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Cautionary Note to U.S. Investors - The information contained in this website is provided solely for convenience. The documents contained herein are historical in nature. Therefore, events following the date of publication or subsequently available information may have rendered obsolete the estimates, assertions or other information contained in these documents. All information is provided without warranty of any kind. Marathon Oil assumes no duty to update the information contained in any of the documents and further assumes no responsibility for the accuracy of the information. Marathon Oil further reserves the right to change the content of the site at any time without notice.

Any person who uses, or makes decisions upon, information contained in this website does so at their own risk and agrees to hold Marathon Oil Corporation and its subsidiaries and affiliates harmless. Marathon Oil Corporation and its employees and representatives further expressly disclaim all liability for any costs, expenses, damages or consequences of any type that may result from reliance on the information obtained from this website or any website linked hereto.

The United States Securities and Exchange Commission (the "SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved probable and possible reserves. From time to time, we may use certain terms on this website or the documents contained herein, such as net unrisked mean resource potential, net unrisked resource potential, net resource, 2P resource, 2P net resource, net 2P resource, gross unrisked potential resource, gross resources, gross discovered resources, gross resource potential, gross block resource potential, resources, resource potential, potential resource, and other similar terms or variations of the foregoing terms. The SEC guidelines strictly prohibit us from including these terms in filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our Forms 10-K, 10-Qs and 8-Ks, Commission File No. 1-5153, available from us at Marathon Oil Corporation, Attn. Investor Relations, 5555 San Felipe Street, Houston, TX 77056-2723. Our Form 10-K and other filings with the SEC can also be electronically accessed from our website or the SEC's website at http://www.sec.gov/.

Marathon Oil Provides Post Harvey Operational Update

Oct 3, 2017
Expects Third Quarter Production Toward High End of Guidance

Houston, Oct. 03, 2017 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:MRO) today announced that the Company expects third quarter 2017 U.S. E&P production available for sale to average toward the high end of its guidance of 230,000 to 240,000 net barrels of oil equivalent per day (boed), despite the temporary impacts experienced from Hurricane Harvey.

In late August, the Company suspended operations and shut-in production across its entire Eagle Ford position in south Texas just before the hurricane made landfall. Subsequent inspections indicated that Marathon Oil’s producing assets and facilities sustained very minimal damage. Drilling and completions activity resumed several days later, followed by a progressive resumption of operations until pre-storm production rates were achieved. With the efficient ramp-up of production and strong early rates from new wells brought to sales, the Company expects third quarter Eagle Ford production to average approximately 100,000 net boed, in-line with second quarter levels.

"I’m extremely proud of our Eagle Ford team and how they safely and efficiently managed through Hurricane Harvey," said Marathon Oil president and CEO Lee Tillman. "All credit to their responsiveness, collaboration and teamwork in managing the production from approximately 1,500 producing wells that we operate in south Texas.  Our thoughts continue to be with everyone affected by this season’s hurricane activity in the U.S. and Caribbean, and we continue to support various relief efforts through volunteer efforts and philanthropy.

“With consistent execution and continued stronger than expected well performance across our entire Company, including the Eagle Ford, we expect to deliver third quarter production toward the high end of our guidance ranges for both U.S. and International segments.”

Marathon Oil still expects its 2017 capital program to be in a range of $2.1 to $2.2 billion, with full-year 2017 production available for sale forecast from the combined U.S. and International E&P segments, excluding Libya, in a range of 345,000 to 360,000 net boed. U.S. resource plays are expected to exit the year with both oil and BOE production 23 to 27 percent higher than fourth quarter 2016.

The Company plans to issue its complete third quarter 2017 earnings news release on Wednesday, Nov. 1, after the close of U.S. financial markets. Prepared remarks along with accompanying slides will be available on the Company's website after the earnings news release is issued. The Company will conduct a conference call, which will be webcast live, on Thursday, Nov. 2, at 9 a.m. ET. Zach Dailey, vice president of Investor Relations, will host the call. Also participating from Marathon Oil will be Lee Tillman, president and CEO; Dane Whitehead, executive vice president and CFO; and Mitch Little, executive vice president, Operations. The call will include forward-looking information.


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Forward-looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including without limitation statements regarding the Company's future performance, business strategy, asset quality, drilling plans, production estimates and guidance, capital plans, and other plans and objectives for future operations, are forward-looking statements. Words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "plan," "project," "seek," "should," "target," "will," "would," or similar words may be used to identify forward-looking statements; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: conditions in the oil and gas industry, including supply/demand levels and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in the jurisdictions in which the Company operates; risks related to the Company's hedging activities; capital available for exploration and development; the inability for any party to satisfy closing conditions with respect to the disposition; drilling and operating risks; well production timing; availability of drilling rigs, materials and labor, including associated costs; difficulty in obtaining necessary approvals and permits; non-performance by third parties of contractual obligations; unforeseen hazards such as weather conditions, acts of war or terrorist acts and the government or military response thereto; cyber-attacks; changes in safety, health, environmental, tax and other regulations; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s 2016 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases, available at www.marathonoil.com. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.

Media Relations Contact:
Lee Warren: 713-296-4103

Investor Relations Contact:
Zach Dailey: 713-296-4140

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Source: Marathon Oil Company