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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/.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
October 3, 2017
Marathon Oil Corporation
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
5555 San Felipe Street, Houston, Texas
(Address of principal executive offices)
Registrant's telephone number, including area code:
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02 Results of Operations and Financial Condition.
On October 3, 2017, Marathon Oil Corporation issued a press release providing an operational update for the quarter ended September 30, 2017. The press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will not be incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, unless specifically identified as such.
Item 9.01 Financial Statements and Exhibits.
99.1 Press Release issued by Marathon Oil Corporation, dated October 3, 2017.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Marathon Oil Corporation
October 3, 2017
/s/ Gary E. Wilson
Name: Gary E. Wilson
Title: Vice President, Controller and Chief Accounting Officer
Marathon Oil Provides Post Harvey Operational Update
Expects Third Quarter Production Toward High End of Guidance
HOUSTON, Oct. 3, 2017 - 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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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