OREANDA-NEWS. Marathon Oil Corporation (NYSE:MRO) today reported a first quarter 2015 adjusted net loss of \$253 million, or \$0.37 per diluted share, excluding the impact of certain items not typically represented in analysts' earnings estimates and that would otherwise affect comparability of results. The reported net loss was \$276 million, or \$0.41 per diluted share.

Corporate Highlights

  • Drilling efficiency, additional service cost reductions and capital reallocation enhancing returns
    ?   High-specification rigs in Eagle Ford delivering pacesetter spud-to-total depth results of under seven days
    ?   Increased year-to-date captured savings from U.S. unconventional drilling and completions service costs to \$250 million, or 17 percent, with more expected
    ?   Reallocating more than \$25 million of capital to Oklahoma Resource Basins
  • Rigorous cost control focus
    ?   Reduced North America E&P production costs per barrel of oil equivalent (boe) 17% from fourth quarter 2014, and 28% below the year-ago quarter
    ?   First quarter workforce reductions expected to generate annualized net savings of approximately \$100 million
  • Strong first quarter execution across all segments
    ?   U.S. resource play net production up 11% over previous quarter and 49% over year-ago quarter; total E&P net production (excluding Libya) up 4% and 20%, respectively, over the same periods
    ?   Brought online first "stack-and-frac" pilot and five Upper Eagle Ford wells
    ?   Participated in five high-density spacing pilots in the SCOOP; three in Woodford and two in Springer
    ?   Bakken enhanced completion pilots concluded and results integrated into development plans; initial results of first downspacing pilot encouraging
    ?   Recorded 98% average operational availability for Company-operated assets
  • Continued capital discipline and portfolio management
    ?   Further reduction in 2015 capital, investment and exploration budget from \$3.5 billion to \$3.3 billion; no change to full-year E&P production guidance
    ?   Non-core asset sales targeted to generate at least \$500 million
    ?   \$3.6 billion liquidity at end of first quarter; \$1.1 billion in cash

"Marathon Oil delivered outstanding operational execution in the first quarter resulting in strong production from our U.S. resource plays," said Marathon Oil President and CEO

Lee M. Tillman. "Income and cash flows were impacted by lower oil price realizations, which were down nearly 40 percent compared to fourth quarter 2014.

"Our first quarter capital program was on target at \$1.1 billion as we transitioned to a lower level of activity. With our continued focus on maintaining financial flexibility, we further optimized our capital budget to \$3.3 billion, while reiterating full-year E&P production guidance. Our projected year-over-year production growth rates of 5 to 7 percent for the total Company, excluding Libya, and 20 percent for the U.S. resource plays remain unchanged. Additionally, we're targeting select non-core asset sales expecting to generate at least \$500 million as we continue ongoing portfolio management.

"We're maintaining momentum through this cycle by focusing on productivity improvements and co-development activities in the Eagle Ford, leveraging outside-operated opportunities in the Oklahoma Resource Basins, and enhanced completion design and downspacing pilots in the Bakken," Tillman continued. "With increased capital efficiencies, continued improvements in well productivity and our focus on cost and expense management, Marathon Oil is well positioned to increase activity as commodity prices and cash flows improve."

  Three Months Ended
  Mar. 31 Mar. 31
(In millions, except per diluted share data) 2015 2014 (a)
Adjusted income (loss) from continuing operations (b) \$(253) \$438
Adjustments for special items (net of taxes):    
Pension settlement (11) (40)
Unrealized gain on crude oil derivative instruments 15 --
Reduction in workforce (27) --
  Income (loss) from continuing operations \$(276) \$398
Per diluted share:    
     Adjusted income (loss) from continuing operations (b) \$(0.37) \$0.63
     Income (loss) from continuing operations \$(0.41) \$0.57
Adjusted net income (loss) (b) \$(253) \$613
Adjustments for special items (net of taxes):    
Net gain on dispositions -- 576
Pension settlement (11) (40)
Unrealized gain on crude oil derivative instruments 15 --
Reduction in workforce (27) --
   Net income (loss) \$(276) \$1,149
Per diluted share:    
     Adjusted net income (loss) (b) \$(0.37) \$0.88
     Net income (loss) \$(0.41) \$1.65
Exploration expenses    
Unproved property impairments \$9 \$41
Dry well costs 58 2
Geological and geophysical 3 11
Other 20 19
     Total exploration expenses \$90 \$73
Cash flows    
Net cash provided by continuing operations before changes in working capital (b) \$412 \$1,146
Changes in working capital for continuing operations (103) (77)
Total net cash provided by continuing operations (c) 309 1,069
Net cash provided by discontinued operations -- 401
Net cash provided by operating activities \$309 \$1,470
     
Additions to property, plant and equipment (1,102) (1,043)
Changes in working capital (350) 39
Cash additions to property, plant and equipment (1,452) (1,004)

(a) As a result of the sale of the Company's Angola assets and Norway business, both are reflected as discontinued operations in 2014.
(b) Non-GAAP financial measure. See "Non-GAAP Measures" below for further discussion.
(c) Includes adjustments for deferred income taxes of \$(179) million and \$89 million in the three months ended March 31, 2015 and 2014.

Sales and Production Volumes

Total Company sales volumes from continuing operations (excluding Libya) averaged 459,000 net barrels of oil equivalent per day (boed) during first quarter 2015, compared to 386,000 net boed for first quarter 2014.

  Three Months Ended
  Mar. 31 Mar. 31
(mboed) 2015 2014
Net Sales Volumes    
North America E&P 283 213
International E&P excluding Libya and Disc Ops (a) 116 126
Combined North America & International E&P, excluding Libya and Disc Ops (a) 399 339
Oil Sands Mining (b) 60 47
Total Continuing Operations excluding Libya 459 386
Discontinued Operations (a) -- 77
Total Company excluding Libya 459 463
Libya -- --
Total 459 463

(a) Angola and Norway are reflected as discontinued operations in 2014 (Disc Ops).
(b) Includes blendstocks.

The difference between production volumes available for sale and recorded sales for exploration and production (E&P) volumes was primarily due to the timing of international liftings.

  Three Months Ended Guidance (a)
  Mar. 31 Mar. 31 Q2
(mboed) 2015 2014 2015
Net Production Available for Sale      
North America E&P 283 213 270-280
International E&P excluding Libya (b) and Disc Ops (c) 119 121 100-110
Combined North America & International E&P, excluding Libya (b) and Disc Ops (c) 402 334 370-390
Oil Sands Mining (d) 50 37 28-33
Total Continuing Operations excluding Libya 452 371  
Discontinued Operations (c) -- 75  
Total Company excluding Libya 452 446  
Libya -- 2  
Total 452 448  

(a) Guidance excludes the effect of acquisitions or dispositions not previously announced.
(b) Libya is excluded because of uncertainty around timing of future production and sales levels.
(c) Angola and Norway are reflected as Disc Ops in 2014.
(d) Upgraded bitumen excluding blendstocks.

Total Company production available for sale from continuing operations (excluding Libya) averaged 452,000 net boed for first quarter 2015 compared to 371,000 net boed for first quarter 2014, a 22 percent increase. The increase was driven by continued growth in the U.S. resource plays, up 49 percent compared to the year-ago quarter.

International E&P production available for sale from continuing operations (excluding Libya) for first quarter 2015 was lower compared to first quarter 2014, reflecting field decline and a planned turnaround at the AMPCO methanol facility.

Oil Sands Mining (OSM) production available for sale for first quarter 2015 was up 35 percent, primarily a result of higher reliability, compared to first quarter 2014 when nine days of planned mine maintenance occurred.

In Libya, Marathon Oil had no liftings in first quarter 2015. In December 2014, Libya'sNational Oil Corporation declared force majeure at the Es Sider terminal, as disruptions from civil unrest continue. Considerable uncertainty remains around future timing of production and sales levels, and Marathon Oil continues to exclude production from Libya in its production forecasts.

The Company further reduced its 2015 capital, investment and exploration budget to \$3.3 billion, with no change to full-year E&P production guidance of 370,000-390,000 net boed (excluding Libya).

The Company's second quarter 2015 production guidance, as shown in the table above, is reflective of planned turnarounds in Equatorial Guinea and reduced drilling activity in the U.S. resource plays. Lower production available for sale is anticipated for the Oil Sands Mining Segment due to planned turnarounds.

Segment Results

Total segment loss from continuing operations was \$157 million in first quarter 2015, compared to segment income of \$527 million in first quarter 2014.

  Three Months Ended
  Mar. 31 Mar. 31
(In millions) 2015 2014
Segment Income (Loss)    
North America E&P \$(161) \$242
International E&P (a) 23 221
Oil Sands Mining (19) 64
  Segment Income (Loss) (b) \$(157) \$527

(a) As a result of the sale of the Company's Angola assets and Norway business, both are reflected as discontinued operations in 2014 and are excluded in this table.
(b) See Supplemental Statistics below for a reconciliation of segment income (loss) to net income (loss).

North America E&P

The North America E&P segment reported a loss of \$161 million in first quarter 2015 compared to income of \$242 million in first quarter 2014. The decrease was primarily due to lower liquid hydrocarbon price realizations and higher depreciation, depletion and amortization, partially offset by higher net sales volumes from the U.S. resource plays. Production costs per boe of \$7.94 decreased 17 percent from the previous quarter, and were down 28 percent from the year-ago period, driven by a focus on cost reductions and leveraging efficiencies across the production operations.

Capital allocated to the Company's three key U.S. resource plays for 2015 has been reduced to \$2.2 billion, from \$2.4 billion.

  • Eagle Ford capital reduced to \$1.3 billion, reflecting a reduction to seven rigs by the end of the second quarter. For the full year, the Company revised the number of gross operated wells to be drilled to 196-206.
  • Bakken capital reduced to \$645 million, reflecting a reduction to one rig by the end of the second quarter. The lower spend will fund the remaining downspacing pilots. The Company revised the number of gross operated wells to be drilled in 2015 to 26-36.
  • Oklahoma Resource Basins capital increased to \$253 million as a result of an increase in high-value outside-operated activity. The Company will maintain its program of two operated rigs, and plans to participate in approximately 50 outside-operated well spuds in 2015, nearly double the previously announced program. The number of gross operated wells to be drilled in 2015 remains unchanged.

Further detail regarding the revised 2015 activity plans is provided in the tables at the end of this release.

A summary of Marathon Oil's U.S. resource play operated drilling activity is shown in the table below.

  Three Months Ended
  Mar. 31 Dec. 31
Gross Operated 2015 2014
Eagle Ford:    
Wells drilled to total depth 88 96
Wells brought to sales 91 98
Bakken:    
Wells drilled to total depth 20 23
Wells brought to sales 24 17
Oklahoma Resource Basins:    
Wells drilled to total depth 8 4
Wells brought to sales 5 4

EAGLE FORD: In first quarter 2015, Marathon Oil's production in the Eagle Ford averaged 147,000 net boed, a 53 percent increase over the year-ago quarter and 12 percent over the previous quarter. Approximately 63 percent of first quarter net production was crude oil/condensate, 18 percent was NGLs and 19 percent was natural gas. Marathon Oil's average time to drill an Eagle Ford well in first quarter 2015, spud-to-total depth, averaged 12 days (1,575 feet per day). One of the highest-performing Eagle Ford rigs drilled two wells in under seven days spud-to-total depth (2,800 feet per day), with the continued increase in drilling efficiency contributing to the further reduction in rigs in the second quarter. The Company's high-density pad drilling continues to average four wells per pad.

Included with the Eagle Ford well counts noted in the table above, the Company brought online nine gross operated

Austin Chalk wells, compared to 11 in the previous quarter. Twenty-four additional

Austin Chalk wells are currently being drilled, completed or awaiting first production. The Company brought online its first four-well "stack-and-frac" pilot with

Austin Chalk, Upper Eagle Ford and two Lower Eagle Ford wells. Early performance from this pilot is encouraging, achieving 30-day IP rates of 1,145-1,622 gross boed. Five Upper Eagle Ford wells were brought online in the first quarter with 30-day initial production (IP) rates of 685-1,248 gross boed.

BAKKEN: Marathon Oil averaged 57,000 net boed of production in the Bakken during first quarter 2015, an increase of 33 percent over the year-ago quarter and 4 percent over the previous quarter. The Company's Bakken production averaged 89 percent crude oil, 5 percent NGLs and 6 percent natural gas. The Company's time to drill a Bakken well, spud-to-total depth, averaged 17 days in the first quarter.

The Bakken enhanced completion design pilot program has concluded with promising early results reflected in a revised standard well completion design going forward. Data from the first 23 wells suggest greater than 30 percent improvement in cumulative production after 90 days when compared to direct offset performance. All 24 of the wells brought to sales in the first quarter incorporated an enhanced completion design, optimizing proppant loading, frac fluid volumes and stage density. Early performance of the first high-density pilot (six wells per horizon) is encouraging with 30-day IP rates of 662-1,209 gross boed, similar to area direct offsets at wider spacing and in line with expectations. The second high-density spacing pilot recently started flowback. Additionally, the Company recently completed drilling its third high-density spacing pilot.

OKLAHOMA RESOURCE BASINS: The Company's unconventional Oklahoma production averaged 25,000 net boed during first quarter 2015, an increase of 67 percent over the year-ago quarter and up 25 percent compared to the previous quarter. Approximately 48 percent of first quarter 2015 net production was liquids and 52 percent was natural gas. All five gross operated wells brought to sales this quarter were in the SCOOP with three of the wells in the southern SCOOP with 30-day IP rates averaging 1,500 gross boed. The Company has three operated wells in the Meramec that achieved 30-day IP rates of up to 1,182 gross boed (81 percent liquids; 56 percent oil). Marathon Oil plans to maintain its program of two operated rigs in the Oklahoma Resource Basins.

Additionally, Marathon Oil continues to leverage the benefit of participation in high-value outside-operated wells, and plans to participate in approximately 50 outside-operated wells in 2015 in the SCOOP Woodford, SCOOP Springer and STACK areas. In the first quarter, Marathon Oil participated in five high-density, outside-operated spacing pilots in the SCOOP area -- three in the Woodford (80-128 acre spacing) and two in the emerging Springer shale (105-128 acre spacing) overlying the Woodford. The Woodford pilots include one high-density 10-well pilot comprised of five wells in the upper Woodford and five wells in the middle Woodford.

GULF OF MEXICO: The Company expects to spud the Solomon exploration prospect on

Walker Ridge Block 225 in second quarter 2015.

International E&P

International E&P segment income was \$23 million in first quarter 2015, compared to segment income of \$221 million in first quarter 2014. The decrease is primarily due to lower liquid hydrocarbon price realizations, lower net sales volumes, reduced income from equity investments in Equatorial Guinea, and higher exploration expenses, partially offset by lower production expenses.

EQUATORIAL GUINEA: Production available for sale averaged 99,000 net boed in first quarter 2015, compared to 105,000 net boed in the year-ago quarter and 106,000 net boed in the previous quarter. Lower production quarter-over-quarter was primarily related to field decline and a planned turnaround completed in first quarter 2015 at the AMPCO methanol facility.

Drilling and evaluation of the offshore Rodo-1 exploration well was completed in first quarter 2015. The well has been temporarily abandoned while further studies progress to evaluate commerciality of the light oil discovery. In April, drilling commenced on the Alba C21 development well.

U.K.: Production available for sale averaged 20,000 net boed in first quarter 2015, compared to 16,000 net boed in first quarter 2014, and flat compared to the previous quarter. Field decline was offset by the addition of South Brae infill wells brought online in late 2014 and first quarter 2015, as well as the first of two subsea development wells at West Brae brought online in first quarter 2015. Drilling has been completed on a second West Brae well, which is expected online in the second quarter.

KURDISTAN REGION OF IRAQ: On the Company-operated Harir Block, the Mirawa-2 appraisal well was spud in December. Testing is in progress and is expected to be completed in the second quarter.

Oil Sands Mining

The OSM segment reported a loss of \$19 million for first quarter 2015, compared to income of \$64 million in first quarter 2014. The decrease was primarily a result of lower commodity price realizations partially offset by higher net sales volumes and reduced production expenses. Higher production, up 35 percent compared to the year-ago quarter, was primarily due to improved reliability. Operating expense per synthetic barrel (before royalties) in OSM was approximately \$35 per boe excluding blendstocks. The Quest carbon capture sequestration project reached mechanical completion in February and is on schedule for fourth quarter 2015 start-up. A 55-day planned turnaround at the base upgrader began in April, coupled with a planned turnaround at the Muskeg River Mine followed by an extended pitstop at the Jackpine Mine.

Corporate and Special Items

Included in the adjustments to net loss for first quarter 2015 was severance and related expenses of \$27 million (\$43 million pre-tax) related to a workforce reduction, an unrealized gain of \$15 million (\$23 million pre-tax) on crude oil derivatives and a settlement charge of \$11 million (\$17 million pre-tax) in connection with the U.S. pension plans.

The Company's open oil derivative positions for the remainder of 2015 consisted of three-way collars of 35,000 barrels a day (bpd) with a weighted average ceiling of \$70.34, floor of \$55.57 and sold put of \$41.29. For 2016, the Company has three-way collars of 10,000 bpd with a weighted average ceiling of \$71.81, floor of \$60 and sold put of \$50. All of the oil derivative positions are referenced to NYMEX WTI.

During the second quarter, the Company increased the capacity under its revolving credit facility from \$2.5 billion to \$3 billion through 2020.


Consolidated Statements of Income (Unaudited) Three Months Ended
  Mar. 31 Dec. 31 Mar. 31
(In millions, except per share data) 2015 2014 2014
Revenues and other income:      
   Sales and other operating revenues, including related party \$1,280 \$2,001 \$2,149
   Marketing revenues 204 397 541
   Income from equity method investments 36 78 137
   Net gain (loss) on disposal of assets 1 (2) 2
   Other income 11 23 20
Total revenues and other income 1,532 2,497 2,849
Costs and expenses:      
   Production 444 549 542
   Marketing, including purchases from related parties 205 395 542
   Other operating 107 159 103
   Exploration 90 479 73
   Depreciation, depletion and amortization 821 801 643
   Impairments -- 2 17
   Taxes other than income 67 87 95
   General and administrative 171 168 187
Total costs and expenses 1,905 2,640 2,202
Income (loss) from operations (373) (143) 647
   Net interest and other (47) (58) (49)
Income (loss) from continuing ops before income taxes (420) (201) 598
   Provision (benefit) for income taxes (144) (108) 200
Income (loss) from continuing operations (276) (93) 398
Discontinued operations (a) -- 1,019 751
Net income (loss) \$(276) \$926 \$1,149
Adjusted income (loss) from continuing operations (b) \$(253) \$(89) \$438
   Adjustments for special items (net of taxes):      
   Pension settlement (11) (4) (40)
   Unrealized gain on crude oil derivative instruments 15 -- --
   Reduction in workforce (27) -- --
Income (loss) from continuing operations \$(276) \$(93) \$398
Per Share Data      
Basic:      
   Income (loss) from continuing operations \$(0.41) \$(0.14) \$0.58
   Discontinued operations (a) -- \$1.51 \$1.08
   Net income (loss) \$(0.41) \$1.37 \$1.66
Diluted:      
   Adjusted income (loss) from continuing operations (b) \$(0.37) \$(0.13) \$0.63
   Adjusted net income (loss) (b) \$(0.37) -- \$0.88
   Income (loss) from continuing operations \$(0.41) \$(0.14) \$0.57
   Discontinued operations (a) -- \$1.51 \$1.08
   Net income (loss) \$(0.41) \$1.37 \$1.65
Weighted Average Shares:      
   Basic 675 675 693
   Diluted 675 675 696

(a) As a result of the sale of our Angola assets and our Norway business, both are reflected as discontinued operations in 2014.
(b) Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion.

Supplemental Statistics (Unaudited) Three Months Ended
  Mar. 31 Dec. 31 Mar. 31
(in millions) 2015 2014 2014
Segment Income (Loss)      
North America E&P \$(161) \$(143) \$242
International E&P 23 81 221
Oil Sands Mining (19) 23 64
Segment income (loss) (157) (39) 527
Items not allocated to segments, net of income taxes:      
Corporate and unallocated (96) (50) (89)
Pension settlement (11) (4) (40)
Unrealized gain on crude oil derivative instruments 15 -- --
Reduction in workforce (27) -- --
Income (loss) from continuing operations (276) (93) 398
Discontinued operations (a) -- 1,019 751
Net Income (loss) \$(276) \$926 \$1,149
Capital Expenditures (b)      
North America E&P \$933 \$1,452 \$867
International E&P 146 148 105
Oil Sands Mining 21 40 68
Discontinued Operations (a) -- 14 110
Corporate 2 22 3
Total \$1,102 \$1,676 \$1,153
Exploration Expenses      
North America E&P \$35 \$414 \$57
International E&P 55 65 16
Total \$90 \$479 \$73
Provision (Benefit) for Income Taxes      
Current income taxes \$35 \$141 \$111
Deferred income taxes (179) (249) 89
Total \$(144) \$(108) \$200

(a) As a result of the sale of our Angola assets and our Norway business, both are reflected as discontinued operations in 2014.
(b) Capital expenditures include accruals.

Supplemental Statistics (Unaudited) Three Months Ended
  Mar. 31 Dec. 31 Mar. 31
  2015 2014 2014
North America E&P - Net Sales Volumes      
Liquid Hydrocarbons (mbbld) 223   207   163  
     Bakken 54   52   40  
     Eagle Ford 119   107   78  
Oklahoma Resource Basins 12   9   6  
     Other North America (c) 38   39   39  
  Crude Oil and Condensate (mbbld) 184   173   138  
     Bakken 51   49   38  
     Eagle Ford 92   85   62  
Oklahoma Resource Basins 5   3   2  
     Other North America (c) 36   36   36  
  Natural Gas Liquids (mbbld) 39   34   25  
     Bakken 3   3   2  
     Eagle Ford 27   23   16  
Oklahoma resource basins 7   5   4  
     Other North America 2   3   3  
  Natural Gas (mmcfd) 359   331   300  
     Bakken 20   21   16  
     Eagle Ford 169   144   107  
Oklahoma Resource Basins 78   64   54  
     Other North America (c) 92   102   123  
Total North America E&P (mboed) 283   262   213  
International E&P - Net Sales Volumes      
Liquid Hydrocarbons (mbbld) 41   65   48  
     Equatorial Guinea 28   32   35  
  United Kingdom 13   11   13  
     Libya --   22   --  
  Crude Oil and Condensate (mbbld) 31   55   36  
     Equatorial Guinea 18   22   24  
     United Kingdom 13   11   12  
     Libya --   22   --  
  Natural Gas Liquids (mbbld) 10   10   12  
     Equatorial Guinea 10   10   11  
     United Kingdom --   --   1  
  Natural Gas (mmcfd) 451   491   468  
     Equatorial Guinea 418   455   435  
     United Kingdom (b) 33   34   30  
     Libya --   2   3  
Total International E&P (mboed) 116   147   126  
Oil Sands Mining - Net Sales Volumes      
Synthetic Crude Oil (mbbld) (d) 60   55   47  
       
Total Continuing Operations - Net Sales Volumes (mboed) 459   464   386  
Discontinued Operations - Net Sales Volumes (mboed)(a) --   10   77  
Total Company - Net Sales Volumes (mboed) 459   474   463  
Net Sales Volumes of Equity Method Investees (mtd)      
     LNG 6,275   6,675   6,579  
     Methanol 884   1,131   1,153  

(a) As a result of the sale of our Angola assets and our Norway business, both are reflected as discontinued operations in 2014.
(b) Includes natural gas acquired for injection and subsequent resale of 10 mmcfd, 9 mmcfd, and 7 mmcfd in the first quarter of 2015, and the fourth and first quarters of 2014, respectively.
(c) Includes Gulf of Mexico and other conventional onshore U.S. production.
(d) Includes blendstocks.

Supplemental Statistics (Unaudited) Three Months Ended
  Mar. 31 Dec. 31 Mar. 31
  2015 2014 2014
North America E&P - Average Price Realizations (a)      
Liquid Hydrocarbons (\$ per bbl) \$36.92 \$59.33 \$84.79
     Bakken 37.78 60.09 87.60
     Eagle Ford 36.30 58.88 84.16
Oklahoma Resource Basins 28.25 39.48 58.75
Other North America (b) 40.23 64.05 87.40
  Crude Oil and Condensate (\$ per bbl) (c) \$41.75 \$66.16 \$92.48
     Bakken 39.92 61.74 89.46
     Eagle Ford 42.72 68.63 96.10
Oklahoma Resource Basins 45.57 68.82 94.38
Other North America (b) 41.39 66.12 89.25
  Natural Gas Liquids (\$ per bbl) \$14.43 \$24.80 \$43.11
     Bakken N.M. 33.79 57.62
     Eagle Ford 13.73 22.59 37.50
Oklahoma resource basins 17.04 21.65 44.58
Other North America 26.38 38.64 61.83
  Natural Gas (\$ per mcf) \$3.01 \$3.90 \$5.28
     Bakken 2.93 4.75 8.41
     Eagle Ford 2.88 4.03 4.89
Oklahoma Resource Basins 2.61 4.08 5.50
Other North America (b) 3.59 3.44 5.10
International E&P - Average Price Realizations      
Liquid Hydrocarbons (\$ per bbl) \$37.31 \$61.19 \$75.55
     Equatorial Guinea 27.85 42.40 62.37
     United Kingdom 55.81 58.81 109.53
     Libya -- 89.18 --
  Crude Oil and Condensate (\$ per bbl) \$48.87 \$72.13 \$97.73
     Equatorial Guinea 42.55 61.68 90.44
     United Kingdom 57.19 58.89 110.99
     Libya -- 89.18 --
  Natural Gas Liquids (\$ per bbl) \$3.46 \$1.28 \$4.52
     Equatorial Guinea (d) 1.00 1.00 1.00
     United Kingdom 33.64 43.80 73.10
  Natural Gas (\$ per mcf) \$0.78 \$0.71 \$0.92
     Equatorial Guinea (d) 0.24 0.24 0.24
     United Kingdom 7.68 7.06 10.02
     Libya -- 0.09 6.65
Oil Sands Mining - Average Price Realizations      
Synthetic Crude Oil (\$ per bbl) \$40.37 \$65.56 \$88.50
       
Discontinued Operations - Average Price Realizations (\$ per boe)(a)    
     Angola -- -- \$99.82
     Norway -- \$84.16 \$108.08

(a) Excludes gains or losses on derivative instruments.
(b) Includes Gulf of Mexico and other conventional onshore U.S. production.
(c) Inclusion of realized gains on crude oil derivative instruments would have increased average price realizations by \$0.21 per bbl for the first three months of 2015.  There were no crude oil derivative instruments in 2014.
(d) Represents fixed prices under long-term contracts with Alba Plant LLC, Atlantic Methanol Production Company LLC and/or Equatorial Guinea LNG Holdings Limited, which are equity method investees. Marathon Oil includes its share of income from each of these equity method investees in the International E&P segment.
N.M. Not meaningful.

Marathon Oil's revised 2015 activity plans for the three U.S. resource plays is shown in the table below. Wells-to-sales ranges include wells drilled late in 2014 but not brought online until this year.

2015 Activity Plans Net Gross Gross Operated
Eagle Ford:      
Wells to be drilled 132-143 226-241 196-206
Total wells brought to sales 160-176 257-292 227-247
Bakken:      
Wells to be drilled 31-42 88-108 26-36
Total wells brought to sales 58-70 153-173 53-63
Oklahoma Resource Basins:      
Wells to be drilled 19-22 62-71 16-20
Total wells brought to sales 23-26 100-110 18-22