Marathon Oil NEWS

Marathon Oil Corp posted a smaller-than-expected loss on Wednesday as it reined in costs to cushion the impact from the COVID-19 pandemic. It cut its cost and expenses by 17.2% to $975 million as the average realized price for its U.S. crude oil and condensate fell 63.4% to $21.65 per barrel. Marathon’s total net production for the quarter fell to 390,000 boepd from 435,000 boepd a year ago.

US E&P major, Marathon Oil Corp, yesterday, recorded a 54.5% dip in fourth quarter's adjusted profit, slipping over weak oil and gas prices. The firm's adjusted income dropped to $55 million from $121 million, a year earlier. Marathon's US production climbed to 328,000 barrels of oil equivalent per day (boe/d) from 306,000 boe/d for the same quarter last year.

US oil major, Marathon Oil Corp yesterday registered a 44.5% dip in quarterly adjusted profit, stressed by weak crude and gas prices which limited the gains from higher output in its U.S. shale basins. Marathon Oil’s total production in the quarter rose 6.5% to an average of 425,000 barrels of oil equivalent per day (boepd), excluding divestitures.

British E&P firm, RockRose Energy has concluded the acquisition of Marathon Oil’s UK business. RockRose entered into an acquisition agreement in February this year to buy out Marathon’s UK division. The acquisition has gained RockRose the ownership to 40% operated stake in the Greater Brae Area, apart from a 28% stake in BP-operated Foinaven development and its satellite fields.

UK-based RockRose Energy has entered into an agreement to acquire Marathon Oil’s North Sea business. In a deal worth £107 million, RockRose will gain ownership to Marathon’s interests in the Greater Brae, Foinaven East and Foinaven field. The acquisition is estimated to add approximately 35 million barrels of oil reserves in RockRose’s portfolio. Post-completion, Marathon’s assets and teams in North Sea will be transferred to RockRose.

The UK Health and Safety Executive (HSE) have sent an improvement notice to Texas-based Marathon Oil following the “lifting incident” in April on the East Brae platform, offshore Aberdeen. HSE has fixed a revised compliance date for Marathon in January next year. Marathon’s spokesperson has said that they are fully engaged with HSE on the matter. The lifting incident on the platform left one injured.

Houston-based Marathon Oil yesterday released its earnings of the second quarter. The net income of the company was $96 million in the recent quarter. CEO, Marathon Oil appreciated the efforts of Eagle Ford, Bakken, Oklahoma and Northern Delaware assets teams. He further added that the efforts of the company have enabled them to raise their annual resource play production guidance in this quarter.

Fluor Corp has reported completion of substantial engineering for Marathon Petroleum’s Tier 3 gasoline sulfur standard reconfiguration project at the Galveston Bay refinery. Fluor is offering engineering, procurement and construction management services for the Texas refinery to achieve newly-formulated U.S. Environmental Protection Agency Tier 3 gasoline sulfur norms, by 2020.

Marathon Oil Libya Ltd. which holds a 16.33% stake in Waha Concessions, Libya, has been acquired by French Total. With this, Total will get access to the potential area of exploration which measures 53 kilometre squares in the prolific Sirte basin. Currently, NOC (59.18%), Total (16.33%), ConocoPhillips (16.33%) and Hess (8.16%) jointly own the Waha Concessions. The Waha Oil Company, a 100% NOC owned entity, operates the asset.