On February 15, 2017, Marathon Oil Corporation (NYSE: MRO) announced results from Q4 and FY 2016 and unveiled a 2017 capital program of $2.2 billion, with over 90 percent allocated to its high-return U.S. resource plays.
OKLAHOMA LED PRODUCTION IN THE FOURTH QUARTER
On the operations side, Marathon’s production averaged 341,000 BOED in Q4 2016, with assets in the Oklahoma Resource Basins reporting a production increase of 60% over Q4 2015. E&P production costs for North America were down more than 30% from Q4 2015.
Source: Marathon Oil Investor Presentation
On the activity side, Marathon increased its resource play rig count from 8 to 12 and reached total depth on its first company-operated Meramec spacing pilot. Despite increased completion intensity in Eagle Ford, the company reported record-low well costs in the region. [read more]