United States

Profile: Marathon Oil Corp (MRO)

MRO on New York Consolidated

17 Feb 2017
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Marathon Oil Corporation, incorporated on May 30, 2001, is an exploration and production company with operations in North America, Europe and Africa. The Company operates through three segments: North America E&P segment, which explores for, produces and markets crude oil and condensate, natural gas liquids (NGLs) and natural gas in North America; International E&P segment , which explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of North America, and produces and markets products manufactured from natural gas, such as liquefied natural gas (LNG) and methanol, in Equatorial Guinea, and Oil Sands Mining segment, which mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada, and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas oil.

North America E&P

The Company's North America E&P segment is engaged in oil and gas exploration, development or production activities in the United States and Canada. As of December 31, 2015, it had approximately 153,000 net acres in the Eagle Ford in south Texas and 1,236 gross (911 net) operated producing wells. As of December 31, 2015, it operated approximately 800 miles of gathering pipeline in the Eagle Ford area. As of December 31, 2015, it had 32 central gathering and treating facilities, with aggregate capacity of over 475 thousand barrels of oil equivalent per day (mboed). It also owns and operates the Sugarloaf gathering system, which is approximately 42-mile natural gas pipeline in Karnes, Atascosa and Bee Counties of south Texas. As of December 31, 2015, it held approximately 277,000 net acres in the Bakken shale oil play in North Dakota and eastern Montana. As of December 31, 2015, it had completed 55-well enhanced completion trial program.

The Company's other North America operations consists of onshore production operations in Wyoming and development activities in the Gulf of Mexico. It holds non-operating working interest in the Gunflint field. In the Gulf, development work continues in the Gunflint field located on Mississippi Canyon Blocks 948, 949, 992 (N/2) and 993 (N/2). It owns non-operating working interest in Shenandoah prospect, located on Walker Ridge Block 51 prospect. It holds interests in both operating and non-operating exploration-stage oil sand leases in Alberta, Canada. These leases cover approximately 142,000 gross (over 54,000 net) acres in approximately four project areas: Namur, Birchwood, Ells River and Saleski.

International E&P

The Company's International E&P segment is engaged in oil and gas exploration, development and production activities in Equatorial Guinea, Gabon, the Kurdistan Region of Iraq, Libya and the United Kingdom. The Company owns operating working interest under a production sharing contract (PSC) in the Alba field. It owns interest in Alba Plant LLC that operates an onshore liquefied petroleum gas (LPG) processing plant located on Bioko Island. Alba field natural gas is processed by the LPG plant. Under a long-term contract, the LPG plant extracts secondary condensate and LPG from the natural gas stream and uses some of the remaining dry natural gas in its operations. It also owns interest in Equatorial Guinea LNG Holdings Limited (EGHoldings) and Atlantic Methanol Production Company LLC, (AMPCO). EGHoldings operates an LNG production facility and AMPCO operates a methanol plant, both located on Bioko Island. Production from the plant is used to supply customers in Europe and the United States. It holds non-operating working interest in the Waha concessions, which encompass approximately 13 million gross acres located in the Sirte Basin of eastern Libya.

The Company holds working interest in the South, Central, North and West Brae fields, and working interest in the East Brae field. The Brae Alpha platform and facilities host the South, Central and West Brae fields. The North Brae and East Brae fields are natural gas condensate fields, which are produced through the Brae Bravo and the East Brae platforms. The East Brae platform also hosts the Braemar field in which it has working interest. It owns non-operating working interests in the Foinaven area complex, consisting of working interest in the main Foinaven field, East Foinaven, and T35 and T25 fields. The export of Foinaven liquid hydrocarbons is through shuttle tanker from a floating production, storage and offloading vessel (FPSO) to market. All natural gas sales are to the non-operating Magnus platform for use as injection gas. As of December 31, 2015, in aggregate, it had approximately 109,000 net acres in the Kurdistan Region of Iraq. It has operating working interest in the Harir block located northeast of Erbil. It also has non-operating interests in two blocks located north-northwest of Erbil: Atrush and Sarsang.

The Company holds operating working interest in the Deep Luba discovery on the Alba Block and in the Corona well on Block D. It also has operating working interest in exploratory Block A-12 offshore Bioko Island, located west of its operating Alba Field. It holds a non-operating working interest in the Diaba License G4-223 and its related permit offshore Gabon, which covers approximately 2.2 million gross (over 477,000 net) acres. Multiple additional pre-salt prospects have been identified on this License.

Oil Sands Mining

The Company holds non-operating interest in the Athabasca Oil Sands Project (AOSP), an oil sands mining and upgrading joint venture (JV) located in Alberta, Canada. The AOSP's mining and extraction assets are located near Fort McMurray, Alberta, and include the Muskeg River and the Jackpine mines. Gross design capacity of the combined mines is 255,000 (over 51,000 net to its interest) barrels of bitumen per day. The AOSP's Scotford upgrader is located at Fort Saskatchewan, northeast of Edmonton, Alberta. The upgrader produces synthetic crude oils and vacuum gas oil.

Company Address

Marathon Oil Corp

P O Box 3128
HOUSTON   TX   77253-3128
P: +1713.6296600
F: +1302.6555049

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