Houston-headquartered exploration and manufacturing firm Marathon Oil Corp. reported $349 million in web earnings for the second quarter, in comparison with $297 million for the earlier quarter and $287 million for the corresponding quarter a 12 months prior.
Marathon Oil stated that its manufacturing in the US averaged 351,000 web barrels of oil equal (boe). Oil manufacturing for the interval averaged 183,000 web bopd.
In Equatorial Guinea, Marathon Oil’s manufacturing averaged 42,000 web boed throughout the quarter beneath evaluate. Oil manufacturing averaged 8,000 web bopd.
- Advertisement -
In Equatorial Guinea, Marathon Oil’s operations embrace the offshore Alba Area operated by Marathon EG Manufacturing Restricted (MEGPL) and the Alba Plant LLC’s liquefied petroleum gasoline (LPG) plant, a liquefied pure gasoline (LNG) manufacturing facility operated by Equatorial Guinea LNG Operations S.A. (EG LNG) and a methanol manufacturing facility operated by the Atlantic Methanol Manufacturing Firm (AMPCO).
Marathon Oil stated it has continued optimizing its operations within the nation by diverting a portion of its Alba gasoline from AMPCO methanol gross sales to higher-margin LNG gross sales. Marathon Oil’s Alba LNG gross sales achieved a realized value of $8.52 per million cubic toes throughout the quarter, as the corporate continued realizing the uplift in worth from the shift to world LNG pricing.
Throughout the second quarter, the corporate’s complete worldwide phase earnings was $79 million, which included $26 million of earnings from fairness technique investees. The corporate obtained a complete of $77 million in money distributions from fairness technique firms throughout the second quarter, comprising $75 million in dividends and a $2 million return of capital.
The corporate reaffirmed its annual steerage ranges for complete oil manufacturing, complete oil-equivalent manufacturing, and capital expenditures. Oil manufacturing has been set between 195,000 bopd (greater finish) and 185,000 bopd (decrease finish). Complete oil equal manufacturing has been set between 400,000 boepd (greater finish) and 380,000 boepd (decrease finish). Capital expenditures steerage stayed between $2.1 billion (greater finish) and $1.9 billion (decrease finish).
The corporate stated its complete oil and oil-equivalent manufacturing is anticipated to peak throughout the third quarter, with oil manufacturing rising to roughly 200,000 web bopd, earlier than moderating into the fourth quarter. Capital expenditures are anticipated to say no sequentially in each the third and fourth quarters, whereas FCF on a price-normalized foundation is anticipated to extend sequentially in each quarters.
To contact the writer, e-mail andreson.n.paul@gmail.com
Generated by readers, the feedback included herein don’t replicate the views and opinions of Rigzone. All feedback are topic to editorial evaluate. Off-topic, inappropriate or insulting feedback might be eliminated.
