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Marathon Oil's production to reach high end of guidance despite Harvey impacts

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Marathon Oil's production to reach high end of guidance despite Harvey impacts

Marathon Oil Corp. projects its third-quarter U.S. production to come in at the high end of its guidance, even with Hurricane Harvey's impact on operations.

The Houston-based company's guidance for U.S. production in the third quarter is between 230,000 net barrels of oil equivalent per day and 240,000 net boe/d. Third-quarter production in the Eagle Ford Shale is expected to average about 100,000 net boe/d, which is in line with the previous quarter's levels, according to an Oct. 3 news release.

Marathon Oil credited the high production expectations to efficiently ramping up production and strong early rates from new wells brought to sales. Before Harvey made landfall, Marathon Oil suspended operations and shut in production at its Eagle Ford position, but inspections indicated that damage to its assets and facilities was minimal.

Marathon Oil is focused on U.S. unconventional resource plays but also conducts exploration and production operations in Europe and Africa.