MRO -- Marathon -- 3Q19 Corporate Presentation

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Later: kallanishenergy.

Original Post

MRO link. Data points:

• overall:
• free cash flow, nearly $300 million YTD, post-dividend
• full year US oil production increased to 13% from 12% previously
• 3Q19 production up 17% from year ago
• CAPEX in line with expectations; $2.4 billion budget unchanged
• plays:
• Eagle Ford and Bakken
• more than 500 locations added since beginning of 2018
• upgraded hundreds of locations to top tier returns
• Eagle Ford: added 18,000 net acres; bolt-on acres
• new Texas Delaware oil play
• 60,000+ net acres at low entry cost
• potential for 400 extended lateral locations
• Lousisiana Austin Chalk: exploration drilling
• bottom line across all plays: greater than three years of drilling inventory added
• Bakken:
• this is incredible -- record low completed wells are now costing less than $5 million
• $4.9 million average 3Q completed well cost -- down 20% from 2018
• new single well drilling records -- spud to total depth of less than 7 days
• established new pad record for completion efficiency -- 11 stages / day
• average 3Q stages/day up 35% vs 2018
• 4-well Herbert pad achieved average IP30 of 1,720 boed (86% oil) with average CWC of $4.5 million
• extending the Bakken core 
• with well costs below $5 million, able to extend top tier locations
• and look at this: of the top 100 wells in the Bakken, MRO has 60 of those wells
• MRO accounts for only 9% of wells in the Bakken
• 2018 delineation tests paid out in ~ ten months
• Ajax wells, 4Q18
• four wells
• > 1 million boe (80% oil)
• total cumulative at 240 days
• S. Hector wells, 2H18
• four wells;
• > 950,000 boe (79% oil)
• total cumulative at 200 days
• 2020 guidance
• budget at $50-oil
• break-even below $50 

Tier 1: