Marathon Oil misses by $0.06, misses on revs; increases 2018 production guidance (20.31 -0.81)
- Reports Q2 (Jun) earnings of $0.15 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus of $0.21; revenues rose 33.8% year/year to $1.42 bln vs the $1.48 bln Capital IQ Consensus.
- Total production averaged 419,000 net boed; U.S. production averaged 298,000 net boed, both up 5% (ex-Libya) compared to the prior quarter
- Marathon Oil expects third quarter 2018 U.S. production to average 290,000 to 300,000 net barrels of oil equivalent per day (boed), which is adjusted for the sale of non-core, non-operated conventional U.S. assets that produced 4,200 net boed in the second quarter and averaged 5,000 net boed in the first half of the year (76% oil). The Company expects third quarter 2018 U.S. resource play production to average 280,000 to 290,000 net boed, consistent with planned timing of wells to sales and with sequential growth resuming in the fourth quarter. Third quarter 2018 International production is expected to average 105,000 to 115,000 net boed, lower than second quarter due to planned maintenance activity in E.G. and the U.K.
- The Company increased its annual 2018 total Company production guidance to 400,000 to 415,000 net boed, up from 390,000 to 410,000 net boed. The Company also raised its guidance for annual resource play oil and barrel of oil equivalent (boe) growth to 28 - 32 percent, up from 25 - 30 percent previously.
