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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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
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Company report | Oct 2016
Marathon oil and gas exploration summary
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