Marathon oil reports a US$323 million net loss for the fourth quarter
The independent upstream player owns 20% of Albian Sands, which operates the Muskeg River and Jackpine Mines in Fort McMurray. Albian's Q4 production was 245,000 bbl/day, down from a record 285,000 bbl/day in Q3. Operating costs at the mining facility were down 36% y/y to US$28.25/bbl, thanks to a weaker Canadian dollar.
Marathon has destaffed 20% of its workforce worldwide so far.