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A Deep Look at Marathon Oil’s Operational Performance

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Part 4
A Deep Look at Marathon Oil’s Operational Performance PART 4 OF 13

Marathon Oil’s Production on a Disposition-Adjusted Basis

Marathon Oil’s disposition-adjusted production comparison

On a disposition-adjusted basis, Marathon Oil’s (MRO) 2Q17, 1Q17, and 2Q16 production levels are 360.0 Mboepd (thousand barrels of oil equivalent per day), 338.0 Mboepd, and 323.0 Mboepd, respectively. That means that on a disposition-adjusted basis, its 2Q17 production is higher by 27.0 Mboepd, or ~9.0%, than 2Q16. On a disposition-adjusted basis and sequentially, its 2Q17 production is higher by 22.0 Mboepd, or ~7.0%, than 1Q17.

Marathon Oil’s Production on a Disposition-Adjusted Basis

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From 3Q15 to 3Q16, Marathon Oil sold various assets in East Texas, West Texas, North Louisiana, New Mexico, Oklahoma, Wyoming, and the Gulf of Mexico. In June 2017, it sold its OSM (oil sands mining) assets in Canada to Royal Dutch Shell (RDS.A) (RDS.B) and Canadian Natural Resources (CNQ). The production volumes associated with these assets have been removed from all periods (2Q17, 1Q17, and 2Q16) in order to calculate divestiture-adjusted production.

Other upstream players

In the last two years, many other upstream companies, including Murphy Oil (MUR), Southwestern Energy (SWN), and ConocoPhillips (COP), have carried out asset dispositions in order to raise cash to deal with their high debt situations. In 2Q17, COP sold its upstream assets in the San Juan Basin for ~$3.0 billion to Hilcorp Energy.

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