Marathon Oil reported 2010 annual results; Added nine onshore exploration licenses with shale gas potential in Poland for a total of 11 licenses; Announced $5.27 billion capital, investment and exploration budget for 2011

Marathon’s annual 2010 sales volumes averaged 391,000 boepd down 2% over 2009 average of 400,000 boepd from continuing operations. This is due to the result of planned downtime associated with the turnaround of production facilities in Equatorial Guinea completed in the second quarter 2010, natural field declines and asset dispositions. The company achieved 95% reserve replacement ratio for the annual year 2010.

Marathon announced $5.267 billion capital, investment and exploration budget for 2011, consistent with prior guidance and a 9% increase from 2010 capital spending. The company aim at liquids rich opportunities such as the Bakken, Anadarko Woodford, Eagle Ford and Niobrara resource plays in the U.S.

The company’s capital spending in the upstream segments is approximately $3.7 billion or 71% of total spending for 2011. This Upstream program includes spending of $1.3 billion on base assets ($1 billion on E&P base and $300 million on Oil Sands Mining and Integrated Gas), $1.9 billion on growth assets such as liquids resource plays in the U.S., and $465 million specifically for impact exploration.

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Forest Oil reported 2010 annual results; Average liquids net sales volumes up 33% over 2009; Plan to spend 80% of 2011 capital to liquids-rich prospects

Forest's 2010 average net sales volumes up 5% to 453 mmcfpd over 2009. The company’s average oil and natural gas liquids (NGLs) net sales volumes for the year ended December 31, 2010 organically increased 33% to 18.9 MBbls/d, compared to the corresponding 2009 period, pro forma for divestitures. The company reported 2011 production guidance of 470 mmcfpd.

Forest oil plan to Spend US$600-US$650 million in 2011, of which 50% is allocated to Texas Panhandle. The company also reported to invest 80% of its total capital expenditures to liquids-rich prospects.

The company continue to allocate about 50% of our capital budget to the Granite Wash play, including testing new zones; expect organic growth focusing on high-return, liquids-rich locations during 2011 and beyond from the Texas Panhandle - Granite Wash play.

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Sinopec reports 2010 annual results; Natural Gas Production up 47.6% over 2009; Plan to invest RMB 54,100 million (US$ 8,300 million) for exploration and development of mature oil fields in eastern China, Tahe, Angola Block 18, and gas fields in Yuanba.

Sinopec produced 441.4 bcf of gas in 2010, up 47.6% over the 2009 gas production of 299 bcf. This is due to the start of commercial production from the Puguang gas field in Sichuan province. The capital expenditure for exploration and production segment was RMB 52,680 million (US$ 8,018 million), which was mainly used for exploration, development and capacity construction of key oilfields including Tahe, Shengli and Angola Block 18 and gas fields in Puguang and Erdos, as well as for pipeline construction of the Sichuan-to-Eastern China Gas Project

In 2011, Sinopec plans to produce 45.59 million tons of crude oil and 14.1 bcm of natural gas. The company has also estimated a set of operational targets as part of 12^th five year plan, which include domestic crude production of 43.5 to 45 mt/y; gas production of 20 to 24 bcm/year.

Capital expenditure for 2011 is projected to be around RMB 124.1 billion, primarily for E&P projects, Shandong LNG project, Changling and Beihai refinery revamping and upgrading, as well the construction and upgrading of new service stations, Wuhan ethylene and Zhongyuan coal-to-olefin projects, crude and product pipeline projects and logistics system.

To know more about Sinopec Corp., visit:http://docsearch.derrickpetroleum.com/research/cmp/508/Sinopec%20Corp%20(China%20Petroleum).html