Company report

Marathon oil and gas exploration summary



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Report summary

Marathon Oil has made numerous strategic moves to protect its balance sheet since the oil price began falling in late 2014 including leveraging its flexible US tight oil portfolio to reduce spend by three quarters since 2014 and improve breakeven economics. With its participation in large scale capital intensive conventional developments completed in the near to medium term future capital will be increasingly allocated to the company's core US Lower 48 growth plays which will account for 89% of all spend by 2020. The unconventional assets have transformed the business with three core liquids rich plays being major sources of organic unconventional reserves addition: the Eagle Ford in south Texas the SCOOP and STACK plays in Oklahoma and the Bakken in North Dakota. As the company continues to focus on its US resource plays its conventional exploration going forwards is effectively limited to fulfilling its commitments primarily in West Africa.

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Table of contents

  • Executive summary
  • Strategy
  • Investment and costs
  • Exploration
  • Reserves and resources
  • Production
  • Valuation

Tables and charts

This report includes 24 images and tables including:


  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Executive summary: Image 1
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Production: Image 1
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth


  • Top 40 discoveries (2006 to 2015)
  • Reserves and resources: Table 2
  • Full-cycle economics
  • Ten year performance summary
  • SWOT grid
  • Gross conventional exploration & appraisal wells by basin and sector

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