Marathon Oil Corporation

Published : November 03rd, 2014

Marathon Oil Announces Third Quarter 2014 Results

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Marathon Oil Announces Third Quarter 2014 Results

Production from U.S. Resource Plays Up More Than 40% Over Year-ago Quarter

HOUSTON, Nov. 3, 2014 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:MRO) today reported third quarter 2014 adjusted income from continuing operations of $388 million, or $0.57 per diluted share, and adjusted net income of $515 million, or $0.76 per diluted share, both excluding the impact of certain items not typically represented in analysts' earnings estimates, and that would otherwise affect comparability of results. Reported income from continuing operations was $304 million, or $0.45 per diluted share, and reported net income was $431 million, or $0.64 per diluted share.

Key Quarterly Highlights

•      Three high-quality U.S. resource plays averaged net production of 192,000 boed, up 43% from the year-ago quarter and 13% higher than the second quarter of 2014. On track for greater than 30% production growth year-over-year as supported by:

     ◦      Continued strong pace in the Eagle Ford with a record 87 gross operated wells to sales, up 14% quarter-on-quarter

     ◦      Eight gross operated Austin Chalk wells brought to sales during the quarter, all within the previously delineated acreage; 16 additional wells being drilled, completed or awaiting first production

     ◦      Nineteen gross operated Bakken wells brought to sales of which eight are piloting enhanced completions with encouraging early results

     ◦      Incremental drilling rig added in the Bakken as of late September to provide additional capacity for high-density spacing and enhanced completion pilots

     ◦      Six gross operated wells brought to sales in the Oklahoma Resource Basins, of which four were in the SCOOP and two in the Southern Mississippi Trend; best operated well to date with 30-day IP rate of 2,800 boed (55% liquids)

     ◦      Executed agreements in late October to add approx. 12,000 net acres to SCOOP position, including prospective acres for the Springer formation

•      Began drilling the Company-operated Key Largo exploration well in the Gulf of Mexico

•      Recorded 96% average operational availability for Company-operated assets

•      Closed sale of the Norway business on Oct. 15 for approximately $2.1 billion in proceeds

Three Months Ended
Sept. 30 Sept. 30
(In millions, except per diluted share data) 2014 (a) 2013 (a)
Adjusted income from continuing operations (b) $388 $444
Adjustments for special items (net of taxes):
Impairments (70) 0
Pension settlement (14) (9)
Unrealized loss on crude oil derivative instruments 0 (39)
Income from continuing operations $304 $396
Per diluted share:
Adjusted income from continuing operations (b) $0.57 $0.63
Income from continuing operations $0.45 $0.56
Adjusted net income (b) $515 $617
Adjustments for special items (net of taxes):
Impairments (70) 0
Pension settlement (14) (9)
Unrealized loss on crude oil derivative instruments 0 (39)
Net income $431 $569
Per diluted share:
Adjusted net income (b) $0.76 $0.87
Net income $0.64 $0.80
Exploration expenses
Unproved property impairments $39 $35
Dry well costs 25 24
Geological and geophysical 10 8
Other 22 16
Total exploration expenses $96 $83
Cash flows
Net cash provided by continuing operations before changes in working capital (b) $1,420 $1,228
Changes in working capital for continuing operations (62) 150
Net cash provided by discontinued operations 416 267
Net cash provided by operating activities $1,774 $1,645

(a) The Angola assets were sold in the first quarter of 2014 and the sale of the Company's Norway business closed on October 15, 2014.  The Angola and Norway businesses are reflected as discontinued operations in all periods presented.

(b) Non-GAAP financial measure. See "Non-GAAP Measures" below for further discussion.

"Marathon Oil's U.S. resource plays delivered strong operational performance in the third quarter, and we remain on track to achieve greater than 30 percent production growth year-over-year in the resource plays," said Lee M. Tillman, Marathon Oil president and CEO. "Both our Eagle Ford and Bakken net production delivered double-digit growth compared to the previous quarter. However, lower price realizations offset the impact of higher production volumes in our financial results.

"In October we closed on the sale of our Norway business for proceeds of approximately $2.1 billion. The first priority for the use of proceeds is organic reinvestment in our deep and growing U.S. unconventional portfolio. Already we've added an incremental drilling rig in the Bakken and have plans to add two rigs in the Oklahoma Resource Basins before year end, as previously announced. Importantly, we continue to drive top-quartile drilling performance and enhanced production rates through improved completion designs.

"Additionally, we spud the Key Largo exploration well in September to test an oil-prone inboard Paleogene prospect in the Gulf of Mexico," Tillman added, "and internationally, in the U.K. North Sea we brought two successful South Brae infill wells online with initial production well above pre-drill estimates."

Sales and Production Volumes

Total Company sales volumes from continuing operations (excluding Libya) during third quarter 2014 averaged 411,000 net barrels of oil equivalent per day (boed) compared to 382,000 net boed for third quarter 2013.

Three Months Ended
Sept. 30 Sept. 30
(mboed) 2014 2013
Net Sales Volumes
North America E&P 250 200
International E&P excluding Libya (a) and Disc Ops (b) 106 133
Combined North America & International E&P, excluding Libya (a) and Disc Ops (b) 356 333
Oil Sands Mining (c) 55 49
Total Continuing Operations excluding Libya 411 382
Discontinued Operations (Norway) 58 68
Discontinued Operations (Angola) 0 9
Total Company excluding Libya 469 459
Libya 6 21
Total 475 480

(a) Libya is excluded because of uncertainty around future production and sales levels.

(b) Angola and Norway are reflected as discontinued operations (Disc Ops).

(c) Includes blendstocks.

Three Months Ended Guidance (a)
Sept. 30 Sept. 30 Q4 Full Year
(mboed) 2014 2013 2014 2014
Net Production Available for Sale
North America E&P 250 200 255-267
International E&P excluding Libya (b) and Disc Ops (c) 112 124 115-123
Combined North America & International E&P, excluding Libya (b) and Disc Ops (c)
362 324 350-360
Oil Sands Mining (d) 47 41 37-42 37-42
Total Continuing Operations excluding Libya 409 365
Discontinued Operations (Norway) 56 69
Discontinued Operations (Angola) 0 10
Total Company excluding Libya 465 444
Libya 8 18
Total 473 462

(a) This guidance excludes the effect of acquisitions or dispositions not previously announced.

(b) Libya is excluded because of uncertainty around future production and sales levels.

(c) Angola and Norway are reflected as Disc Ops.

(d) Upgraded bitumen excluding blendstocks.

The difference between production volumes available for sale and recorded sales for exploration and production (E&P) volumes was primarily due to the timing of international liftings.

Third quarter 2014 production available for sale from continuing operations (excluding Libya) averaged 409,000 net boed, compared to third quarter 2013 average of 365,000 net boed. The increase in the third quarter of 2014 was driven by North America E&P's continued growth in the U.S. resource plays.

International E&P production available for sale (excluding Libya and discontinued operations) for third quarter 2014 was lower compared to third quarter 2013 primarily as a result of temporary production curtailments in Equatorial Guinea due to unplanned maintenance on the main condensate line as well as lower reliability at the outside-operated methanol facility. Planned maintenance activities at the outside-operated Forties Pipeline System also resulted in lower operational availability across the Brae complex in the U.K.

Oil Sands Mining (OSM) production available for sale for third quarter 2014 was up 15 percent primarily the result of improved operational availability at the upgrader and mine and higher beginning bitumen inventories, compared to third quarter 2013.

Production available for sale for the Norway business averaged 56,000 net boed in third quarter 2014 compared to 69,000 net boed in third quarter 2013. The decrease was primarily related to a planned 12-day turnaround at Alvheim, versus a planned 7-day turnaround in the year-ago quarter, as well as natural field decline. As a result of the sale of the Company's Norway business, which closed Oct. 15, Norway is reflected as discontinued operations.

In July, Libya's National Oil Corporation rescinded force majeure associated with third-party labor strikes at the Es Sider terminal. Marathon Oil's first 2014 lifting occurred in August, and was sourced from existing inventory at the terminal. Production from the Waha concessions resumed in August; however, considerable uncertainty remains around future production and sales levels. Marathon Oil has not included production from Libya in forecasts.

For fourth quarter 2014, the Company continues to expect growth in North America E&P production available for sale, driven by continued strong growth from the combined U.S. resource plays. International E&P production available for sale (excluding Libya) is expected to increase in the fourth quarter, reflecting improved reliability and no significant planned maintenance activities. Fourth quarter OSM production is expected to decrease from third quarter volumes due to planned maintenance at the mine.

As reflected in the table above, the Company's full-year guidance has been narrowed to 350,000 to 360,000 net boed for production available for sale from the combined North America E&P and International E&P segments (excluding Libya and discontinued operations). This guidance reflects a greater than 30 percent year-over-year growth rate in the U.S. resource plays. Full-year 2014 production guidance for the OSM segment is 37,000 to 42,000 net barrels per day (bbld) of synthetic crude oil.

Segment Results

Total segment income from continuing operations was $491 million in third quarter 2014, compared to $540 million in third quarter 2013.

Three Months Ended
Sept. 30 Sept. 30
(In millions) 2014 2013
Segment Income
North America E&P $292 $242
International E&P (a) 106 192
Oil Sands Mining 93 106
  Segment Income (b) $491 $540

(a) The Angola assets were sold in the first quarter of 2014 and the sale of the Company's Norway business closed on October 15, 2014.  The Angola and Norway businesses are reflected as discontinued operations in all periods presented.

(b) See Supplemental Statistics below for a reconciliation of segment income to net income.

North America E&P

The North America E&P segment reported income of $292 million in third quarter 2014, compared to income of $242 million in third quarter 2013. The increase is primarily due to higher net sales volumes from the U.S. resource plays, partially offset by lower crude oil price realizations and expenses associated with the higher net sales volumes, such as production expenses and depreciation, depletion and amortization (DD&A).

EAGLE FORD: Marathon Oil's production in the Eagle Ford averaged 117,000 net boed in third quarter 2014, an increase of 43 percent over the year-ago average and 15 percent over the previous quarter. Approximately 64 percent of third quarter net production was crude oil/condensate, 18 percent was natural gas liquids (NGLs) and 18 percent was natural gas. Enhanced completion design in the Eagle Ford continues to deliver strong results as the growing population of these wells achieving 180-day cumulative production continues to average 25 percent improvement in volumes. Marathon Oil reached total depth on 93 gross Company-operated wells and brought 87 gross operated wells to sales in the third quarter, compared to 88 and 76 gross wells, respectively, in second quarter 2014. Marathon Oil's average time to drill an Eagle Ford well in third quarter 2014, spud-to-total depth, was 13 days. The Company's high-density pad drilling continues to average four wells per pad.

Included with the Eagle Ford well counts noted above, the Company brought online eight Austin Chalk wells, all drilled within the previously delineated acreage. Thirty-day initial production (IP) rates ranged from 800 - 1,300 boed with an average 69 percent liquids yield. Sixteen additional Austin Chalk wells are currently being drilled, completed or awaiting first production.

BAKKEN: Marathon Oil averaged 56,000 net boed of production in the Bakken during third quarter 2014, an increase of 47 percent over the year-ago average and 12 percent over the previous quarter. The Company's Bakken production averaged 89 percent crude oil, 6 percent NGLs and 5 percent natural gas. The Company reached total depth on 25 gross Company-operated wells and brought 19 gross operated wells to sales in the third quarter, compared to 19 gross wells reaching total depth and 19 brought to sales in second quarter 2014. The Company's time to drill a Bakken well, spud-to-total depth, averaged 16 days in the third quarter. The Company re-completed 16 wells in the Hector and Ajax areas during third quarter 2014, with 13 of these wells brought to sales.

Three of the four high-density spacing pilots have begun drilling, with each pad comprised of six Middle Bakken and six Three Forks first bench wells per drilling-spacing unit. The Company also continues to execute an enhanced completion design pilot program, including elevated proppant volumes, hybrid slickwater fracs, increased stages and cemented liners. Of the 19 Bakken wells brought to sales in the quarter, eight are piloting enhanced completions with encouraging early results. In late September an incremental drilling rig was added in the Bakken to provide additional capacity for high-density spacing and enhanced completion pilots.

OKLAHOMA RESOURCE BASINS: The Company's unconventional Oklahoma production averaged 19,000 net boed during third quarter 2014, an increase of 27 percent over the year-ago average and up modestly compared to the previous quarter. Approximately 42 percent of third quarter 2014 net production was liquids and 58 percent was natural gas. During the third quarter, the Company reached total depth on four gross Company-operated wells and brought six gross operated wells to sales. Of the wells brought to sales, four were in the South Central Oklahoma Oil Province (SCOOP), including the best Company-operated well to date -- a single-mile lateral with a 30-day IP rate of 2,800 boed (55 percent liquids). The two other wells brought to sales were in the Southern Mississippi Trend. The Company is on plan to add two incremental rigs in the Oklahoma Resource Basins by year end.

GULF OF MEXICO: The Company-operated Key Largo exploration prospect, located on Walker Ridge Block 578, spud in September as the first well of a multi-year Gulf of Mexico exploration program with a new-build deepwater drillship. Marathon Oil is operator and holds a 60 percent working interest in the prospect.

An exploration well on the outside-operated Perseus prospect in Desoto Canyon Block 231 was also spud in September. Marathon Oil holds a 30 percent non-operated working interest.

The second appraisal well on the outside-operated Shenandoah prospect was spud in late May and is still drilling. The well is located on Walker Ridge Block 52, in which Marathon Oil holds a 10 percent working interest.

International E&P

The International E&P segment reported income of $106 million in third quarter 2014, compared to segment income of $192 million in third quarter 2013. The decrease is primarily a result of lower net sales volumes in the U.K. and Equatorial Guinea as previously discussed and lower commodity price realizations, partially offset by reduced taxes and other expenses associated with the lower sales volumes.

EQUATORIAL GUINEA: Production available for sale averaged 100,000 net boed in third quarter 2014, compared to 112,000 net boed in third quarter 2013. As previously discussed, volumes were impacted by planned and unplanned offshore maintenance, and lower reliability at the outside-operated methanol facility. An exploration well on the Sodalita West prospect is expected to spud by the end of the year as the first of two offshore exploration wells targeting oil-prone plays.

U.K.: Production available for sale averaged 13,000 net boed in third quarter 2014, relatively flat compared to third quarter 2013 despite natural decline within the Brae fields. Brae production was impacted by planned maintenance activities on the outside-operated Forties Pipeline System, which was offset by improved Foinaven reliability. The Company brought two South Brae infill wells online with initial production rates above pre-drill estimates. A third South Brae well and a new West Brae well are planned to come online in first quarter 2015.

KURDISTAN REGION OF IRAQ: Marathon Oil resumed testing of the Jisik-1 exploration well on the Company-operated Harir Block following suspension of certain operations due to security concerns in the region and continues to closely monitor the situation. In the fourth quarter a 2D seismic program will commence and the Mirawa-2 appraisal well is expected to spud.  Marathon Oil holds a 45 percent working interest in the Harir Block.

On the outside-operated Sarsang block, the East Swara Tika-1 exploration well continues testing. Discussions are ongoing with the Ministry of Natural Resources to finalize the Swara Tika field development plan. Marathon Oil holds a 20 percent working interest in the Sarsang Block.

On the outside-operated Atrush Block, construction of the phase one production facility continues with first oil expected in 2015. Marathon Oil holds a 15 percent working interest in the Atrush Block.

GABON: In August, the Company signed an exploration and production sharing contract (EPSC) for Gabon offshore Block G13, which was subsequently re-named Tchicuate. Located in the deepwater pre-salt play, the block encompasses 275,000 acres; and, acquisition of 3D seismic is planned to commence in early November. Marathon Oil holds a 100 percent participating interest and operatorship in the block. In the event of development, the Republic of Gabon will assume a 20 percent financed interest in the contract upon commencement of production. The State holds additional rights to participate in the block in the future as a co-investor.

Oil Sands Mining

The OSM segment reported income of $93 million for third quarter 2014, compared to $106 million in third quarter 2013. The decrease was primarily a result of lower commodity price realizations partially offset by higher sales volumes.

Corporate and Special Items

On Oct. 15, Marathon Oil completed the sale of its Norway business for proceeds of approximately $2.1 billion.

Included in the adjustments to net income for third quarter 2014 were an after-tax settlement charge of $14 million ($22 million pre-tax) in connection with the Company's U.S. pension plans, and impairment expense of $70 million ($109 million pre-tax) due primarily to estimated abandonment cost revisions for Gulf of Mexico assets and lower forecasted commodity prices.

The Company's webcast commentary and associated slides related to Marathon Oil's earnings, as well as the Quarterly Investor Packet, will be posted to the Company's website at http://ir.marathonoil.com and to its mobile app as soon as practicable following this release today, Nov. 3. The Company will conduct a question and answer webcast/call on Tuesday, Nov. 4 at 9 a.m. EST. The webcast slides, associated commentary and answers to questions will include forward-looking information. To listen to the Nov. 4 live webcast, visit the Marathon Oil website at http://www.marathonoil.com. Replays of the webcast will be available through Dec. 4.

# # #

Non-GAAP Measures

Adjusted net income and adjusted net income per diluted share, non-GAAP financial measures, facilitate comparisons to earnings forecasts prepared by stock analysts and other third parties. Such forecasts generally exclude the effects of items that are considered non-recurring, are difficult to predict or to measure in advance or that are not directly related to Marathon Oil's ongoing operations. See the first table of this release for a reconciliation between adjusted net income and net income, its most directly comparable GAAP financial measure. Adjusted net income and adjusted net income per diluted share should not be considered substitutes for net income and net income per diluted share as reported in accordance with GAAP. Management uses adjusted net income to evaluate Marathon Oil's financial performance between periods and to compare Marathon Oil's performance to certain competitors.

Adjusted income from continuing operations and adjusted income from continuing operations per diluted share, non-GAAP financial measures, facilitate comparisons to earnings forecasts prepared by stock analysts and other third parties. Such forecasts generally exclude the effects of items that are considered non-recurring, are difficult to predict or to measure in advance or that are not directly related to Marathon Oil's ongoing operations and can exclude the impact of discontinued operations. See the first table of this release for a reconciliation between adjusted income from continuing operations and income from continuing operations, its most directly comparable GAAP financial measure. Adjusted income from continuing operations and adjusted income from continuing operations per diluted share should not be considered substitutes for income from continuing operations and income from continuing operations per diluted share as reported in accordance with GAAP. Management uses adjusted income from continuing operations to evaluate Marathon Oil's financial performance between periods and to compare Marathon Oil's performance to certain competitors.

Management believes net cash provided by continuing operations before changes in working capital, a non-GAAP financial measure, demonstrates the Company's ability to internally fund capital expenditures, pay dividends and service debt. See the first table of this release for a reconciliation between net cash provided by continuing operations before changes in working capital and net cash provided by operating activities, its most directly comparable GAAP financial measure. Net cash provided by continuing operations before changes in working capital should not be considered a substitute for net cash provided by operating activities as reported in accordance with GAAP. Management uses net cash provided by continuing operations before changes in working capital to evaluate Marathon Oil's financial performance between periods and to compare Marathon Oil's performance to certain competitors.

Forward-looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than statements of historical fact that give current expectations or forecasts of future events. They include, but are not limited to: the Company's operational, financial and growth strategies, including planned capital expenditures and the impact thereof, growth activities and expectations, acreage additions, rig additions, future drilling plans and projects, timing and expectations, seismic acquisitions, well testing, maintenance activities and the timing and impact thereof and well spud timing and expectations; the Company's ability to successfully effect those strategies and the expected results therefrom; the Company's financial and operational outlook, and ability to fulfill that outlook; 2014 production guidance, growth expectations and the drivers thereof; statements related to enhanced completion designs and the expected benefits and results thereof; and the planned use of proceeds from the sale of the Norway business. While the Company believes that the assumptions concerning future events are reasonable, a number of factors could cause results to differ materially from those indicated by such forward-looking statements including, but not limited to: conditions in the oil and gas industry, including the level of supply or demand for liquid hydrocarbons and natural gas and the impact on the price of liquid hydrocarbons and natural gas; changes in political or economic conditions in key operating markets, including international markets; the amount of capital available for exploration and development; timing of commencing production from new wells; drilling rig availability; availability of materials and labor; the inability to obtain or delay in obtaining necessary government or third-party approvals and permits; non-performance by third parties of their contractual obligations; unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto; changes in safety, health, environmental and other regulations; and other geological, operating and economic considerations. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and those set forth from time to time in the Company's filings with the Securities and Exchange Commission, which are currently available at www.marathonoil.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.


Consolidated Statements of Income (Unaudited) Three Months Ended
Sept. 30 June 30 Sept. 30
(In millions, except per share data) 2014 2014 2013
Revenues and other income:
   Sales and other operating revenues, including related party $2,316 $2,270 $2,334
   Marketing revenues 554 618 666
   Income from equity method investments 89 120 114
   Net loss on disposal of assets (3) (87) (6)
   Other income 15 20 19
Total revenues and other income 2,971 2,941 3,127
Costs and expenses:
   Production 593 562 540
   Marketing, including purchases from related parties 554 614 663
   Other operating 99 101 115
   Exploration 96 145 83
   Depreciation, depletion and amortization 737 680 657
   Impairments 109 4 11
   Taxes other than income 115 109 89
   General and administrative 160 139 143
Total costs and expenses 2,463 2,354 2,301
Income from operations 508 587 826
   Net interest and other (55) (76) (71)
Income from continuing operations before income taxes 453 511 755
   Provision for income taxes 149 151 359
Income from continuing operations 304 360 396
Discontinued operations (a) 127 180 173
Net income $431 $540 $569
Adjusted income from continuing operations (b) $388 $423 $444
Adjustments for special items (net of taxes):
Net loss on dispositions 0 (58) 0
Pension settlement (14) (5) (9)
Unrealized loss on crude oil derivative instruments 0 0 (39)
Impairments (70) 0 0
Income from continuing operations $304 $360 $396
Per Share Data
Basic:
Income from continuing operations $0.45 $0.53 $0.56
Discontinued operations (a) $0.19 $0.27 $0.24
Net income $0.64 $0.80 $0.80
Diluted:
Adjusted net income (b) $0.76 $0.89 $0.87
Adjusted income from continuing operations (b) $0.57 $0.62 $0.63
Income from continuing operations $0.45 $0.53 $0.56
Discontinued operations (a) $0.19 $0.27 $0.24
Net income $0.64 $0.80 $0.80
Weighted Average Shares:
Basic 675 676 707
Diluted 678 679 711

(a) The Angola assets were sold in the first quarter of 2014 and the sale of the Company's Norway business closed on October 15, 2014.  The Angola and Norway businesses are reflected as discontinued operations in all periods presented.

(b) Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion.

Supplemental Statistics (Unaudited) Three Months Ended
Sept. 30 June 30 Sept. 30
(in millions) 2014 2014 2013
Segment Income
North America E&P $292 $302 $242
International E&P 106 160 192
Oil Sands Mining 93 55 106
Segment income 491 517 540
Items not allocated to segments, net of income taxes:
Corporate and unallocated (103) (94) (96)
Net loss on dispositions 0 (58) 0
Pension settlement (14) (5) (9)
Unrealized loss on crude oil derivative instruments 0 0 (39)
Impairments (70) 0 0
Income from continuing operations 304 360 396
Discontinued operations (a) 127 180 173
Net  income $431 $540 $569
Capital Expenditures (c)
North America E&P $1,277 $1,102 $832
International E&P 166 115 120
Oil Sands Mining 49 55 66
Discontinued Operations (a) 125 141 137
Corporate 16 10 7
Total $1,633 $1,423 $1,162
Exploration Expenses
North America E&P $55 $82 $48
International E&P 41 63 35
Total $96 $145 $83
Provision for Income Taxes
Current income taxes $(15) $67 $396
Deferred income taxes 164 84 (37)
Total $149 $151 $359

(c) Capital expenditures include changes in accruals.

Supplemental Statistics (Unaudited) Three Months Ended
Sept. 30 June 30 Sept. 30
2014 2014 2013
North America E&P - Net Sales Volumes
Liquid Hydrocarbons (mbbld) 197 178 150
     Bakken 53 47 36
     Eagle Ford 95 83 66
Oklahoma Resource Basins 8 8 7
     Other North America (e) 41 40 41
  Crude Oil and Condensate (mbbld) 166 151 126
     Bakken 50 44 34
     Eagle Ford 75 67 52
Oklahoma Resource Basins 3 2 2
     Other North America (e) 38 38 38
  Natural Gas Liquids (mbbld) 31 27 24
     Bakken 3 3 2
     Eagle Ford 20 16 14
Oklahoma resource basins 5 6 5
     Other North America 3 2 3
  Natural Gas (mmcfd) 317 294 297
     Bakken 18 18 12
     Eagle Ford 130 111 93
Oklahoma Resource Basins 63 61 47
     Other North America (e) 106 104 145
Total North America E&P (mboed) 250 227 200
International E&P - Net Sales Volumes
Liquid Hydrocarbons (mbbld) 39 44 68
     Equatorial Guinea 27 31 32
  United Kingdom 6 13 20
     Libya 6 0 16
  Natural Gas (mmcfd) 439 474 519
     Equatorial Guinea 420 446 463
     United Kingdom (d) 19 28 26
     Libya 0 0 30
Total International E&P (mboed) 112 123 154
Oil Sands Mining - Net Sales Volumes
Synthetic Crude Oil (mbbld) (f) 55 44 49
Total Continuing Operations - Net Sales Volumes (mboed) 417 394 403
Discontinued Operations - Net Sales Volumes (mboed)(a) 58 70 77
Total Company - Net Sales Volumes (mboed) 475 464 480
Net Sales Volumes of Equity Method Investees (mtd)
     LNG 6,265 6,624 7,302
     Methanol 1,103 980 1,364

(d) Includes natural gas acquired for injection and subsequent resale of 3 mmcfd, 5 mmcfd and 4 mmcfd in the third and second quarters of 2014 and in the third quarter of 2013, respectively.

(e) Includes Gulf of Mexico and other conventional onshore U.S. production, plus Alaska in 2013.

(f) Includes blendstocks.

Supplemental Statistics (Unaudited) Three Months Ended
Sept. 30 June 30 Sept. 30
2014 2014 2013
North America E&P - Average Price Realizations (g)
Liquid Hydrocarbons ($ per bbl) (h) $80.89 $86.43 $90.49
     Bakken 82.67 90.47 95.24
     Eagle Ford 79.99 85.36 87.96
Oklahoma Resource Basins 56.57 52.00 51.34
Other North America (e) 85.28 90.45 97.12
  Crude Oil and Condensate ($ per bbl) $89.65 $95.95 $101.05
     Bakken 85.28 93.08 97.76
     Eagle Ford 93.51 99.08 104.08
Oklahoma Resource Basins 93.78 101.12 101.82
Other North America (e) 87.50 93.45 99.93
  Natural Gas Liquids ($ per bbl) $33.93 $34.80 $35.01
     Bakken 40.60 45.13 44.08
     Eagle Ford 30.90 30.20 30.11
Oklahoma resource basins 33.64 33.04 35.11
Other North America 51.49 54.13 55.81
  Natural Gas ($ per mcf) $4.21 $5.00 $3.51
     Bakken 4.29 4.12 3.73
     Eagle Ford 4.21 4.76 3.53
Oklahoma Resource Basins 3.97 4.57 3.10
Other North America (e) 4.34 5.65 3.62
International E&P- Average Price Realizations
Liquid Hydrocarbons ($ per bbl) $66.80 $75.41 $88.47
     Equatorial Guinea 51.83 59.72 57.35
     United Kingdom 88.68 110.51 108.34
     Libya 114.36 0.00 124.19
  Natural Gas ($ per mcf) $0.56 $0.69 $1.10
     Equatorial Guinea (i) 0.24 0.24 0.24
     United Kingdom 7.60 8.04 10.67
     Libya 0.00 0.00 5.92
Oil Sands Mining - Average Price Realizations
Synthetic Crude Oil ($ per bbl) $88.22 $94.17 $102.64
Discontinued Operations - Average Price Realizations ($ per boe)(a)
Angola $0.00 $0.00 $107.01
Norway $98.62 $108.11 $110.97

(g) Excludes gains or losses on derivative instruments.

(h) There were no open crude oil derivative instruments in the second and third quarters of 2014.  Inclusion of realized losses on crude oil derivative instruments would have decreased North America E&P average liquid hydrocarbon price realizations by $1.81 per bbl for third quarter of 2013. 

(i) Represents fixed prices under long-term contracts with Alba Plant LLC, Atlantic Methanol Production Company LLC and Equatorial Guinea LNG Holdings Limited, which are equity method investees. Marathon Oil includes its share of income from each of these equity method investees in the International E&P segment.

CONTACT: Media Relations Contacts:

         Lee Warren: 713-296-4103

         Lisa Singhania: 713-296-4101

         

         Investor Relations Contact:

         Chris Phillips: 713-296-3213


Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Angola | Gabon | Guinea | Iraq | Mexico | Norway | United Kingdom | All
Gold and Silver Prices for these countries : Angola | Gabon | Guinea | Iraq | Mexico | Norway | United Kingdom | All

Marathon Oil Corporation

CODE : MRO
ISIN : US5658491064
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Marathon Oil is a oil exploration company based in United states of america.

Marathon Oil is listed in United States of America. Its market capitalisation is US$ 23.3 billions as of today (€ 21.0 billions).

Its stock quote reached its lowest recent point on August 13, 1982 at US$ 0.70, and its highest recent level on September 18, 2024 at US$ 27.43.

Marathon Oil has 849 755 866 shares outstanding.

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Financings of Marathon Oil Corporation
10/24/2012Marathon Oil Announces Public Offering of Senior Notes
10/24/2012Marathon Oil Announces Public Offering of Senior Notes
Nominations of Marathon Oil Corporation
12/12/2013Marathon Oil Corporation Board of Directors Elects Morris R....
11/4/2013Chad Deaton Elected to Marathon Oil Corporation Board of Dir...
8/27/2013Marathon Oil Corporation Executive Vice President and CFO, J...
7/5/2011Linda Z. Cook Elected to Marathon Oil Corporation Board of D...
5/25/2011Marathon Oil Corporation's Board of Directors Approves Spin-...
Financials of Marathon Oil Corporation
5/4/2016Reports First Quarter 2016 Results
2/5/2014Marathon Oil Corporation Reports Full-Year and Fourth Quarte...
11/4/2013Marathon Oil Corporation Reports Third Quarter 2013 Results
8/6/2013Marathon Oil Corporation Reports Second Quarter 2013 Results
5/7/2013Marathon Oil Corporation Reports First Quarter 2013 Results
2/6/2013Marathon Oil Corporation Reports Fourth Quarter and Full-Yea...
11/6/2012Marathon Oil Corporation Reports Third Quarter 2012 Results
8/1/2012Marathon Oil Corporation Reports Second Quarter 2012 Results
5/2/2012Marathon Oil Corporation Reports First Quarter 2012 Results
2/1/2012Marathon Oil Corporation Reports Fourth Quarter and Full-Yea...
8/2/2011Marathon Oil Corporation Reports Second Quarter 2011 Results
5/3/2011Marathon Oil Corporation Reports First Quarter 2011 Results
10/7/2009Provides Third Quarter 2009 Interim Update
11/13/2008 Announces Third Quarter 2008 Financial Results
5/1/2008 Reports First Quarter 2008 Results
Project news of Marathon Oil Corporation
7/14/2016Announces First Gas from Alba B3 Compression Platform
10/29/2015Marathon Oil Cuts Quarterly Dividend by 76% to Preserve Cash
12/11/2013Marathon Oil Set to Accelerate U.S. Resource Play Activity a...
10/30/2013Marathon Oil Announces Mirawa Discovery in the Kurdistan Reg...
9/10/2013Marathon Oil Announces Share Repurchases, Asset Divestiture ...
8/19/2013Marathon Oil Announces First Deepwater Gabon Pre-Salt Discov...
6/25/2013Marathon Oil Announces $1.5 Billion Sale of Interest in Ango...
10/24/2012Marathon Oil Provides Information on Divestitures and Acquis...
12/7/2011Marathon Oil Sets 2012 Capital, Investment and Exploration B...
6/1/2011Marathon Oil Corporation Announces $3.5 Billion Acquisition ...
4/13/2011Marathon Oil Announces Discovery in the Kurdistan Region of ...
Corporate news of Marathon Oil Corporation
1/5/2017New SEC Document(s) for Marathon Oil Corporation
8/21/201610 Oil & Gas Stocks Analysts Want You To Buy Now
7/29/2016U.S. Stocks Close Out Hot July With a Cold Friday
7/27/2016Marathon Oil Corporation Declares Second Quarter 2016 Divide...
6/20/2016Announces STACK Acquisition
1/22/2016Energy stocks lead and early rally as price of crude surges
1/22/2016Independent Oil & Gas Stocks Technical Insight -- Marathon O...
1/20/2016Asian stocks down after US turbulence, weak China growth
1/15/2016The Zacks Analyst Blog Highlights: Devon Energy, Marathon Oi...
1/15/2016Marathon Oil (MRO) in Focus: Stock Moves 6.2% Higher
1/14/2016The Average S&P 500 Stock Is Already in a Bear Market
1/8/2016The 52-Week Low Club for Friday
1/4/2016Will Alternative Fuel Vehicles Decrease Crude Oil Demand Gro...
12/31/2015The Worst Stock Ideas Of December
12/31/2015Asia stocks mixed after Wall Street falls on lower oil price
12/30/2015Weight Watchers and Fairchild are big market movers
12/28/2015Team, Inc. Announces Changes to Its Board of Directors
12/28/2015Oil Bankruptcies Mark Devastating End Of The Year For U.S. D...
12/28/2015Oil Prices Charging Lower As Oversupply Concerns Plague Trad...
12/23/2015Is Marathon Oil Worth Holding Despite Low Crude, Gas Costs?
12/18/2015Asian stock markets weaker as energy prices fall
12/16/2015Why Marathon Oil (MRO) Stock Might be a Great Pick
11/30/20154 Deutsche Bank Top Pick Energy Stocks to Buy on Big Oil Pul...
11/25/2015Glencore Wades Into Libyan Oil Fight
11/24/2015Commodity Prices Dampened Apache’s Revenue in 3Q15
11/5/2015Marathon Oil Q3 Loss Narrower than Expected, Revenues Lag
11/4/2015Marathon Oil reports 3Q loss
11/4/2015Marathon Oil Reports Third Quarter 2015 Results
11/4/20154:51 pm Marathon Oil beats by $0.20, misses on revs; sees FY...
11/3/2015Assessing the Sharp Fall in US Horizontal Rigs as of October...
11/2/2015Marathon Oil (MRO): What to Expect This Earnings Season?
10/31/2015Hedge Funds Pile Back In on Short Positions; Oil Rig Count D...
10/30/2015Reality Setting In For The Oil Majors
10/29/2015Marathon Oil Corporation Adjusts Quarterly Dividend
10/29/20156:31 am Marathon Oil declares a $0.05/share dividend, down f...
10/28/2015Occidental Petroleum Q3 Earnings Slide Y/Y, Beat Estimates
10/28/2015CONSOL Energy Fell 21.2%: It Was SPY’s Top Loser
10/23/2015Could This Technology Be The Innovation The Oil Industry Nee...
10/13/2015Votes Cast for Oil-Export Ban Lift; Obama Threatens Veto
10/8/2015The Zacks Analyst Blog Highlights: Marathon Oil, SM Energy, ...
9/25/2015Is Marathon Oil’s Production Shifting?
9/24/2015Marathon Oil Schedules Third Quarter 2015 Earnings Release a...
9/24/2015Crude Oil Prices Fall from the Key Resistance
9/23/2015Gaurdie Banister elected to Marathon Oil Corporation Board o...
9/23/2015Analyzing Marathon Oil’s Debt Levels
9/22/2015What Does Wall Street Predict for CXO, PXD, MRO, and CLR?
9/21/2015Oil Sands Is Far From Dead Thanks To This Breakthrough
9/21/2015Crude Oil Prices Fall Almost 5% ahead of Expiry
9/17/2015Two Upstream Energy Companies Whose Stocks Are in the Green
9/11/2015This Week In Energy: Does This Mean OPEC Is Winning The Oil ...
9/10/2015U.S. shale giants turn to 2016 with somber outlook
9/2/2015Q2 2015 Production Update from Sugarloaf AMI
9/1/2015Energy bulls buy spate of drillers
8/29/2015Marathon Oil’s North America E&P Segment in 2Q15
8/27/2015How Did Marathon Oil Perform in 1H15?
8/26/2015Marathon Oil Corporation to Participate in Barclays CEO Ener...
8/26/2015Analysts’ Forecast for Marathon Oil after Its 2Q15 Earnings
8/25/2015Did Marathon Oil’s 2Q15 International E&P Segment Perform Be...
8/24/2015Oil has no reason to melt down: energy analyst
8/19/2015Stocks lower as Fed minutes keep rate increase in play
8/11/2015Oil & Gas Stock Roundup: Crude Extends Slide, Icahn Bets on ...
8/11/20155 Big Materials Stocks Trading Below Book Value
8/10/2015Why Oppenheimer Downgraded EOG Resources And Marathon Oil
8/10/2015US Production Is Rising despite Lower Crude Oil Prices
8/9/201510-Q for Marathon Oil Corp.
8/6/2015Edited Transcript of MRO earnings conference call or present...
8/6/2015Apache Q2 Earnings Crush Loss Estimate on Production Gains -...
8/6/2015Crude Oil Prices Fell: Oil and Refined Products’ Inventory D...
8/6/2015Marathon Oil Q2 Loss Narrower than Expected, Revenues Miss -...
8/5/2015Marathon Oil reports 2Q loss
8/5/20155:11 pm Marathon Oil reports EPS in-line, misses on revs; re...
8/5/2015Marathon Oil Reports Second Quarter 2015 Results
8/5/2015Crude Oil: How Long Will the Supply and Demand Imbalances La...
8/4/2015Why Marathon Oil (MRO) Might Surprise This Earnings Season -...
7/29/2015Marathon Oil Corporation Declares Second Quarter 2015 Divide...
7/10/2015Marathon Oil’s Below-Par Market Performance in 2015
7/8/2015Major Upgrade to Sugarloaf AMI Reserves
7/2/2015Crude Oil Rigs Continue to Fall for 29 Straight Weeks
7/2/2015Crude Oil Stocks and the Strong Dollar Pressure Crude Oil Pr...
7/1/2015Big Oil: Asset Sales Gain Traction Amid Crude Slump - Analys...
6/28/2015Hopes rise for malaria vaccine as oil companies fund trials
6/25/2015What Wall Street Thinks about the Top Upstream Energy Compan...
6/24/2015Marathon Oil Production: Shaky for the Past 3 Years
6/24/2015Growth in Marathon’s Reserves Slows Down, Reserve Life Stead...
6/24/2015Marathon Oil Schedules Second Quarter 2015 Earnings Release ...
6/19/2015EOG and Pioneer: The Best Upstream Stocks in the Past 3 Year...
6/11/2015Transparency Sought in Train Derailment Settlement
5/10/201510-Q for Marathon Oil Corp.
5/9/20159 Oil and Gas Stocks Analysts Want You to Buy Now
4/23/2015US Crude Oil Rig Count Down for 18 Straight Weeks
4/23/2015Oil Companies Invest in IT Even as Oil Price Drops
4/22/2015US Crude Oil Rig Count Down for 19 Straight Weeks
4/22/2015Analysts' Actions -- Altera, Apache, ConocoPhillips, Marriot...
4/21/2015WTI-Brent Narrowed Briefly Last Week Only to Widen Again
4/20/2015Who Is Saudi Arabia Really Targeting In Its Price War?
4/20/2015Analysts' Actions -- Colgate-Palmolive, General Mills, Hersh...
4/17/2015Crude Oil Gains Almost 9% This Week due to Slowing US Produc...
4/16/2015Zacks Industry Rank Analysis Highlights: BP, Marathon Petrol...
4/14/2015Cushing Inventories Last Week Rise to Highest in 11 Years
4/10/2015The US Crude Oil Rig Count Decline Shortens
4/9/2015Hedging contracts with Macquarie Bank Limited
4/8/2015MRC Global Turns Primary MRO Supplier on New 3-Year Deal - A...
4/4/2015Imtech Marine supplies HVAC system to Marathon Oil Alba B3 c...
4/1/2015The US Crude Oil Rig Count Falls by Just 12
3/31/2015What Can We Learn from Denbury Resources’ Enterprise Value?
3/30/2015Denbury Resources’ Operating Cash Flows Are Encouraging
3/25/2015Marathon Oil Schedules First Quarter 2015 Earnings Release a...
3/14/2015EIA forecasts growth in global liquids supply and consumptio...
3/13/2015ShaMaran Announces Year-End 2014 Reserves and Contingent Res...
3/13/2015Crude Inventories Fall Short of Analysts’ Expectations
3/12/2015US refinery activity contributes to a crude oil inventory bu...
3/11/20152015 oil prices will still be pressured by strong production...
3/10/2015McJunkin Red Man Corporation Signs Supply Contract Extension...
3/3/2015Elliott Management starts a new position in Marathon Oil
3/2/2015MRC Global Slides 1% Despite Marathon Oil Deal Extension - A...
2/26/2015EIA predicts production increase despite capex cut and fewer...
2/25/2015Why Apache’s stock jumped 4% post earnings results
2/25/2015The Zacks Analyst Blog Highlights: Chevron, Talisman Energy,...
2/24/2015Oil & Gas Stock Roundup: Chevron Exits Romania, Talisman Sha...
2/19/2015Marathon Oil Announces Full-Year and Fourth Quarter 2014 Res...
2/19/2015Marathon Oil Sets 2015 Capital, Investment and Exploration B...
2/18/2015Marathon Oil misses 4Q profit forecasts
1/14/2015Marathon Oil Schedules Fourth Quarter and Full-Year 2014 Ear...
12/17/2014Marathon Oil Provides Update on 2015 Capital Budget
12/1/2014Marathon Oil Announces Jisik Discovery in the Kurdistan Regi...
11/28/2014US stock market trades mixed as oil tumbles
11/12/2014Marcela E. Donadio elected to Marathon Oil Corporation Board...
11/3/2014Marathon Oil Announces Third Quarter 2014 Results
11/3/2014Marathon Oil misses 3Q profit forecasts
10/29/2014Marathon Oil Corporation Declares Third Quarter 2014 Dividen...
10/15/2014Marathon Oil Closes Transaction for Sale of Norway Business
6/2/2014Marathon Oil selling Norway ops in $2.7B deal
2/18/2014Marathon Oil Corporation to Participate in Raymond James Ins...
1/30/2014Marathon Oil Corporation to Participate in Credit Suisse Ene...
1/29/2014Marathon Oil Corporation Declares Fourth Quarter 2013 Divide...
1/20/2014Marathon Oil Corporation Appoints Deanna L. Jones Vice Presi...
11/27/2013Juniper Resources Exercise their Option from Marathon Gold t...
11/12/2013Marathon Oil Analyst Day to be Available on Company Website
10/30/2013Marathon Oil Corporation Declares Third Quarter 2013 Dividen...
10/7/2013Marathon Oil and Partners Announce Approval for Atrush Devel...
8/1/2013Marathon Oil Corporation to Participate in EnerCom Inc.'s Th...
7/31/2013Marathon Oil Corporation Announces Increase in Quarterly Div...
6/20/2013Marathon Oil Corporation to Participate in Global Hunter Sec...
6/20/2013Marathon Oil Publishes 2012 Corporate Social Responsibility ...
6/13/2013Marathon Oil Corporation Chairman, President and CEO, Claren...
6/5/2013Thomas K. Sneed, Marathon Oil Vice President & CIO, to Retir...
5/23/2013Marathon Oil Corporation Provides Asset Divestiture Update
5/16/2013Marathon Oil Corporation to Participate in UBS Global Oil an...
4/24/2013Marathon Oil Corporation Declares First Quarter 2013 Dividen...
3/19/2013Marathon Oil Announces Shenandoah Appraisal Well Results
1/31/2013Marathon Oil Corporation to Participate in Credit Suisse Ene...
1/31/2013Agriterra Ltd - US$28 million received from Marathon Oil
1/29/2013Michael J. Stover Appointed Vice President of Operations Ser...
1/25/2013Marathon Oil Corporation Declares Fourth Quarter 2012 Divide...
1/24/2013Magnolia Petroleum Plc: Participation in 2 new wells with Ma...
12/10/2012Marathon Oil Announces Executive Change
11/12/2012Marathon Oil Corporation to Participate in Bank of America M...
11/1/2012Marathon Oil Announces Two Executive Appointments
10/31/2012Marathon Oil Corporation Declares Third Quarter 2012 Dividen...
10/24/2012Marathon Oil Provides Information on Divestitures and Acquis...
10/22/2012Marathon Oil Launches Free App for Mobile Devices
10/3/2012Marathon Oil Announces Entry into Ethiopia
10/3/2012Marathon Oil Announces Entry into Ethiopia
9/18/2012Financial Post Interviews Marathon Gold (TSX:MOZ) CEO, Phill...
8/28/2012Marathon Oil Announces Executive Appointments
8/28/2012Marathon Oil Announces Executive Appointments
7/31/2012Marathon Oil, Total Agree to Jointly Explore Two Blocks in t...
7/25/2012Marathon Oil Corporation Declares Second Quarter 2012 Divide...
7/10/2012Marathon Oil Publishes 2011 Corporate Social Responsibility ...
6/22/2012Marathon Oil Announces Re-entry into Gabon
5/17/2012Marathon Oil Corporation to Participate in UBS Global Oil an...
4/25/2012Marathon Oil Corporation Declares First Quarter 2012 Dividen...
3/26/2012Marathon Oil CEO Clarence Cazalot Reaffirms Growth Trajector...
2/7/2012Marathon Oil Corporation to Participate in Credit Suisse Ene...
1/27/2012Marathon Oil Corporation Announces Increase in Quarterly Div...
12/16/2011Gold Corp. (TSX:MOZ) Listed as Today's Top Small Cap Pick
12/6/2011J. Taylor Interviews Marathon Gold Corp (TSX:MOZ) CEO today ...
10/26/2011Marathon Oil Corporation Declares Third Quarter 2011 Dividen...
9/22/2011Lance W. Robertson to Join Marathon Oil Corporation as Regio...
8/24/2011Marathon Oil Corporation to Participate in Barclays Capital ...
7/27/2011Marathon Oil Corporation Declares Second Quarter 2011 Divide...
7/1/2011Marathon Oil Corporation Becomes Independent Upstream Compan...
6/30/2011Marathon Oil Corporation Unveils New Logo
5/19/2011Marathon Oil Corporation to Participate in UBS Global Oil an...
5/2/2011Marathon Oil Corporation Announces Executive Appointments
4/27/2011Marathon Oil Corporation Declares First Quarter 2011 Dividen...
4/26/2011Marathon Oil, Nexen Agree to Jointly Explore Shale Acreage i...
4/5/2011Marathon Oil Assigns Portion of Niobrara Shale Acreage to Ma...
3/2/2011Marathon Oil Corporation to Participate in Bank of America M...
2/25/2011Marathon Oil Corporation Announces Results of Maximum Tender...
2/10/2011Marathon Oil Corporation Announces Results of Any and All Te...
2/9/2011Marathon Oil Corporation Announces Total Consideration for T...
12/17/2008Announces Sale of Irish Subsidiary
11/19/2008Announces Increase in Exchangeable Share Ratio
8/27/2007President and CEO to Present at Lehman Brothers CEO Energy/P...
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NYSE (MRO)
27.43+0.26%
NYSE
US$ 27.43
09/18 17:00 0.070
0.26%
Prev close Open
27.36 27.17
Low High
27.17 27.79
Year l/h YTD var.
22.15 -  29.69 12.33%
52 week l/h 52 week var.
22.15 -  29.69 2.54%
Volume 1 month var.
6,127,406 -3.35%
24hGold TrendPower© : -12
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DateVariationHighLow
202413.53%30.0621.81
2023-10.75%29.5620.66
202264.86%33.4216.40
2021146.18%9.8010.08
2020-50.52%9.6410.15
 
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