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Last $16.65 USD
Change Today +0.68 / 4.26%
Volume 21.0M
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

marathon oil corp (MRO) Key Developments

Marathon Oil Corporation Announces Amendments to By-Laws, with an Effective Date of September 1, 2015

On August 26, 2015, the board of directors of Marathon Oil Corporation adopted a resolution by unanimous written consent to amend and restate the company's by-laws. The board approved this amendment, with an effective date of September 1, 2015, to modify the existing proxy access provisions of the by-laws to coincide with the stockholder proposal that was approved at the company's 2015 annual meeting of stockholders. Pursuant to these amendments, the required ownership percentage needed to use the proxy access provisions was decreased to 3% of the company's outstanding common stock, owned continuously for at least three years. Additionally, the maximum number of stockholder nominees that may be included in the proxy statement pursuant to these provisions was increased to 25% of the number of directors in office as of the last day on which notice requesting proxy access may be delivered by an eligible stockholder.

Marathon Oil Corporation Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter Ended June 30, 2015; Provides Production Guidance for the Third Quarter and Full Year of 2015; Reports Impairments for the Second Quarter of 2015

Marathon Oil Corporation announced unaudited consolidated earnings and operating results for the second quarter ended June 30, 2015. For the quarter, the company reported total revenues and other income of $1,531 million against $2,941 million a year ago. Loss from operations was $334 million against income from operations of $587 million a year ago. Loss from continuing operations before income taxes was $392 million against income from continuing operations before income taxes of $511 million a year ago. Loss from continuing operations was $386 million or $0.57 per diluted share against income from continuing operations of $360 million or $0.53 per diluted share a year ago. Net loss was $386 million or $0.57 per diluted share against net income of $540 million or $0.80 per diluted share a year ago. Net cash provided by operating activities was $408 million. Additions to property, plant and equipment including accruals were $678 million in second quarter 2015 compared to $1.1 billion in the prior quarter, nearly 40% lower. For the quarter, the company reported, impairments of $44 million against $4 million a year ago. For third quarter 2015, the company expects North America E&P production available for sale to average 260,000 to 270,000 net boed, reflecting a full quarter at reduced drilling activity levels across the U.S. resource plays. Importantly, however, Marathon Oil confirms the resource plays remain on track to achieve annual growth in available for sale volumes of 20% year-over-year. Third quarter International E&P production available for sale (excluding Libya) is expected to be within a range of 105,000 to 115,000 net boed. Marathon Oil had no liftings in Libya during second quarter 2015. Considerable uncertainty remains around the timing of future production and sales levels from Libya, and Marathon Oil continues to exclude Libya volumes from its production forecasts. OSM synthetic crude oil production is expected to increase to a range of 43,000 to 48,000 net boed in the third quarter, following the completed turnaround activity from second quarter. The Company is raising the lower end of its full-year 2015 E&P production guidance range, resulting in a new range of 375,000 to 390,000 net boed. Full-year 2015 guidance for the total Company production growth rate remains 5-7%. The Company's 2015 capital, investment and exploration program is expected to be 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. North America Exploration and Production (E&P) production available for sale averaged 274,000 net barrels of oil equivalent per day (boed) for second quarter 2015, a 21% increase over the year-ago quarter and compared to 283,000 net boed for first quarter 2015. The decrease from first quarter 2015 was in line with the planned reductions in resource play drilling activity resulting in the number of wells to sales down by more than 35%. In second quarter 2015, Marathon Oil's production in the Eagle Ford averaged 135,000 net boed, a 32% increase above the year-ago quarter and compared to 147,000 net boed in the prior quarter. Marathon Oil averaged 61,000 net boed of production in the Bakken during second quarter 2015, a 22% increase above the year-ago quarter and 7% over the previous quarter. The Company's unconventional Oklahoma production averaged 24,000 net boed during second quarter 2015, an increase of 33% over the year-ago quarter and effectively flat sequentially. International E&P production available for sale from continuing operations (excluding Libya) averaged 108,000 net boed for second quarter 2015 compared to 120,000 net boed in the year-ago quarter and 119,000 net boed in the previous quarter. Lower production primarily resulted from planned maintenance activities in Equatorial Guinea, which were completed in second quarter 2015.

Marathon Oil Corporation Declares Quarterly Dividend, Payable on September 10, 2015

Marathon Oil Corporation announced that the company's board of directors has declared a quarterly dividend of 21 cents per share on the company's common stock. The dividend is payable on September 10, 2015, to stockholders of record on August 19, 2015.

Marathon Oil May Buy Joint Venture Partner In Future

Marathon Oil Corporation (NYSE:MRO) is interested to buy MarkWest Energy Partners, L.P. (NYSE:MWE) Utica joint ventures in future. Marathon Oil said that it sees the potential to buy the joint venture partner at some time later.

Marathon Oil Corporation to Report Q2, 2015 Results on Aug 05, 2015

Marathon Oil Corporation announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Aug 05, 2015

 

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Price/Cash Flow 2.7x
TEV/Sales 0.1x
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