Scandinavian Oil-Gas Magazine

Marathon Oil Corporation reported a second quarter 2015 adjusted net loss of $155 million, or $0.23 per diluted share, excluding the impact of certain items not typically represented in analysts' earnings estimates and that would otherwise affect comparability of results. The reported net loss was $386 million, or $0.57 per diluted share.

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

Tags: Marathon Oil Corporation