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Marathon Raises 2013 Bakken, Eagle Ford Oil Production Targets

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Marathon Oil Corp. said Tuesday that it aims to produce more than expected in unconventional U.S. oil plays next year.

The company is raising its production target for the south Texas Eagle Ford formation from 70,000 net barrels of oil equivalent per day to 85,000 net BOE per day. Marathon said it produced 40,000 BOE a day during the fourth quarter, nearly double its second-quarter production.

In North Dakota's Bakken formation, Marathon is raising its 2013 target to 33,000 net BOE per day, up 3,000 barrels from the current goal of 30,000 BOE per day.

In Oklahoma, the company said it would ramp up production as natural-gas and natural-gas liquid prices improve.

Though the company's growth strategy has largely focused on the U.S. recently, Chief Executive Clarence Cazalot cautioned that it doesn't plan to pull back from its exploration in international regions.

"It's our intent to remain a global company" rather than becoming a purely U.S.-based producer, he said.

The company has said it has discussed marketing a 20% stake in its Athabasca Oil Sands asset in Alberta Canada, but Mr. Cazalot said Tuesday there has still been no decision about that.

Copyright (c) 2012 Dow Jones & Company, Inc.

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