Marathon Accelerates Activity in The Bakken and Other US Domestic Plays

Marathon's Bakken and Three Forks Acreage Map
Marathon's Bakken and Three Forks Acreage Map

Marathon is continuing to ramp up its presence in US domestic shale plays, with increased activity expected in the Bakken Shale through the end of 2014. In a company statement in late March 2014, officials revealed that Marathon hit its target of a 28-rig program across the Eagle Ford, Bakken and Oklahoma-Woodford Shale plays at the end of January.

Read more: Marathon Oil's Bakken Production Drives North American E&P Segment Income Up 38%

Marathon Oil’s CEO Lee Tillman said, “We continue to have high confidence in our ability to deliver on our North America long-term production growth targets underpinned by strong resource growth through downspacing and well optimization. In addition, we are progressing the evaluation and appraisal of co-development opportunities with the Eagle Ford’s Austin Chalk and the Bakken’s deeper Three Forks benches.

Marathon Bakken Operations Update

According to Marathon, the company's Bakken acreage accounts for ~800 mmboe in proven and probable reserves and resource potential. As of March 2014, Marathon had a 6-rig drilling program, and anticipates 75 - 85 net wells across the play in 2014. The company also expects to complete 20 - 24 net wells by the end of the year. The Bakken budget for 2014 remains at approximately $1 billion and 29% of the company' 2014 capital budget.

Marathon Targeting Deeper Three Forks Benches in Myrmidon Area

The Three Forks First Bench accounts for ~23% of proven and probable reserves. 45 gross operated wells are planned for the Three Forks in 2014. Six wells are planned in the lower benches of the Three Forks between 2014 - 2015. The initial focus will be on the Myrmidon area.