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The Smaller the Utica Frac Sand Size, the Bigger the Profits
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Gulfport Energy emerges from Chapter 11 bankruptcy - Pittsburgh Business Times
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Oil, Gas, And Fracking News Read 16May 2021
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Marathon Petroleum has completed a $21 billion sale of the Speedway convenience store chain and will use some of the proceeds to repurchase stock.
The Finlay-based company is selling Speedway s 3,900 locations to 7-Eleven. The deal was announced last August, several months after activist investors persuaded Marathon s directors to reorganize the company.
Marathon s immediate plans
Marathon, which has a refinery in Canton, said the sale will result in $16.5 billion of after-tax cash proceeds. In addition to the refinery, Marathon holds a major stake in MPLX, a midstream business with pipelines, storage facilities and other operations in Stark County and southeast Ohio s Utica Shale region.
First Quarter Highlights:
Averaged net production of approximately 1.8 bcfe per day for the quarter, of which 89% was natural gas
Adjusted EBITDAX
Decreased average well cost
(2) to approximately $564 per lateral foot during the quarter, resulting in capital expenditures incurred of $148 million
Generated $54 million of free cash flow
(1) during the quarter
Eliminated all debt maturities until Q2 2024 with the retirement of our Convertible Notes in March 2021 and the redemption of our Senior Notes due 2022 in April 2021
Borrowing base reaffirmed at $1.85 billion in April 2021
Reiterating annual production, free cash flow and capital guidance for 2021
(1) A non-GAAP financial measure. See the Non-GAAP reconciliations included in this press release for the definition of, and other important information regarding, this non-GAAP financial measure.