StrategyU.S. Resource Play Focused
Marathon Oil has transitioned from portfolio transformation to execution delivery at scale across our U.S. resource plays. With more than 95% of our 2019 development capital allocated to the U.S. resource plays, our margins will naturally expand as a greater percentage of our production is sourced from these high quality assets.
Marathon Oil enjoys a differentiated position one of the only E&Ps active in the four best oil-rich U.S. resource basins.
Second quarter featured exceptional operational performance across our advantaged multi-basin portfolio driving compelling bottom-line financial outcomes. We remain fully committed to our well-established framework for success: improving bottom-line corporate returns, generating sustainable free cash flow, prioritizing return of capital to shareholders, and enhancing our capital efficiency and underlying resource base through differentiated execution.
U.S. production averaged 332,000 net barrels of oil equivalent per day (boed) for 2Q 2019, including 192,000 net barrels of oil per day (bopd). Oil production was up 17% from the year-ago quarter on a divestiture-adjusted basis. U.S. unit production costs were $4.89 per barrel of oil equivalent (boe), down 14% from the year-ago quarter, the lowest quarterly average unit production costs since becoming an independent exploration and production company in 2011.
Though many elements of our business are changing, one thing remains firm: our values. We remain steadfast in our commitment to be safe, responsible and ethical.
U.S. average net production in 2Q 2019
Of 2019 Development Capital Budget allocated to high-return u.S. resource plays
capital efficient u.s. oil growth Projected in 2019 with wells to sales flat
Candor and openness have been critical in building a work environment that enables our employees to grow and thrive.
NFWF News ReleaseConservation
MRO supports programs to protect native aquatic species, migratory grassland birds and pronghorn in the Pecos River Watershed.
SpeechWilliston Basin Petroleum Conf
One of the most important lessons we’ve taken from the Bakken, is to never be satisfied with what you think you knew yesterday.