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Marathon Oil’s onshore Texas net sales for the 12 months ended December 2012 averaged 32 mbbld of liquid hydrocarbons and 70 mmcfd of natural gas, representing 30 percent and 20 percent of the Company’s total U.S. liquid hydrocarbon and natural gas sales, respectively.
With major acquisitions in the Eagle Ford over the last two years, Marathon Oil has established a top-tier position in this liquids-rich resource play. As of year-end, the Company held approximately 330,000 net acres in the Eagle Ford, with an average working interest of approximately 80 percent in its Company-operated assets. This includes 230,000 acres in the core of the play, and an additional 100,000 noncore acres.
The Eagle Ford Shale extends over 400 miles in South Texas, stretching northeast from the Mexican border near Laredo to beyond Houston, although the most active areas are south of San Antonio. Marathon Oil views the Eagle Ford as the premier U.S. resource play, and has invested strategically to grow its presence in the formation’s highest value oil and condensate core areas. Activity is focused on Atascosa, DeWitt, Gonzales and Karnes counties.
Primary base production areas are the Mimms Creek Field located in East Texas, which produces from the tight Bossier and Cotton Valley sands more than 2 miles below the surface; the Pearwood Field area, which produces from the Cotton Valley Carbonate shoal reservoirs; and the Oletha Field, which produces from the Travis Peak formation under and around Lake Limestone. Future recompletions and development drilling are planned in the Cotton Valley Carbonate shoal, Travis Peak, Bossier and James Lime formations in these and other asset areas of East Texas. The Company has more than 20,000 net acres in the Haynesville and Bossier Shale plays in East Texas and Louisiana, which is mostly held by production.