Wed, Aug. 5, 6:45 PM
- Marathon Oil (NYSE:MRO) is flat AH after swinging to a Q2 loss on a 48% Y/Y drop in revenue, as the collapse in crude prices trumped the company's efforts to balance its budget, including boosting its production and trimming its spending.
- MRO says its total worldwide production from continuing operations excluding Libya averaged 407K boe/day, up 6% Y/Y, with U.S. production of 220K boe/day up nearly 30% over the year-ago quarter, as production costs in North America fell 30% Y/Y.
- MRO reaffirms its full-year production guidance of 5%-7% worldwide Y/Y growth, excluding Libya, to 375K-390K boe/day, and 20% growth for the U.S., within a $3.3B capital spending budget, down from its previously reduced budget of $3.52B and 40% below 2014's total $5.5B in capital spending.
- Despite moderating its drilling activity - in the Eagle Ford Shale, for example, MRO reduced its number of wells to 52 in Q2 from 91 during Q1 - the company still logged production increases thanks to continuing efficiency improvements in drilling and completions.
Wed, Aug. 5, 5:10 PM
Wed, May 6, 5:23 PM
Wed, Feb. 18, 5:36 PM
- Marathon Oil (NYSE:MRO) -0.5% AH as breakeven Q4 earnings fall short of expectations of a small gain and revenues fell slightly compared to the year-ago quarter.
- MRO also announces a $3.5B capital budget for 2015, a further 20% decrease since December's budget update; MRO now plans to spend $3.5B drilling for oil and gas in 2015, down by ~40% from the $5.9B it spent in 2014, with nearly 70% of this year's spending directed toward the three core U.S. resource plays in the Eagle Ford, Bakken and Oklahoma basins.
- Despite the lower spending, MRO expects to achieve ~20% Y/Y production growth in 2015, with 370K-390K net boe/day available for sale from combined North America E&P and International E&P segments, excluding Libya.
- In Q4, MRO says its U.S. resource plays averaged net production of 206K boe/day, up 43% Y/Y and up 7% Q/Q.
- Driven by strong reserves growth in U.S. resource plays, MRO's year-end total net proved reserves were ~2.2B boe, up 6% Y/Y; reserve replacement ratio excluding dispositions was 183%, with 305M boe of net proved reserves added during 2014.
Wed, Feb. 18, 5:06 PM
Tue, Feb. 17, 5:35 PM
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Nov. 3, 2014, 6:36 PM
- Marathon Oil (NYSE:MRO) +1.7% AH despite reporting Q3 earnings that came in short of analyst expectations and revenues that fell 5% Y/Y.
- Total company sales volume from continuing operations excluding Libya averaged 411K boe/day, up more than 7% from a year ago.
- MRO says income from its Q3 E&P business rose 20% Y/Y to $292M on higher sales; exploration expenses fell 34%.
- Says its high-quality resource plays in the Bakken, Eagle Ford and Oklahoma resource basins averaged net production of 192K boe/day, up 43%.
- Despite lower oil prices, Mro says it plans to grow production in Q4; last month, MRO finalized the $2.1B sale of its Norway business and plans to reinvest the cash into expanding in U.S. shale plays.
Nov. 3, 2014, 5:05 PM
Nov. 2, 2014, 5:35 PM
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Aug. 4, 2014, 11:52 PM
Aug. 3, 2014, 5:35 PM
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May 6, 2014, 5:59 PM
- Marathon Oil (MRO) +1.8% AH after Q1 earnings more than tripled despite a drop in revenue, as domestic production continues to grow and exploration costs fell 84%.
- North American shale production jumped 10% Y/Y, but overseas production fell 14% due to a strike in Libya and aging fields in Norway and the U.K.; says the sale of its North Sea assets is on schedule and that bids are due this quarter.
- Q1 revenue fell 12% to $3.53B, sales volume slipped 11% to $463M, while net production available for sales dropped 13% to $448M.
- Operating margin narrowed to 33.5% from 35.8%, while provisions for income taxes fell 40% to $590M.
May 6, 2014, 4:51 PM
Feb. 5, 2014, 5:49 PM
- Marathon Oil (MRO) -1.5% AH after reporting lower Q4 sales volume, though the bottom line grew 16% due to fewer income tax provisions.
- MRO has generally posted higher production in recent periods from its extensive activity in areas such as the Bakken shale in North Dakota and Eagle Ford shale in Texas, boosting earnings.
- Total net proved reserves were ~2.2B boe at the end of 2013, up 8% Y/Y; reserve replacement ratio was 194%, with 344M boe of net proved reserves added.
- Operating margin narrowed to 26.8% from 39.8%, while provisions for income taxes tumbled 60% to $522M.
- Sales volumes slid 13% Y/Y and fell 3.3% Q/Q.
Feb. 5, 2014, 5:10 PM
Feb. 5, 2014, 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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