MRO Extends Core Position In The Bakken -- December 11, 2018

Updates

December 12, 2018: one thing overlooked in the note below. This announcement was made in the face of tanking WTI prices, trading at about $50 when the announcement was made. Speaks volumes.

Original Post 

I had alluded to this earlier, in an earlier post; a reader provided link to information released today. 

Background:

• MRO, 4Q17 presentation;
• MRO, the record-setting Bakken

A reader sent me a link to this press release: Marathon reports successful Bakken core extension test in Ajax area.

HOUSTON, Dec. 11, 2018 /PRNewswire/ -- Marathon Oil Corporation today announced encouraging early production results at an important four-well Middle Bakken pad in the Company's Ajax area of the Williston Basin in Dunn County, North Dakota.

The four-well pad achieved an estimated average 30-day initial production (IP) rate of over 2,400 barrels of oil equivalent per day (boed) (84% oil).

The Company also announced it has repurchased approximately $150 million of additional common stock subsequent to the date of its third quarter 2018 earnings release. Year-to-date share repurchases now total approximately $650 million, leaving $850 million of buyback authorization outstanding.