Marathon Announces 2017 Plan for Bakken

Marathon Oil Corp. plans to increase its Bakken activity.

Related: Continental Plans 26% Growth for Bakken

Marathon announced their 2016 results last week including a fourth quarter 2016 net loss of $1,371 million. 

The company's Bakken production during the quarter averaged 52,000 net boed, down only slightly from the prior quarter's average of 54,000 net boed. Other full year results include:

  • 2016 capital program at $1.1 billion, $300 million below original budget
  • Total production averaged 393,000 net boed 
  • E&P production averaged 342,000 net boed
  • Ended the year with 12 rigs operating in the U.S. resource plays 
  • Decreased G&A expenses by 18% year over year
  • Non-core asset sales for approximately $1.3 billion, excluding closing adjustment
  • Year-end liquidity of $5.8 billion 


We’re entering 2017 with a simplified portfolio more concentrated on our high-return, low-cost opportunities in the U.S. resource plays. Our $2.2 billion capital program accelerates sequential resource play production growth to the second quarter while providing exit rate momentum that positions us to deliver compound annual growth rates of 10-12 percent.
— President and CEO Lee Tillman

For the remainder of 2017,  Marathon expects to average approximately six drilling rigs and will focus on optimizing base production, while bringing 70 to 75 gross Company-operated wells to sales.