Marathon Oil beats by $0.05, beats on revs; raises production guidance, lowers capex guidance
- Reports Q3 (Sep) loss of $0.08 per share, $0.05 better thanthe Capital IQ Consensus of ($0.13); revenues rose 26.5% year/year to $1.25 bln vs the $1.04 bln Capital IQ Consensus.
- Marathon Oil expects fourth quarter 2017 U.S. E&P production available for sale to average 255,000 to 265,000 net boed. Fourth quarter International E&P production available for sale, excluding Libya, is expected to be within a range of 120,000 to 130,000 net boed including the completion of planned turnaround activity at Brae and Foinaven.
- Co expects full-year total Company production available for sale, excluding Libya, to end the year toward the top end of guidance and has narrowed its forecast, resulting in a new range of 350,000 to 360,000 net boed. U.S. resource play exit rate production guidance for both oil and BOE is now expected to be 25 to 30 percent higher than fourth quarter 2016, up slightly from the prior guidance range.
- Co expects its 2017 capital program, excluding lease and acquisition costs, to be ~$2.1 billion, at the low end of the guidance range (previous range was $2.1-2.2 bln).
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