Marathon Oil (MRO) Tops Q3 EPS by 20c

Marathon Oil (NYSE: MRO) reported Q3 EPS of ($0.20), $0.20 better than the analyst estimate of ($0.40).

Production Guidance

Marathon Oil expects fourth quarter 2015 North America E&P production available for sale to average 244,000 to 257,000 net boed reflecting reduced completion work in the Bakken and the disposition of the East Texas, North Louisiana and Wilburton, Oklahoma natural gas assets which closed in the third quarter. The resource plays remain on track to achieve annual growth in available for sale volumes of 20 percent year over year. Fourth quarter International E&P production available for sale (excluding Libya) is expected to be within a range of 121,000 to 128,000 net boed, up from the third quarter as the full benefits of the Alba C21 development well and successful wire-line intervention program in Equatorial Guinea are realized and U.K. Brae fields return to normal operations, partially offset by the ongoing maintenance at the non-operated Foinaven field. Marathon Oil had no liftings in Libya during third quarter 2015. Considerable uncertainty remains around the timing of future production and sales levels from Libya, and Marathon Oil continues to exclude Libya volumes from its production forecasts. OSM synthetic crude oil production is expected to range from 40,000 to 45,000 net boed in the fourth quarter with planned maintenance at both mines expected to impact production.

The Company is tightening its full-year 2015 E&P production guidance range, resulting in a new range of 380,000 to 390,000 net boed. Full-year production guidance for OSM was narrowed to 40,000 to 45,000 net boed. Full-year 2015 guidance for the total Company production growth rate is 7 percent year over year, at the upper end of the previous range of 5 to 7 percent.

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

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