Marathon Oil not only reports big profits in 3Q but more success in the STACK

 

Marathon Oil’s latest STACK success might be good reason the Houston company reported this week a $254 million net profit in the third quarter.

The company also filed completion reports showing three wells drilled on a single pad north of Greenfield in Blaine County, 3 15N 11W, had production of 1,347 Boed, 1,212 Boed and 647 Boed.

The three versions of the Harry Potter 1511 4-3-34mxh were drilled this year.  Spud dates were in February and completions were made in September as the wells hit the Mississippi zone.

The wells only added to the third quarter profits for the company. A year ago, Marathon reported a $600 million loss.

This year, Marathon indicated the profits were led by higher oil prices and growth in the Eagle Ford shale of south Texas. The net income also more than doubled from the $96 million gain reported in the second quarter of 2018.

The company stated that its revenues rose by one-third from last year, going from $1.25 billion to $1.67 billion.