Quarterly / Earnings Reports | Production | Second Quarter (2Q) Update | Initial Production Rates | Capital Markets | Drilling Activity | Capex Decrease | Drilling Program-Rig Count
Marathon Chops 10% of Capex, Ups Production Outlook; N. Delaware Rig Increase
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Marathon reported Q2 2017 results. Highlights from include:
- Lowered 2017 capex to $2.1-2.2 billion (down -10% from $2.4 billion)
- Production guidance increased: Raised its full-year 2017 total production forecast, excluding Libya, to a range of 345,000 to 360,000 net boed, an increase to 7% at the midpoint
Total production increased 6% sequentially to 349,000 net boed, excluding 11,000 net boed from Libya; oil grew 7% excluding Libya U.S. resource play production grew 6% sequentially, averaging 202,000 net boedIn the conference call, Zach Dailey commented: "We are raising the midpoint of our full-year total company production growth guidance adjusted for divestitures to 7%. Similarly, our exit-to-exit rate guidance for the resources plays will move from 20% to 25%, to 23% to 27%."
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