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Marathon Lowers 2016 Capex by $100MM; Touts Bakken, STACK IPs
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Marathon Oil Corporation reported a second quarter 2016 net loss of $170 million, or $0.20 per diluted share. The net loss includes the impact of certain items not typically represented in analysts' earnings estimates and that would otherwise affect comparability of results. The adjusted net loss for the quarter was $196 million or $0.23 per diluted share.
Key Points: Full-year capital program expected to be $1.3 billion inclusive of incremental capital requirements for Oklahoma STACK acquisition activity; $100 million lower than original budget Strong Oklahoma well results including two Company-operated STACK Meramec XL wells with 30-day rates averaging 1,710 boed and 1,570 boed, both with higher than 70% oil cuts Clarks Creek Middle Bakken well achieved average 30-day production of…- ✓ Full news archive — U.S., Canada & international coverage
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