Marathon Oil Announces Possible Discovery of Natural Gas in Deepwater Well (MRO)
On Monday, oil and natural gas exploration company Marathon Oil Corporation (MRO) announced that it has discovered possible natural gas in its pre-salt Diaman-1B exploration well.
The preliminary analysis suggest that the hydrocarbons found in the deepwater well are natural gas with condensate content. The discovery requires more study to be completed to ensure the preliminary results are true.
According to Marathon Oil’s press release, “The Diaman-1B successfully confirms the existence of a working petroleum system and is the first discovery drilled in the deepwater portion of the pre-salt play. Diaman-1B is located over 60 miles away from the nearest other pre-salt commercial discovery.”
Marathon Oil shares were down 58 cents, or 1.70%, during early morning trading on Monday. The stock is up 9.59% year-to-date.
The Bottom Line
Shares of Marathon Oil (MRO) offer a dividend yield of 2.22% based on Friday’s closing price of $34.26 and the company’s annualized dividend payout of 76 cents per share.
Marathon Oil Corporation (MRO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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