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21 Pages

Marathon corporate report


Marathon corporate report

Report summary

Few companies have undergone as decisive a portfolio transformation as Marathon in recent years. Successful deal-making has allowed the company to exit high-cost international resource themes, while adding more and more weight to a competitive domestic tight oil portfolio. The sale of non-core assets has helped protect the balance sheet through the downturn. Marathon is now well-placed to both ride out a period of continuing lower oil prices, and step on the development accelerator in a rising price environment.

What's included?

This report includes 2 file(s)

  • Marathon corporate report PDF - 1.92 MB 21 Pages, 9 Tables, 28 Figures
  • Marathon Corporate Report.xls XLS - 3.21 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • SWOT analysis
  • Strategy
    • Recent strategic moves
      • Divestment programme has transformed portfolio...
      • ...and helped protect the balance sheet
    • Current strategic positioning
    • Strategic priorities
      • Developing the growth platforms - the Mid-Continent and the Permian
      • Maintaining the base - the Eagle Ford and Bakken/Three Forks
    • Completing the portfolio transformation
  • Financial health
    • Financial health overview
      • Net debt outlook / Liquidity position
      • Options to free up capital
  • Resources, reserves and production
    • Production overview
    • Resources and reserves overview
  • Portfolio summary
  • Economic assumptions
    • Economic assumptions

In this report there are 37 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
    • Relative share price performance
    • Market premium / discount to WoodMac NPV,10
    • Evolution of portfolio diversity (NPV,10 basis)
    • M&A activity since upstream/downstream split
    • Strategic fit of international regions
    • Strategy: Image 6
    • Change in NPV,10 by resource theme discounting from 2017 and 2022
    • Benchmark: 5-yr tight oil production CAGR (2016 to 2021)
    • Benchmark: new project returns
    • Marathon's SCOOP/STACK portfolio
    • Benchmark: Mid-Continent portfolio valuation
    • Benchmark: Delaware Basin running room
    • Delaware Basin portfolio valuation upside
    • Benchmark: top Eagle Ford E&Ps
    • Eagle Ford portfolio cash flow sensitivity
    • Benchmark: top Bakken/Three Forks E&Ps
    • Marathon Bakken/Three Forks well performance
    • Potential future asset sales
    • Disposal assessment: production outlook
    • Disposal assessment: cash flow outlook
  • Financial health
    • Corporate cash flow breakeven outlook
    • Net debt outlook
  • Resources, reserves and production
    • Marathon's reported and forecast production
    • US Lower 48 portfolio
    • Production by resource theme
    • Benchmark: 5-yr production CAGR (2016-2021)
    • Benchmark: reserves and resource life
    • Benchmark: WM organic reserves replacement (2012-2016)
  • Portfolio summary
    • Key assets
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Economic assumptions: Image 1
    • Economic assumptions: Image 2
    • High price assumptions
    • Low price assumptions
    • Value assumptions
    • Foreign exchange rate assumptions
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