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
2017
“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.”
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.