Marathon Oil’s EBITDA normalized to production
In 2Q16, Marathon Oil (MRO) reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) normalized to total production of ~$6.96 per boe (barrel of oil equivalent), which was ~52% lower than in 2Q15.
Marathon Oil’s adjusted EBITDA normalized-to-total production peaked in 3Q14. In 1Q16, MRO reported the lowest-ever adjusted EBITDA normalized to total production of only ~$2.20 per boe. Sequentially, Marathon Oil’s 2Q16 adjusted EBITDA normalized-to-total production rose ~216% over 1Q16.
For 2Q16, other upstream companies like Murphy Oil (MUR), California Resources (CRC), and Denbury Resources (DNR) have also reported much lower year-over-year adjusted EBITDA normalized for total production.