Showing posts with label Marathon Oil. Show all posts
Showing posts with label Marathon Oil. Show all posts
Friday, November 9, 2012
Kinross (KGC) (CPE) (CXO) (ETP) (HFC) (MRO) Upgraded by Analysts
Kinross Gold Corp (KGC), Callon Petroleum Company (CPE), Concho Resources Inc. (CXO), Energy Transfer (ETP), HollyFrontier Corp (HFC) and Marathon Oil Co. (MRO) were upgraded by analysts.
SunTrust upgraded Callon Petroleum Company (CPE) from a "Neutral" rating to a "Buy" rating.
Goldman Sachs upgraded Concho Resources Inc. (CXO) from a "Neutral" rating to a "Buy" rating. They have a price target of $111.00 on the company.
Morgan Stanley upgraded Energy Transfer (ETP) from an "Underweight" rating to an "Equal Weight" rating. They have a price target of $50.00 on the company.
Barclays Capital upgraded HollyFrontier Corp (HFC) from an "Equal Weight" rating to an "Overweight" rating. They have a price target of $65.00 on the company.
Macquarie upgraded Kinross Gold Corp (KGC) from a "Neutral" rating to an "Outperform" rating.
JPMorgan Chase upgraded Marathon Oil Co. (MRO) from a "Neutral" rating to an "Overweight" rating. They have a price target of $35.00 on the company.
Saturday, February 4, 2012
Noble (NBL) (PTEN) (PWER) (NOV) (MRO) (EXXI) Ratings, Price Targets
Noble Energy (NYSE: NBL), Patterson-UTI (NASDAQ: PTEN), Power-One, Inc. (NASDAQ: PWER), National-Oilwell Varco, Inc. (NYSE: NOV), Marathon Oil Co. (NYSE: MRO) and Energy XXI (NASDAQ: EXXI) had ratings and price targets on them adjusted by analysts.
Credit Suisse initiated coverage on Noble Energy (NYSE: NBL). They placed an “Outperform” rating and a price target of $116.00 on the company.
Patterson-UTI (PTEN) had its “Buy” rating reiterated by Canaccord Genuity.
Power-One, Inc. (PWER) had its “Hold” rating reiterated by Needham & Company.
National-Oilwell Varco, Inc. (NOV) was upgraded by Morgan Stanley (NYSE:MS) from an “Equal Weight” rating to an “Overweight” rating.
Marathon Oil Co. (MRO) had its price target raised by Scotia Capital to $35.00.
Energy XXI (EXXI) had its price target raised by Rodman & Renshaw from $37.00 to $40.00. They have an “Outperform” rating on the company.
Credit Suisse initiated coverage on Noble Energy (NYSE: NBL). They placed an “Outperform” rating and a price target of $116.00 on the company.
Patterson-UTI (PTEN) had its “Buy” rating reiterated by Canaccord Genuity.
Power-One, Inc. (PWER) had its “Hold” rating reiterated by Needham & Company.
National-Oilwell Varco, Inc. (NOV) was upgraded by Morgan Stanley (NYSE:MS) from an “Equal Weight” rating to an “Overweight” rating.
Marathon Oil Co. (MRO) had its price target raised by Scotia Capital to $35.00.
Energy XXI (EXXI) had its price target raised by Rodman & Renshaw from $37.00 to $40.00. They have an “Outperform” rating on the company.
Friday, July 1, 2011
Hess (HES) (BAC) (MON) (MRO) (EPB) (NGLS) Ratings and Price Targets
Bank of America (NYSE:BAC) upgraded Hess Corp (NYSE: HES) from a “neutral” rating to a “buy” rating. They have a price target price target of $104.00 on the company.
Citigroup (NYSE:C) reiterated a “buy” rating on shares of Bank of America (NYSE: BAC).
Wunderlich reiterated a “buy” rating on shares of El Paso Pipeline Partners (NYSE: EPB). They have a price target of $42.00 on the company.
Morgan Stanley (NYSE:MS) reiterated an “overweight” rating on of Monsanto Co. (NYSE: MON). They have a price target of $77.00 on the company.
Bank of America reiterated a “buy” rating on shares of Targa Resources Partners LP (NASDAQ: NGLS).
Oppenheimer cut their price target on Marathon Oil Co. (NYSE: MRO) from $62.00 to $40.00. They have an “outperform” rating on the company.
Citigroup (NYSE:C) reiterated a “buy” rating on shares of Bank of America (NYSE: BAC).
Wunderlich reiterated a “buy” rating on shares of El Paso Pipeline Partners (NYSE: EPB). They have a price target of $42.00 on the company.
Morgan Stanley (NYSE:MS) reiterated an “overweight” rating on of Monsanto Co. (NYSE: MON). They have a price target of $77.00 on the company.
Bank of America reiterated a “buy” rating on shares of Targa Resources Partners LP (NASDAQ: NGLS).
Oppenheimer cut their price target on Marathon Oil Co. (NYSE: MRO) from $62.00 to $40.00. They have an “outperform” rating on the company.
Wednesday, June 8, 2011
Chevron (CVX) (COP) (XOM) (PBR) (APC) Close Down as Oil Rallies Late in the Session
A late rally for oil prices wasn't enough to bolster giant oil stocks like Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), Exxon Mobil (NYSE:XOM), Petrobras (NYSE:PBR) and Anadarko (NYSE:APC), which all closed down on Tuesday.
Other energy giants like BP (NYSE:BP), Marathon Oil (NYSE:MRO) and Halliburton (NYSE:HAL) did manage to close in positive territory.
Crude for July delivery settled at $99.09 a barrel on the New York Mercantile Exchange, the first positive close in three days, gaining 8 cents. Earlier in trading the contract was down as low as $97.74. Oil is up by about 39 percent over the last year.
Brent crude for July delivery jumped $2.30, or 2 percent, to $116.78 a barrel on the London-based ICE Futures Europe exchange.
The U.S dollar weakened against the euro, with the euro reaching $1.4696. The dollar also fell against the Swiss franc to 0.8327. Against a basket of major currencies the dollar declined to 73.506.
Even with the collapsing dollar it wasn't enough to have a significant impact because of the offsetting effect of the assumption OPEC will boost production, and an anemic economy is expected to reduce demand.
The Dow Jones industrial average dropped 19.15 points, or 0.16 percent, to close at 12,070.81. The Standard & Poor's 500 Index fell 1.23 points, or 0.10 percent, to close at 1,284.94. The Nasdaq Composite Index declined 1.00 point, or 0.04 percent, to end the session at 2,701.56.
Anadarko closed Tuesday at $73.74, down $1.01, or 1.35 percent. Petrobras ended the day at $32.64, falling $0.34, or 1.03 percent. Exxon Mobil closed at $80.00, declining $0.29, or 0.36 percent. ConocoPhillips ended at $70.87, dropping $0.05, or 0.07 percent. Chevron closed at $99.47, losing $0.21, or 0.21 percent.
Other energy giants like BP (NYSE:BP), Marathon Oil (NYSE:MRO) and Halliburton (NYSE:HAL) did manage to close in positive territory.
Crude for July delivery settled at $99.09 a barrel on the New York Mercantile Exchange, the first positive close in three days, gaining 8 cents. Earlier in trading the contract was down as low as $97.74. Oil is up by about 39 percent over the last year.
Brent crude for July delivery jumped $2.30, or 2 percent, to $116.78 a barrel on the London-based ICE Futures Europe exchange.
The U.S dollar weakened against the euro, with the euro reaching $1.4696. The dollar also fell against the Swiss franc to 0.8327. Against a basket of major currencies the dollar declined to 73.506.
Even with the collapsing dollar it wasn't enough to have a significant impact because of the offsetting effect of the assumption OPEC will boost production, and an anemic economy is expected to reduce demand.
The Dow Jones industrial average dropped 19.15 points, or 0.16 percent, to close at 12,070.81. The Standard & Poor's 500 Index fell 1.23 points, or 0.10 percent, to close at 1,284.94. The Nasdaq Composite Index declined 1.00 point, or 0.04 percent, to end the session at 2,701.56.
Anadarko closed Tuesday at $73.74, down $1.01, or 1.35 percent. Petrobras ended the day at $32.64, falling $0.34, or 1.03 percent. Exxon Mobil closed at $80.00, declining $0.29, or 0.36 percent. ConocoPhillips ended at $70.87, dropping $0.05, or 0.07 percent. Chevron closed at $99.47, losing $0.21, or 0.21 percent.
Friday, June 3, 2011
Marathon Oil (MRO) Retains "Buy" Rating as it Targets Eagle Ford
Deutsche Bank (NYSE:DB) analysts like what they see with Marathon Oil (NYSE:MRO), reiterating its "Buy" rating on the company.
The integrated energy company, with operations mostly in North America, Europe and Africa, announced it has come to an agreement to acquire acreage in the Eagle Ford shale formation in South Texas from Hilcorp Resources Holdings, L.P. for $3.5 billion.
Hilcorp, the company Marathon is acquiring the acreage from, is backed by private equity firm Kohlberg Kravis Roberts & Co. (NYSE:KKR).
As for oil prices, light sweet crude for delivery in July, fought back from big losses and closed 11 cents up at $100.40 a barrel.
In London, Brent North Sea crude for July settled at 115.54 a barrel, jumping $1.01 from Wednesday's close.
Higher prices has pressured gasoline, as consumers appear to be significantly cutting back on travel and spending heading into summer, as gas reserves rose higher then anticipated. Oil inventories were also expected to fall, but instead jumped by 2.9 million barrels.
Marathon closed Thursday at $52.51, falling $0.14, or, 0.27 percent.
The integrated energy company, with operations mostly in North America, Europe and Africa, announced it has come to an agreement to acquire acreage in the Eagle Ford shale formation in South Texas from Hilcorp Resources Holdings, L.P. for $3.5 billion.
Hilcorp, the company Marathon is acquiring the acreage from, is backed by private equity firm Kohlberg Kravis Roberts & Co. (NYSE:KKR).
As for oil prices, light sweet crude for delivery in July, fought back from big losses and closed 11 cents up at $100.40 a barrel.
In London, Brent North Sea crude for July settled at 115.54 a barrel, jumping $1.01 from Wednesday's close.
Higher prices has pressured gasoline, as consumers appear to be significantly cutting back on travel and spending heading into summer, as gas reserves rose higher then anticipated. Oil inventories were also expected to fall, but instead jumped by 2.9 million barrels.
Marathon closed Thursday at $52.51, falling $0.14, or, 0.27 percent.
Wednesday, June 1, 2011
Marathon Oil (MRO) Acquiring Oil, Gas Fields in Texas for $3.5 Billion
Marathon Oil (NYSE:MRO) announced it will spend $3.5 billion to acquire natural gas and oil properties in Texas, as it attempts to increase production from inland sources.
The energy giant made the agreement with partnership Hilcorp Resources.
Marathon said its goal is to increase current production of 7,000 barrels of oil equivalent per day to 80,000 barrels per day by 2016. They'll do that by drilling new wells on the approximate 141,000 acres they're purchasing in the Eagle Ford shale formation.
According to Marathon, at this time the existing 36 wells on the property are for the most part producing crude oil and condensate.
The company added that with other acquisitions in Eagle Ford this year the combined acreage they own there will rise to about 285,000 net acres.
Marathon was trading at $53.11, falling $1.06, or 1.96 percent, as of 10:11 AM EDT.
The energy giant made the agreement with partnership Hilcorp Resources.
Marathon said its goal is to increase current production of 7,000 barrels of oil equivalent per day to 80,000 barrels per day by 2016. They'll do that by drilling new wells on the approximate 141,000 acres they're purchasing in the Eagle Ford shale formation.
According to Marathon, at this time the existing 36 wells on the property are for the most part producing crude oil and condensate.
The company added that with other acquisitions in Eagle Ford this year the combined acreage they own there will rise to about 285,000 net acres.
Marathon was trading at $53.11, falling $1.06, or 1.96 percent, as of 10:11 AM EDT.
Tuesday, May 31, 2011
JPMorgan (JPM) (GS) (MS) See Crude Prices Continuing to Rise
Even though there is a temporary reprieve from the cost of oil and gasoline surrounding Memorial Day weekend, that didn't affect the outlook for oil prices over the the next year from JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS).
All three financial institutions said recently they see oil prices continuing to push up.
J.P. Morgan believes Brent crude will reach $130 a barrel in the third quarter. Goldman Sachs said that benchmark West Texas Intermediate crude will climb to $135 a barrel by the end of 2012, and Morgan Stanley Morgan Stanley sees Brent crude averaging $120 a barrel in 2011.
On Friday, benchmark crude for July delivery was up 36 cents to settle at $100.59 a barrel on the New York Mercantile Exchange. In London, Brent crude was down 2 cents to $115.03 a barrel on the ICE Futures Exchange.
In other Nymex trading, heating oil for June delivery jumped almost a penny to settle at $3.0014 per gallon and gasoline futures for June delivery rose 2.39 cents to settle at $3.0313 per gallon. Natural gas for July delivery climbed 15.8 cents to settle at $4.518 per 1,000 cubic feet.
If projections from investment banks are accurate, the price of gas will eventually rise to about $4.25 a gallon in the latter part of 2011.
Major oil producers closed mixed on Friday. Marathon (NYSE:MRO) ended the session at $53.37, falling $0.21, or 0.39 percent. ConocoPhillips (NYSE:COP) closed at $72.64, gaining $0.30, or 0.41 percent. BP (NYSE:BP) closed at $45.54, up $0.16, or 0.35 percent. Exxon (NYSE:XOM) ended at $82.63, climbing $0.24, or 0.29 percent.
All three financial institutions said recently they see oil prices continuing to push up.
J.P. Morgan believes Brent crude will reach $130 a barrel in the third quarter. Goldman Sachs said that benchmark West Texas Intermediate crude will climb to $135 a barrel by the end of 2012, and Morgan Stanley Morgan Stanley sees Brent crude averaging $120 a barrel in 2011.
On Friday, benchmark crude for July delivery was up 36 cents to settle at $100.59 a barrel on the New York Mercantile Exchange. In London, Brent crude was down 2 cents to $115.03 a barrel on the ICE Futures Exchange.
In other Nymex trading, heating oil for June delivery jumped almost a penny to settle at $3.0014 per gallon and gasoline futures for June delivery rose 2.39 cents to settle at $3.0313 per gallon. Natural gas for July delivery climbed 15.8 cents to settle at $4.518 per 1,000 cubic feet.
If projections from investment banks are accurate, the price of gas will eventually rise to about $4.25 a gallon in the latter part of 2011.
Major oil producers closed mixed on Friday. Marathon (NYSE:MRO) ended the session at $53.37, falling $0.21, or 0.39 percent. ConocoPhillips (NYSE:COP) closed at $72.64, gaining $0.30, or 0.41 percent. BP (NYSE:BP) closed at $45.54, up $0.16, or 0.35 percent. Exxon (NYSE:XOM) ended at $82.63, climbing $0.24, or 0.29 percent.
Friday, May 27, 2011
Exxon (XOM) (BP) (COP) (MRO) Climb While Oil Futures Pull Back
Exxon Mobil (NYSE:XOM), ConocoPhillips (NYSE:COP), BP (NYSE:BP) and Marathon Oil all closed up Thursday, even as oil futures pulled back after jumping over $101 a barrel on Wednesday.
Obama's economy continues to fall apart as first-time unemployment claims increased by about 10,000, far above the expected decline of 4,000 economists had been looking for. That is a seasonally adjusted 424,000 for the week ended May 21.
The growth rate of the U.S. economy was also worst than expected, growing at an anemic 1.8 percent rate in the first quarter, plunging from the 3.1 percent growth rate in the fourth quarter, and below the 2.2 percent economists projected.
The U.S. Labor Department also upwardly revised initial unemployment claims from the last report.
All of this affected oil prices, as oil futures closed lower Thursday. Light, sweet crude for July delivery settled down $1.09, or 1.1 percent, to $100.23 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled up 12 cents, or 0.1 percent, to $115.05 a barrel.
Front-month June reformulated gasoline blendstock, settled up 3.21 cents, or 1.1 percent, to $3.0483 a gallon. June heating oil was up 0.26 cent, or 0.1 percent, to $2.9829 a gallon.
With the Memorial Day weekend coming in the U.S., which usually involves heavy travel and usage of gasoline in vehicles, it probably offset the slightly lower price of oil and gas heading into the summer months.
Marathon closed Thursday at $53.58, gaining $0.82, or 1.55 percent. BP ended the day at $45.38, up $0.67, or 1.50 percent. Exxon Mobil closed at $82.39, climbing 0.43, or 0.52 percent. ConocoPhillips ended the session at $72.34, rising $0.37, or 0.51 percent.
Obama's economy continues to fall apart as first-time unemployment claims increased by about 10,000, far above the expected decline of 4,000 economists had been looking for. That is a seasonally adjusted 424,000 for the week ended May 21.
The growth rate of the U.S. economy was also worst than expected, growing at an anemic 1.8 percent rate in the first quarter, plunging from the 3.1 percent growth rate in the fourth quarter, and below the 2.2 percent economists projected.
The U.S. Labor Department also upwardly revised initial unemployment claims from the last report.
All of this affected oil prices, as oil futures closed lower Thursday. Light, sweet crude for July delivery settled down $1.09, or 1.1 percent, to $100.23 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled up 12 cents, or 0.1 percent, to $115.05 a barrel.
Front-month June reformulated gasoline blendstock, settled up 3.21 cents, or 1.1 percent, to $3.0483 a gallon. June heating oil was up 0.26 cent, or 0.1 percent, to $2.9829 a gallon.
With the Memorial Day weekend coming in the U.S., which usually involves heavy travel and usage of gasoline in vehicles, it probably offset the slightly lower price of oil and gas heading into the summer months.
Marathon closed Thursday at $53.58, gaining $0.82, or 1.55 percent. BP ended the day at $45.38, up $0.67, or 1.50 percent. Exxon Mobil closed at $82.39, climbing 0.43, or 0.52 percent. ConocoPhillips ended the session at $72.34, rising $0.37, or 0.51 percent.
Wednesday, September 8, 2010
Benchmark Maintains "Hold" on Shell (NYSE:RDS-A), Marathon (NYSE:MRO)
The Benchmark Company said they've maintained their "Hold" ratings on Royal Dutch Shell (NYSE:RDS-A) and Marathon Oil (NYSE:MRO).
For Shell, they based the decision on the "belief that the normalized earnings-multiple valuation currently in place is insufficiently excessive to warrant a more aggressively negative investment posture."
While they don't have a formal price target on Shell, they said they felt on a sector average normalized earnings multiple, fair value would probably be from $51 to $53 a share for the ADR.
Citing valuation challenges, the "Hold" rating on Marathon was reiterated, although Benchmark stated that against "a 'peer' group, which we readily acknowledge may not be applicable, the stock is trading at a sizable 40% normalized earnings-multiple discount."
For Shell, they based the decision on the "belief that the normalized earnings-multiple valuation currently in place is insufficiently excessive to warrant a more aggressively negative investment posture."
While they don't have a formal price target on Shell, they said they felt on a sector average normalized earnings multiple, fair value would probably be from $51 to $53 a share for the ADR.
Citing valuation challenges, the "Hold" rating on Marathon was reiterated, although Benchmark stated that against "a 'peer' group, which we readily acknowledge may not be applicable, the stock is trading at a sizable 40% normalized earnings-multiple discount."
Friday, July 23, 2010
BP (NYSE:BP), Exxon (NYSE:XOM), Anadarko (NYSE:APC), Shell (NYSE:RDS-a), Chevron (NYSE:CVX), Marathon Oil (NYSE:MRO) Pulling Workers from Gulf
With Tropical Storm Bonnie due to hit the Gulf region Saturday, BP (NYSE:BP), Exxon (NYSE:XOM), Anadarko (NYSE:APC), Shell (NYSE:RDS-a), Chevron (NYSE:CVX) and Marathon Oil (NYSE:MRO) are pulling all non-essential workers from the area.
In the case of BP, that will interrupt the drilling of the relief well, which is close to being completed, and operations to permanently seal the Macando oil well near at hand.
The containment cap will remain in place, although monitoring of it will be put on hold. It seems to have held solidly, and shouldn't pose a problem while the storm passes through the area.
If it picks up in strength, which is possible when it hits the warmer waters, more workers could be evacuated from the Gulf.
In the case of BP, that will interrupt the drilling of the relief well, which is close to being completed, and operations to permanently seal the Macando oil well near at hand.
The containment cap will remain in place, although monitoring of it will be put on hold. It seems to have held solidly, and shouldn't pose a problem while the storm passes through the area.
If it picks up in strength, which is possible when it hits the warmer waters, more workers could be evacuated from the Gulf.
Friday, May 28, 2010
Marathon (NYSE:MRO), Anadarko (NYSE:APC), Shell (NYSE:RDS-A), Most Exposed to Gulf Ban
As the market digests the move by Barack Obama to ban drilling at 33 locations in the Gulf of Mexico, those companies most affected by the ban are Marathon (NYSE:MRO), Anadarko (NYSE:APC), Shell (NYSE:RDS-A), along with Eni SpA, which are based in Rome.
Shell leads the way of those with most exposure to the drilling ban, with five wells affected, while Marathon, Anadarko, and Eni SpA each have three. That's according to an official at the Minerals Management Service who asked not to be named.
Shell, Marathon and Anadarko were all hit hard as the market found out about their exposure, with Anadarko taking the brunt of it with a drop of $3.24 a share, or 5.83 percent, ending the session at $52.33; Marathon lost $0.55 a share, or 1.74 percent, falling to $31.09 on the day; and Shell wasn't far behind them, losing $0.61 a share, or 1.15 percent, closing at $52.40.
Anadarko has more exposure through it 25 percent non-operating ownership in the Deepwater Horizon, which is lying at the bottom of the ocean.
Shell leads the way of those with most exposure to the drilling ban, with five wells affected, while Marathon, Anadarko, and Eni SpA each have three. That's according to an official at the Minerals Management Service who asked not to be named.
Shell, Marathon and Anadarko were all hit hard as the market found out about their exposure, with Anadarko taking the brunt of it with a drop of $3.24 a share, or 5.83 percent, ending the session at $52.33; Marathon lost $0.55 a share, or 1.74 percent, falling to $31.09 on the day; and Shell wasn't far behind them, losing $0.61 a share, or 1.15 percent, closing at $52.40.
Anadarko has more exposure through it 25 percent non-operating ownership in the Deepwater Horizon, which is lying at the bottom of the ocean.
Thursday, March 18, 2010
Exxon Mobil (NYSE:XOM), Marathon Oil (NYSE:MRO) and Shale Gas in Europe
Shale Gas in Europe
Exxon Mobil (NYSE:XOM), Marathon Oil (NYSE: MRO) and Royal Dutch Shell (NYSE: RDS-A) are spreading throughout the European landscape in search of shale gas which could be the future of European energy needs, or at least a large part of it.
Shale gas has become huge in America, and energy companies are just starting to search Europe for natural gas found in the shale.
To show the potential in Europe, shale gas reserves, or unconventional gas reserves are estimated to stand at about 1,200 trillion cubic feet, about five times the proven reserves in Europe at this time.
Although this is an important bit of information to know for long-term investors in these companies, it will probably take somewhere near a decade to bring the natural gas to the market and generate revenue for the companies and region.
One small detail does remain, and that is the geology still must be proven before this can be a for sure thing. But if results are anywhere near that in America, it should be a great boon.
Shale Gas in Europe
Exxon Mobil (NYSE:XOM), Marathon Oil (NYSE: MRO) and Royal Dutch Shell (NYSE: RDS-A) are spreading throughout the European landscape in search of shale gas which could be the future of European energy needs, or at least a large part of it.
Shale gas has become huge in America, and energy companies are just starting to search Europe for natural gas found in the shale.
To show the potential in Europe, shale gas reserves, or unconventional gas reserves are estimated to stand at about 1,200 trillion cubic feet, about five times the proven reserves in Europe at this time.
Although this is an important bit of information to know for long-term investors in these companies, it will probably take somewhere near a decade to bring the natural gas to the market and generate revenue for the companies and region.
One small detail does remain, and that is the geology still must be proven before this can be a for sure thing. But if results are anywhere near that in America, it should be a great boon.
Shale Gas in Europe
Wednesday, March 10, 2010
Marathon Oil (NYSE:MRO) Drilling 25 New Wells
Marathon Oil Drilling 25 New Oil Wells
Oil wells in the Oregon Basin have been producing oil for close to 100 years, and even though Marathon Oil (NYSE:MRO) hasn't been drilling there for a couple of years, they're poised to start again with a goal of drilling another 25 new wells in the region.
Along with the search for new oil, Marathon will also be employing new techniques to extract known oil resources for existing wells, possibly through the use of carbon dioxide or steam to push the oil to the surface; although that is more costly and will depend on market prices at the time whether it's feasible or not.
Crude in the Oregon Basin is called asphaltic crude, and is used in highway construction. Increased demand and prices make it worth the effort to start drilling for it again.
In general, this type of crude is close to 30 percent in value than light sweet crude, but that has narrowed recently, again, making it economically feasible to puruse by Marathon Oil and other energy companies.
Marathon Oil Drilling 25 New Oil Wells
Oil wells in the Oregon Basin have been producing oil for close to 100 years, and even though Marathon Oil (NYSE:MRO) hasn't been drilling there for a couple of years, they're poised to start again with a goal of drilling another 25 new wells in the region.
Along with the search for new oil, Marathon will also be employing new techniques to extract known oil resources for existing wells, possibly through the use of carbon dioxide or steam to push the oil to the surface; although that is more costly and will depend on market prices at the time whether it's feasible or not.
Crude in the Oregon Basin is called asphaltic crude, and is used in highway construction. Increased demand and prices make it worth the effort to start drilling for it again.
In general, this type of crude is close to 30 percent in value than light sweet crude, but that has narrowed recently, again, making it economically feasible to puruse by Marathon Oil and other energy companies.
Marathon Oil Drilling 25 New Oil Wells
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