$60 WTI would yield $2.2 billion in free cash in 2019-2020 By Richard Rostad, analyst, Oil & Gas 360 Marathon Oil (ticker: MRO) announced 2018 results and reserves yesterday, showing net earnings of $390 million, or $0.47 per share. Marathon earned just under $1.1 billion in 2018, a major improvement from the $5.7 billion loss the company posted in 2017.
Marathon Oil Corporation (stock ticker: MRO) reported that its four-well Middle Bakken pad at the Ajax area of Dunn County, North Dakota achieved an estimated average 30-day initial production (IP) rate of over 2,400 barrels of oil equivalent per day (84% oil). “Strong early results in Ajax mark another important step forward in our ongoing efforts to extend the core of
San Mateo Midstream, LLC (“San Mateo”) today announced that its wholly-owned subsidiary, Black River Water Management Company, LLC (“Black River”), has entered into a long-term agreement with a wholly-owned subsidiary of Marathon Oil Corporation (“Marathon Oil”) in Eddy County, New Mexico relating to the gathering and disposal of Marathon Oil’s salt water. The agreement includes the dedication of over 65
Marathon Oil Corporation (ticker: MRO) will have a $2.3 billion capital budget for 2018. The company said the budget is self-funding at $50 average WTI and will generate free cash flow at $60 average WTI. More than 90% will be directed to four U.S. resource plays. Almost 60% of the development budget will be allocated to the Eagle Ford and
Marathon Petroleum Corp. (ticker: MPC) earned $2.02 billion, or $4.09 per diluted share, in Q4 2017. This is significantly more than in Q4 2016, where the company had earnings of $227 million, or $0.43 per diluted share. FY 2017 earnings saw a significant increase as well – $3.43 billion, or $6.70 per diluted share. Compared to FY 2016’s $1.17 billion,
On Dec. 15, 2017 Marathon Petroleum Corp. (ticker: MPC) and MPLX LP (ticker: MPLX) announced a definitive agreement for MPC to exchange its general partner (GP) economic interests in MPLX, which include incentive distribution rights (IDRs), for 275 million newly issued MPLX common (LP) units valued at approximately $10.1 billion based on the volume-weighted average price of MPLX over the
Continental, Whiting, others shift positions from 2 years ago The North Dakota Industrial Commission released its September 2017 oil production data this week, reporting per-well production across the state. The largest oil producers in the Bakken/Three Forks plays in North Dakota are shown in the top chart. The NDIC data from September 2015, however, delivers a shuffled order of companies
All four basins are competing very strongly. That’s a great problem to have – Tillman Q3 highlights Total production excluding Libya averaged 371,000 net BOEPD, up 6% sequentially and above top end of guidance; 23,000 net BOEPD from Libya U.S. resource play production increased 12% sequentially, averaging 227,000 net BOEPD; oil up 14% sequentially Eagle Ford production of 101,000 net
CNQ finalizes acquisition of 70% of Athabasca Oil Sands Project Canadian Natural Resources Limited (ticker: CNQ) announced today that it has completed the acquisition of 70% of the Athabasca Oil Sands Project. The remaining 30% of the working interest is broken down between Chevron Canada Limited—which retains 20% and Shell Canada Limited—which retains 10%, according to a press release on
Cheniere’s Midship open season ends March 30 Cheniere Energy’s (ticker: LNG) Midship Pipeline Company, LLC has signed agreements with foundation shippers to support construction of a 200 mile, 36-inch interstate natural gas pipeline project and has launched a binding open season for shippers—known as the Midship project. Cheniere said the commitments are from subsidiaries and/or affiliates of Cheniere, Devon Energy Corporation
Marathon enters Permian for $13,900 per acre; exits oil sands with $2.5 billion cash sale to Shell and Canadian Natural Resources Marathon Oil (ticker: MRO) has agreed to acquire approximately 70,000 net surface acres in the Permian basin from BC Operating, Inc. and other entities for $1.1 billion in cash. The acquisition includes 51,500 acres in the Northern Delaware basin of
MarkWest Co-Founder John Fox confirms stance that Marathon Petroleum should eliminate IDRs before refinery dropdowns John M. Fox, co-founder and former chairman and CEO of MarkWest Hydrocarbon, which merged with Marathon Petroleum’s MPLX LP (ticker: MPLX) in December 2015, issued a press release today reaffirming his stance against Marathon Petroleum Company’s (ticker: MPC) proposed January 3, 2017 plan. Fox said
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