Marathon Oil Sees 2015 Production Growth At Upper End Of Guidance

(RTTNews) - Marathon Oil Corp. (MRO) announced the company is tightening its full-year 2015 E&P production guidance range, resulting in a new range of 380,000 to 390,000 net boed. Full-year 2015 guidance for the total company production growth rate is 7 percent year over year, at the upper end of the previous range of 5 to 7 percent.

Marathon Oil expects fourth-quarter North America E&P production available for sale to average 244,000 to 257,000 net boed reflecting reduced completion work in the Bakken and the disposition of the East Texas, North Louisiana and Wilburton, Oklahoma natural gas assets which closed in the third quarter.

for third quarter 2015, North America Exploration and Production (E&P) production available for sale averaged 263,000 net barrels of oil equivalent per day (boed), a 5 percent increase over the year-ago quarter. Total company net production from continuing operations (excluding Libya) averaged 434,000 net boed, up 6% over the year-ago quarter.

The company reported a third quarter 2015 adjusted net loss of $138 million, or $0.20 per share, excluding the impact of certain items. The reported net loss was $749 million, or $1.11 per share.

Marathon Oil CEO Lee Tillman, said: "This quarter's results were impacted by non-cash losses and impairments related to lower forecasted commodity prices and our continued strategic transition away from conventional exploration. Based on our current outlook and preliminary plan discussions, we would anticipate a total company 2016 program of up to $2.2 billion, subject to Board approval, which would give us the flexibility to deliver 2016 annual average production in the U.S. resource plays flat to 2015 exit rate."