US independent Marathon Oil has pared back its capital expenditure plans for the year to better prepare for a "challenging market" as it reported a net loss in the second quarter of $750 million. Marathon posted the quarterly loss compared with a year-ago profit of $161 million, as Covid-19-induced lockdowns hit crude prices and demand for fuel. Due to strong execution and capital efficiency improvement, Marathon said it reduced full-year capex guidance to $1.2 billion from previous guidance of $1.3 billion. Second-quarter capital expenditures was $137 million. Total net production for the quarter stood at 390,000 barrels of oil equivalent per day from 435,000 boepd a year ago. US production averaged 307,000 boepd for the second quarter 2020, with unit production costs down 20% to $4.09 per boe.
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