% increase from prior dividend of $0.17.
    • Forward yield 2.09%
    • Payable Sept. 10
    • For shareholders of record Aug. 21
    • Ex-div Aug. 19
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  • Jul. 25, 2013, 2:21 PM
    Marathon Oil (MRO) reportedly has told Libyan officials it is considering selling its stake in the country's largest foreign oil partnership, a divestment that could fetch $2B-$3B. Aside from marking the exit from a risky asset, an MRO withdrawal from Libya would widen the effects of the U.S. shale boom on African oil-producing nations; U.S. oil imports from Africa already have dropped sharply.
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  • Jul. 9, 2013, 2:42 PM
    Libya's Es Sider oil terminal, which normally exports 300K bbl/day of crude, returns to operations after being shut by protests last week. The shutdown had contributed to a rise in oil prices already buoyed by a political crisis in Egypt. Es Sider exports crude from a Libyan joint ventures in which Marathon Oil (MRO), ConocoPhillips (COP) and Hess (HES) are partners.
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  • Jul. 5, 2013, 3:38 PM
    Poland has plenty of gas, but hopes it can lead a shale gas boom in Europe are fading fast as energy companies say government red tape is delaying commercial output and draft proposals to cut bureaucracy don't go far enough. If shale gas fails to live up to the potential, the chief beneficiary would be Russia's Gazprom, which would continue to be Poland's biggest gas supplier.
  • Jun. 25, 2013, 5:36 PM
    Marathon Oil (MRO) confirms the sale of its 10% working interest in Block 31 offshore Angola to Sinopec (SNP) for $1.5B; the companies anticipate closing the transaction in Q4. MRO says some of the sale proceeds will be used to buy back shares.
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  • Jun. 24, 2013, 8:48 AM
    Sinopec (SNP) agrees to buy a 10% stake in a Marathon Oil (MRO) Angolan offshore oil and gas field for $1.52B. Adding overseas assets should be good news for SNP and its parent China Petrochemical, as upstream businesses traditionally provide better margins, an analyst says, but Chinese energy stocks likely will fall today on broader concerns over China's economy.
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  • Jun. 18, 2013, 2:58 PM
    Marathon Oil's (MRO +3%) outlook is upgraded to positive from stable by Fitch Ratings, which cites strong growth in its shale liquids plays, particularly at Eagle Ford. MRO also boasts a sizable, multi-year inventory of drilling opportunities in the shale plays that provides good visibility on future production and reserve growth, raising Fitch's confidence that it should be able to sustain its positive momentum.
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  • Jun. 14, 2013, 5:53 PM
    Marathon Oil's (MRO) choice of a new CEO shows the company remains focused on its international business rather than morphing into a pure shale play, Raymond James analysts conclude. New man Lee Tillman has served in Indonesia, Norway, Equatorial Guinea and elsewhere during his career; he's "a classic multinational oil and gas executive, making this a hire that fits logically with Marathon’s heritage."
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  • Jun. 13, 2013, 8:48 AM
    Marathon Oil (MRO) chairman, president and CEO Clarence Cazalot plans to retire at year's end after nearly 14 years leading the company. Lee Tillman, most recently Exxon Mobil's vice president of engineering, will succeed Cazalot as president and CEO effective Aug. 1. Current lead director Dennis Reilley will become non-executive chairman upon Cazalot's retirement.
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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.