Marathon Oil edges higher after Q1 results, increased production outlook

|About: Marathon Oil Corporation (MRO)|By:, SA News Editor

Marathon Oil (NYSE:MRO) +0.2% AH after reporting a smaller than expected Q1 loss, helped by higher crude oil prices; shares had fallen 4.5% in regular trading amid a broader rout among energy stocks.

MRO says Q1 average realized prices for crude oil and condensate in North America was $48.46/bbl, up from $28.21/bbl in the year-ago quarter.

Q1 production averaged 338K boe/day, flat vs. a year ago, while North American output was 208K boe/day, above the top end of company guidance; MRO sees Q2 North America E&P production of 210K-220K net boe/day.

MRO raises its FY 2017 production guidance to 340K-360K boe/day, up ~6% Y/Y at the midpoint, mostly due to the inclusion of production from its Northern Delaware acquisitions.

MRO expects U.S. resource plays to return to sequential growth in Q2 and exit the year with oil and boe production 20%-25% higher than Q4 2016, providing significant operational momentum into 2018.

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