Marathon Oil Corporation Reports First Quarter 2014 Results

Marathon Oil Corporation Reports First Quarter 2014 Results

Marathon Oil Corporation (NYSE:MRO) today reported first quarter of 2014 adjusted net income was $613 million, or $0.88 per diluted share, compared to adjusted net income in the first quarter of 2013 of $361 million, or $0.51 per diluted share. For the first quarter of 2014, net income was $1.149 billion, or $1.65 per diluted share, compared to net income in the first quarter of 2013 of $383 million, or $0.54 per diluted share.
Key Quarterly Highlights
• Adjusted net income per diluted share increased to $0.88, up 73% from year-ago quarter
— Adjusted net income increased to $613 million, up 70% from year-ago quarter
• Three high-quality U.S. resource plays averaged net production of 154,000 boed, up 26% from year-ago quarter
— Eagle Ford downspacing results continued to consistently outperform modeled type curves
— Austin Chalk and Eagle Ford co-development continuing on plan with completion of first 2014 Austin Chalk well at a 30-day IP rate of 1,600 boed
— Bakken and Three Forks co-development progressing with high density pilots delivering strong results; testing eight wells per 1,280-acre drilling spacing unit
— Bakken re-completions program delivered five wells with initial 24-hour and 30-day IP rates exceeding expectations
— SCOOP extended-reach (XL) wells delivering strong results with two wells at 30-day IP rates of up to 1,550 boed
• Recorded 97% average operational availability for Company-operated assets
• Marketing of North Sea businesses on schedule; bids due in second quarter
• Closed on sales of Angola Blocks 31 and 32 for aggregate cash proceeds of approximately $2 billion, resulting in after-tax gain of $576 million, or $0.83 per diluted share
• Completed second phase of $1 billion share repurchase; initiated and substantially completed additional $500 million share repurchase
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