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Marathon Oil’s Lease Operating Expenses in 3Q16

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Marathon Oil’s lease operating expenses in 3Q16

In 3Q16, Marathon Oil (MRO) reported North America LOE (lease operating expenses) of $5.70 per boe (barrel of oil equivalent), which is ~23.0% less than 3Q15.

For the first nine months of 2016, Marathon Oil’s LOE was $6.05 per boe. LOE, also referred to as production operating expenses, is the cost to operate wells after drilling is completed.

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Marathon Oil’s LOE guidance

In August, 2016, Marathon Oil (MRO) reduced its 2016 LOE guidance for the North America region by $1 per boe to a new range of $6–$7 per boe.

Other upstream players

For 2Q16, other upstream companies such as Denbury Resources (DNR), Diamondback Energy (FANG), and EOG Resources (EOG) have LOEs of $17.04 per boe, $5.57 per boe, and $4.36 per boe, respectively. EOG Resources is part of the S&P 500 (SPY).

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