Incorporating Above-Average Shale Decline Rates Weighs on Marathon Fair Value Estimate
After taking a second look at Marathon's first-quarter financial and operating results, we are reducing our fair value estimate from $18 per share to $12, making the stock look slightly overvalued at the current price. Approximately $2 of the reduction is attributable to marking our model to market for commodity prices. There is no change to our midcycle estimates, $55/bbl and $3/mcf, respectively, for WTI crude and Henry Hub natural gas. However, our methodology incorporates three years of stri...Marathon Oil is an independent exploration and production company focused on the United States resource plays. The company also has international operations in Equatorial Guinea (E.G.). The company's segments are: United States, which explores for, produces and markets crude oil and condensate, natural gas liquids (NGLs) and natural gas in the United States; and International, which explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as liquefied natural gas and methanol, in E.G.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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