==== Marathon Oil (MRO) to be acquired by ConocoPhillips (COP) in $17 billion all-stock deal

• The acquisition of Marathon Oil will extend ConocoPhillips’ reach across shale fields in Texas, New Mexico and North Dakota, adding 2 billion barrels of resources to its portfolio.

• ConocoPhillips expects share buybacks worth $7 billion in the first year after the deal is completed and $20 billion after the first three years.

• ConocoPhillips is the last major U.S. oil company to pull the trigger on a big acquisition as the industry undergoes a wave of consolidation.

 

ConocoPhillips agreed on Wednesday to buy Marathon Oil in an all-stock transaction worth $17 billion that would bolster the company’s shale assets as the broader oil and gas industry undergoes a major wave of consolidation.

The deal will add 2 billion barrels of resources to ConocoPhillips’ inventory in the U.S., extending the company’s reach across shale fields in Texas, New Mexico and North Dakota.

ConocoPhillips is the third-largest U.S. oil company with a market capitalization of $137 billion, while Marathon Oil has a market cap of $14.4 billion.

ConocoPhillips is the last of the top three U.S. oil companies to pull the trigger on a big acquisition as the industry undergoes a transformational wave of consolidation.

Exxon Mobil’s acquisition of Pioneer Natural Resources for $60 billion recently received the greenlight from the Federal Trade Commission. Hess Corporation shareholders voted on Tuesday to advance the company’s $53 billion merger with Chevron

-=Marathon Oil (MRO) reported earnings on Wed 14 Feb 2018 (a/h)

Marathon Oil beats by $0.05, beats on revs 

• Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.05 better thanthe Capital IQ Consensus of $0.02; revenues rose 23.0% year/year to $1.38 bln vs the $1.25 bln Capital IQ Consensus.

Q4 highlights:

• Total Company production excluding Libya averaged 383,000 net boed, up 4% sequentially on a divestiture-adjusted basis; 33,000 net boed from Libya
• U.S. resource play production averaged 249,000 net boed, up 10% sequentially
• Eagle Ford production averaged 105,000 net boed; up 4% sequentially with fewer wells to sales
• Bakken production increased 17% sequentially to 69,000 net boed; set new Williston Basin 30-day IP oil record at 3,005 bpd
• Oklahoma production up 10% sequentially to 64,000 net boed; nine-well STACK infill development averaged 30-day IP rates of 1,840 boed (60% oil)
• Northern Delaware production averaged 11,000 net boed; two-well pad averaged 30-day IP rates of 3,265 boed (62% oil)

2018 Production Guidance:

• For full year 2018, the co forecasts total production available for sale, excluding Libya, to average 390,000 to 410,000 net barrels of oil equivalentper day (boed), up 12 percent at the midpointcompared to 2017 on a divestiture-adjusted basis
• Total annual oil production available for sale, excluding Libya, is expected to increase about 18 percent at the midpoint on a divestiture-adjusted basis, driven by 20 - 25 percent annual oil growth in the U.S. resource plays
• For first quarter 2018, U.S. production is expected to average 265,000 to 275,000 net boed. International production, excluding Libya, is expected to average 105,000 to 115,000 net boed, which reflects planned turnaround activity in EG.

-=Marathon Oil (MRO) reported earnings on Wed 1 Nov 2017 (a/h)

Marathon Oil beats by $0.05, beats on revs; raises production guidance, lowers capex guidance 

• Reports Q3 (Sep) loss of $0.08 per share, $0.05 better thanthe Capital IQ Consensus of ($0.13); revenues rose 26.5% year/year to $1.25 bln vs the $1.04 bln Capital IQ Consensus.
• Marathon Oil expects fourth quarter 2017 U.S. E&P production available for sale to average 255,000 to 265,000 net boed. Fourth quarter International E&P production available for sale, excluding Libya, is expected to be within a range of 120,000 to 130,000 net boed including the completion of planned turnaround activity at Brae and Foinaven.
• Co expects full-year total Company production available for sale, excluding Libya, to end the year toward the top end of guidance and has narrowed its forecast, resulting in a new range of 350,000 to 360,000 net boed. U.S. resource play exit rate production guidance for both oil and BOE is now expected to be 25 to 30 percent higher than fourth quarter 2016, up slightly from the prior guidance range.
• Co expects its 2017 capital program, excluding lease and acquisition costs, to be ~$2.1 billion, at the low end of the guidance range (previous range was $2.1-2.2 bln). 

=Marathon Oil (MRO) reported earnings on Wed 2 Nov 2016 (a/h)

• Shares up on revenue beat, plans to increase activity to 5 rigs in Q4 in the Oklahoma Resource Basins.

HOUSTON (AP) _ Marathon Oil Corp. (MRO) on Wednesday reported a loss of $192 million in its third quarter.

On a per-share basis, the Houston-based company said it had a loss of 23 cents. Losses, adjusted for one-time gains and costs, came to 11 cents per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.

The energy company posted revenue of $1.23 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $1.09 billion.

Marathon Oil shares have climbed 1.5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 3 percent. In the final minutes of trading on Wednesday, shares hit $12.78, a decline of 33 percent in the last 12 months.

Great trade : MRO (calls) +800% (8/16)