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Marathon Oil Corporation Reports Fourth Quarter And Full-Year 2012 Results

Additionally, Marathon Oil continues to build infrastructure to support liquid hydrocarbon and natural gas production growth across the Eagle Ford operating area. Approximately 370 miles of gathering lines were installed in 2012, while 12 new central gathering and treating facilities were commissioned, with seven additional facilities in various stages of planning or construction. Marathon Oil also owns and operates the Sugarloaf gathering system, a 42-mile natural gas pipeline through the heart of the Company's acreage in Karnes, Atascosa and Bee counties. The Company currently transports approximately 60 percent of its product by pipeline, with additional contract negotiations and facility designs under way. In 2013, Marathon Oil plans to drill 215-250 net wells (275-320 gross, all Company operated) in the Eagle Ford.

BAKKEN: Marathon Oil averaged production of approximately 35,000 net boed during the fourth quarter compared to 30,000 net boed in the previous quarter. For the month of January, the Company projects average production was approximately 33,000 net boed, down slightly from the previous month because of weather and completion schedules. The Company reached total depth on 18 gross wells during the fourth quarter and brought 18 gross wells to sales. In the fourth quarter Marathon Oil's average time to drill a well was 27 days spud-to-spud, a top-quartile performance in the areas in which Marathon Oil operates. Marathon Oil's Bakken production averages approximately 90 percent crude oil, 5 percent NGLs and 5 percent natural gas. Marathon Oil plans to drill 65-70 net wells (190-220 gross, 60-70 Company operated) in 2013.

OKLAHOMA RESOURCE BASINS: The Company's unconventional production averaged 9,800 net boed during the fourth quarter compared to 9,600 net boed in the previous quarter. During the fourth quarter, five gross wells were brought to sales. For the month of January, the Company projects average production was approximately 12,000 net boed. Marathon Oil's plans call for drilling 15-19 net wells (42-50 gross, 12-14 Company operated) in the Oklahoma Resource Basins in 2013. 

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