Marathon Oil Sells Norwegian Business to Focus on U.S. Assets

Marathon to Net ~$2.1 Billion at Closing
Marathon Oil Eagle Ford Acreage

Marathon Oil Eagle Ford Acreage | Click to Enlarge

Houston-based Marathon Oil Corporation announced in June of 2014 that it is selling its Norway business for $2.7 billion to re-focus capital investments in the Eagle Ford Shale and other U.S. domestic assets.

The buyer, Norwegian-based Det Norske Oljeselskap ASA, will take on ~700-million of Marathon’s debt from the deal, leaving Marathon with approximately $2.1 billion in proceeds at closing.

According to Marathon CEO Lee M. Tillman, the company is focused on simplifying and concentrating its business, with a primary focus on its U.S. resource plays, including the Eagle Ford. This divestiture is one of several deals Marathon has made in the past few years. Since 2011, the company has divested $6.2 billion in assets.

In a corporate statement, Tillman said, “Marathon Oil has a deep inventory across three high-quality U.S. resource plays with expanding opportunities to further accelerate activity. Such organic growth will be our first priority for additional capital allocation.”

Currently, Marathon has 211,000 net Eagle Ford acres. During the first-quarter of 2014, the company averaged 96,000 net boe/d, which was an increase of 7% over the previous quarter.

Read more at MarathonOil.com 

Clayton Williams Falls Short of First-Quarter 2014 Production Estimate

March 2014 Divestiture of Non-Core Eagle Ford and Austin Chalk Assets Contributes to Lower than Forecasted Production
Clayton Williams Eagle Ford Acreage Map

Clayton Williams Eagle Ford Acreage Map | Click to Enlarge

Clayton Williams production, revenues and operating costs for the first-quarter of 2014 were down compared to the first-quarter of 2013, after two significant divestitures over the course of the last year. Overall production was 250 boe/d below analyst estimates for the first-quarter of 2014 according to company officials.

In March 2014, Clayton Williams sold all of its interests in certain non-core Austin Chalk and Eagle Ford assets. Due to the divestiture, production for the sold assets in the first-quarter of 2014 went down 47% compared to the first-quarter of 2013. Daily production for the sold assets  in the first-quarter of 2014 was 385 boe/d.

[Read more…]

Murphy Oil’s Eagle Ford Production Grows to 39,000 boe/d in 2013

Company-wide, Oil Production Increased to ~135,000 boe/d
Murphy Eagle Ford Production

Murphy Oil’s Eagle Ford Production Growth | Click to Enlarge

In 2013, Murphy Oil originally planned Eagle Ford production of ~30,000 boe/d, but the company blew through that goal and produced an average of 39,000 boe/d for the year. [Read more…]

Ice Storm Hits the Eagle Ford

Frigid temperatures could have an impact on operations in the Eagle Ford on Friday
Ice Storms Hitting South Texas

Ice Storms Hitting South Texas | Click to Enlarge

Frigid temperatures could have an impact on operations in the Eagle Ford as the mercury hovers below the freezing mark for most of Friday morning. The wintry mix began hitting the counties covering the Eagle Ford formation late on Thursday night.

[Read more…]

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