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For the third quarter, the company estimates liquid hydrocarbon and natural gas production available for sale to be about 395,000 barrels of oil equivalent per day or boepd, within the previous guidance of 380,000 to 400,000 boepd.
Liquid hydrocarbon and natural gas production sold during the third quarter is estimated at about 380,000 boepd.
The Houston, Texas-based company's average liquid hydrocarbon realization for the first two months of the third quarter increased $7.34 per barrel domestically and $9.22 per barrel internationally.
For the entire third quarter of 2009, the average West Texas Intermediate crude oil market price indicator was $8.45 per barrel higher than the second quarter of 2009 while the average Dated Brent indicator increased $8.95 per barrel.
Domestic average natural gas price realization for the first two months of the third quarter increased by $0.21 per thousand cubic feet or mcf over the previous quarter.
International average natural gas realizations for continuing operations, however, decreased $0.02 per mcf in the first two months from the second quarter of 2009.
Exploration expense for the third quarter is anticipated to be at or below $80 million, which is at the low end of previous outlook.
For the third quarter, the Marathon Oil estimates that its share of bitumen production from the Athabasca Oil Sands Project or AOSP mining operation will be about 27,000 barrels per day or bpd, within the previous guidance of 23,000 to 28,000 bpd for the third quarter.
Marathon estimates synthetic crude oil sales from AOSP to be about 31,000 bpd for the third quarter. Average synthetic crude oil realization for the first two months of the third quarter was $61.37 per barrel, compared to $55.02 per barrel in the previous quarter.
Marathon expects the income effect of crude oil derivative instruments will not be significant for the quarter. All derivative instruments related to the Oil Sands Mining segment expire at year-end 2009.
For the third quarter, the company estimates its refined products sales volumes to average about 1.40 million bpd, compared to 1.36 million bpd in the year-ago quarter.
Refining and wholesale marketing gross margin is expected to be about $0.07 per gallon, down from $0.2519 per gallon earned in the third quarter of 2008, due to weaker market-based indicators in the Midwest (Chicago) and Gulf Coast markets.
Crude oil refined is expected to average about 1.02 million bpd for the third quarter, compared to 955,000 bpd in the prior year quarter.
Total refinery throughputs are expected to be about 1.19 million bpd, compared to 1.14 million bpd in the third quarter of 2008.
Speedway SuperAmerica LLC's (SSA | Quote | Chart | News | PowerRating) gasoline and distillate gross margin averaged $0.1398 per gallon during July and August 2009 and is expected to average about $0.13 per gallon for the third quarter of 2009.
The company estimates that SSA's third quarter same store gasoline sales volume will increase about 3% over last year.
Marathon's liquefied natural gas or LNG operations in Equatorial Guinea and Alaska are estimated to have sold approximately 6,300 net metric tonnes per day or mtpd of LNG in the third quarter of 2009, above the previous guidance of 5,000 to 6,000 mtpd.
The overall corporate effective income tax rate for 2009, excluding special items and foreign currency remeasurement effects, is now expected to be between 54% and 59%.
Marathon is scheduled to report its second quarter results on November 3.
Marathon closed Wednesday's regular trading session at $31.97, up 5 cents, on a volume of 4.60 million shares.
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