Marathon Oil records third-quarter adjusted net loss of $219 million

Marathon Oil Corp. reported a third-quarter 2020 net loss of $317 million, compared to net loss of $750 million for third-quarter 2019. The adjusted net loss was $219 million, compared to adjusted net loss of $477 million a year earlier.

Net cash provided by operations was $345 million for third-quarter 2020, or $352 million before changes in working capital. Capital expenditures for the quarter totaled $176 million.

Total oil production for the quarter was 172,000 b/d and fullyear-2020 total oil guidance is unchanged at midpoint.

Oil-equivalent production for the quarter was 370,000 boe/d and full year oil-equivalent guidance was raised by 5,000 boe/d at midpoint.

US production averaged 297,000 boe/d for third-quarter 2020. Oil production averaged 159,000 b/d. US unit production costs were $4.32/boe, a reduction of 13% in comparison to the 2019 average.

During the quarter, the company brought a total of 18 gross company-operated wells to sales and delivered an average completed well cost per lateral foot reduction of more than 25% in comparison to the 2019 average. Consistent with prior guidance, second-half 2020 gross company-operated wells to sales will be weighted to fourth quarter.

Internationally, Equatorial Guinea production averaged 73,000 boe/d for third-quarter 2020, including 13,000 b/d of oil.

Marathon Oil reduced its full year unit production operating expense guidance for its US and international segments by over 5% and 8%, respectively. Full year US oil-equivalent production guidance was raised by 5,000 boe/d at the midpoint.

Marathon Oil's full year 2020 capital spending guidance and midpoint of oil production guidance remain unchanged.