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MRO » Topics » Increased Proved Reserve Base

This excerpt taken from the MRO 8-K filed Jan 27, 2005.

Increased Proved Reserve Base

 

During 2004, Marathon added net proved reserves of 221 mmboe, excluding 2 mmboe of dispositions, while producing 122 mmboe during the year.  Of particular importance is that during 2004 Marathon added approximately 136 mmboe through extensions, discoveries and other additions, which alone more than offset 2004 production.  Over the past three years, the company has added net proved reserves of 782 mmboe, excluding dispositions of approximately 280 mmboe, while producing approximately 411 mmboe.  At year-end, Marathon had estimated proved reserves of 1,139 mmboe.  Capital and exploration costs related to these reserve additions were in-line with previous guidance. 

 

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