Raising Marathon Oil FVE to $16 on Better Pricing and Falling Unit Costs
We have nudged up our fair value estimate to $16/share from $15/share after a more detailed review of the firm's second-quarter operating and financial results. The main reason for the uptick was improving price differentials, particularly in the Bakken and Eagle Ford regions, which are responsible for 40% of the firm's total output. However, unit production costs have also trended lower since 2016, following the recent divestiture of Marathon's Canadian oil sands asset.As a reminder, the firm'...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
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