Marathon Oil (NYSE: MRO) is an independent oil and gas exploration and production (E&P) company focused on four of the most competitive resource plays in the U.S. Marathon Oil Corporation ranks #13 in wells drilled in 2022 with 128 wells drilled in the Mid Continent of the US. The Mid Continent region includes Texas, Oklahoma, New Mexico and Louisiana.
Data Download Center
Marathon Wells Drilled 2023
Marathon July 2023 Rig Report
Operators in the Eagle Ford
List of Oil & Gas Operators active in the Eagle Ford
Drilling Contacts
List of Drilling Contacts in the Eagle Ford
2Q23 Operations
UNITED STATES (U.S.): U.S. production averaged 356,000 net boed for second quarter 2023, an increase from 341,000 net boed during first quarter. Oil production averaged 181,000 net bopd for second quarter, an increase from 176,000 net bopd during first quarter. The Company brought a total of 80 gross Company-operated wells to sales during second quarter. U.S. unit production costs averaged $5.88 per boe during second quarter.
Marathon Oil’s second quarter Eagle Ford production averaged 156,000 net boed, including 81,000 net bopd, with 49 gross Company-operated wells to sales. Bakken production averaged 109,000 net boed, including 68,000 net bopd, with 23 gross Company-operated wells to sales. Oklahoma production averaged 50,000 net boed, including 9,000 net bopd. Permian production averaged 40,000 net boed, including 21,000 net bopd, with eight gross Company-operated wells to sales.
INTERNATIONAL: E.G. production averaged 43,000 net boed for second quarter 2023, including 8,000 net bopd. Unit production costs averaged $5.72 per boe, and net income from equity method investees totaled $22 million during second quarter. Second quarter production, unit costs, and equity income were all negatively impacted by a triennial turnaround completed during the month of April. Second quarter cash distributions from equity method companies totaled $249 million, including $215 million of dividends and $34 million of distributions classified as return of capital.
2023 Guidance
Marathon Oil’s originally provided 2023 production guidance ranges remain unchanged with the Company’s full year 2023 total Company oil equivalent production trending above the midpoint of guidance. Third quarter total Company oil and oil equivalent production are both expected to be at or above the high end of the annual guidance ranges. No change to the Company’s 2023 capital spending guidance range of $1.9 to $2.0 billion with first half capital spending (accrued) accounting for just over 60% of the full year budget at the midpoint of guidance, consistent with the Company’s business plan.
The Company’s 2023 business plan continues to benchmark at the top of its high-quality E&P peer group, as measured by expected shareholder distribution yield; FCF yield and FCF efficiency; capital efficiency; FCF breakeven; and growth in production per-share.
A slide deck and Quarterly Investor Packet will be posted to the Company’s website following this release. On Thursday, August 3, at 9 a.m. ET, the Company will conduct a question-and-answer webcast/call, which will include forward-looking information. The live webcast, replay and all related materials will be available at https://ir.marathonoil.com/.
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