Marathon Oil said on Wednesday that it plans to restart drilling in the Bakken region later this year.
The company said in its third quarter results that is plans to return to drilling in the Bakken and will add one rig in the play during the fourth quarter.
Marathon Oil averaged 54,000 net barrels of oil equivalent per day (boed) of production in the Bakken during third quarter 2016, compared to 53,000 net boed in the prior quarter and 61,000 net boed in the year-ago quarter.
The company said that “strong well productivity” from the Clarks Creek pad and “high reliability” continued supporting its base production in the play.
Marathon brought three gross wells in East Myrmidon area to sales in the third quarter.
The company said all three wells are “performing at or above expectations” with completions ranging from 600 to 1,500 pounds per lateral foot of proppant and 45 to 50 stages per well.
Marathon’s Rufus well in the first bench of the Three Forks achieved a 30-day production rate of 2,635 boed, with 80 percent being oil.
The company’s Hannah Three Forks first bench well achieved 2,100 boed, with 80 percent being oil.
Marathon’s Maggie Middle Bakken well achieved 2,190 boed, with 80 percent being oil, over 30 days.
Marathon boosted the low end of its full-year 2016 E&P production guidance range, resulting in a new range of 335,000 to 345,000 net boed.
Full-year production guidance for oil sands mining (OSM) was narrowed to 45,000 to 50,000 net barrels per day.
Marathon’s total third quarter production averaged 402,000 net boed, above the top end of its guidance and up 5 percent from the second quarter.
Marathon Oil reported a third quarter 2016 net loss of $192 million, or $0.23 per diluted share.
Marathon said the net loss “includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results.”
Third quarter adjusted net loss for the quarter was $97 million, or $0.11 per diluted share, compared to a $138 million adjusted net loss in the same quarter of last year.