Marathon Oil (MRO) Reports In-Line Q2 EPS

Marathon Oil (NYSE: MRO) reported Q2 EPS of ($0.23), in-line with the analyst estimate of ($0.23). Revenue for the quarter came in at $1.53 billion, versus $2.94 billion reported last year.

Quarter Highlights

• Second quarter capital program at approx. $680 million, down 40% from first quarter; full-year capital program at or below $3.3 billion
• Total Company net production from continuing operations (excluding Libya) averaged 407,000 net boed, up 6% over the year-ago quarter; U.S. resource play net production of 220,000 net boed up nearly 30% over year-ago quarter
• Reaffirming total Company and U.S. resource play production growth rates of 5-7% and 20%, respectively, year over year
• Reduced North America E&P production costs per boe more than 30% below year-ago quarter; adjusting full-year guidance down $1.25 per boe
• Increased captured savings from U.S. unconventional drilling and completions (D&C) costs by an additional $50 million to greater than $300 million
• Top-performing Eagle Ford rig drilled two wells achieving an average of 3,100 feet per day
• Best three-horizon "stack-and-frac" in Eagle Ford achieved 30-day IP rates of 1,400-1,650 gross boed; Bakken Three Forks second bench well delivered 30-day IP rate of 1,226 gross boed
• Recorded 96% average operational availability for Company-operated assets
• Progressing non-core asset sales with signed agreement for approximately $100 million

For earnings history and earnings-related data on Marathon Oil (MRO) click here.

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