Marathon Oil beats by $0.20, misses on revs; sees FY15 production at high end of range
* Reports Q3 (Sep) loss of $0.20 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus of ($0.40); revenues fell 55.5% year/year to $1.32 bln vs the $1.38 bln two analyst estimate.
* The Company is tightening its full-year 2015 E&P production guidance range, resulting in a new range of 380,000 to 390,000 net boed. Full-year production guidance for OSM was narrowed to 40,000 to 45,000 net boed. Full-year 2015 guidance for the total Company production growth rate is 7 percent year over year, at the upper end of the previous range of 5 to 7 percent.
* "Last week we announced a reduced quarterly dividend, which is expected to increase annual free cash flow by more than $425 million, and we lowered our 2015 capital, investment and exploration program to $3.1 billion. In addition, based on our current outlook and preliminary plan discussions, we would anticipate a total Company 2016 program of up to $2.2 billion, subject to Board approval, which would give us the flexibility to deliver 2016 annual average production in the U.S. resource plays flat to 2015 exit rate."