Marathon Raises 2013 Bakken, Eagle Ford Oil Production Targets

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.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Base Manager - Subsea
Expertise: Subsea Engineering
Location: Louisiana, LA
 
Subsea Engineer II - Subsea Support Group
Expertise: Subsea Engineer|Subsea Engineering
Location: Houston, TX
 
Reservoir Engineering Advisor - Houston
Expertise: Petroleum Engineering|Reservoir Engineering
Location: Houston , TX
 
search for more jobs

Brent Crude Oil : $53.47/BBL 2.10%
Light Crude Oil : $47.39/BBL 1.55%
Natural Gas : $2.79/MMBtu 0.72%
Updated in last 24 hours