Marathon Oil Reports First Quarter 2022 Results
Marathon Oil (MRO) reported strong financial results for Q1 2022, with a net income of $1.3 billion and an adjusted free cash flow of $940 million. The company has returned 60% of its cash flow to investors through share repurchases and dividends, including $592 million in repurchases and a 15% dividend increase. Marathon Oil's Board authorized a share repurchase increase to $2.5 billion. Production averaged 345,000 boed, with adjusted free cash flow expected to exceed $4.5 billion for the year. The company also raised its Equatorial Guinea income guidance by $200 million.
- Net income of $1.3 billion in Q1 2022.
- Adjusted free cash flow of $940 million.
- Returned 60% of cash flow to equity investors.
- Raised quarterly base dividend by 15%, fifth consecutive increase.
- Increased share repurchase authorization to $2.5 billion.
- Production averaged 345,000 boed.
- Expecting over $4.5 billion in adjusted free cash flow for 2022.
- None.
Continuing to Prioritize Return of Capital with
HOUSTON, May 4, 2022 /PRNewswire/ -- Marathon Oil Corporation (NYSE:MRO) reported first quarter 2022 net income of
- Outstanding first quarter financial delivery highlighted by
$940 million of adjusted free cash flow at27% reinvestment rate - Returned
50% of first quarter cash flow from operations (CFO) to equity investors through$592 million of share repurchases and$52 million base dividend - First quarter oil-equivalent production of 345,000 net boed; oil production of 168,000 net bopd
- Continue to build on peer-leading return of capital track record, exceeding minimum commitment to return at least
40% of CFO to equity investors - Returned approximately
60% of CFO to equity investors through share repurchases and dividends over trailing two quarters - Executed
$1.6 billion of share repurchases since October 1st, reducing share count by11% ; includes$900 million of share repurchases year-to-date1 - Board of Directors approved increasing share repurchase authorization to
$2.5 billion as of May 4th - Raised quarterly base dividend by approximately
15% ; fifth consecutive quarterly base dividend raise for cumulative increase of167% since beginning of 2021 - Expect over
$4.5 billion of 2022 adjusted free cash flow at a reinvestment rate of approximately20% on a$1.3 billion capital budget, assuming$100 /bbl WTI and$6 /MMBtu Henry Hub - Uplift of
$1.5 billion in adjusted free cash flow from original 2022 financial outlook at$80 /bbl WTI and$4 /MMBtu Henry Hub and a reduction in the Company's expected reinvestment rate - Updated 2022 capital budget incorporates
8% inflation adjustment to reflect sustained$100 /bbl WTI and$6 /MMBtu commodity price environment - Raising 2022 Equatorial Guinea equity income guidance by
$200 million
"Amid tremendous macro volatility, Marathon Oil remains resolutely focused on delivering on all elements of our framework for success, including strong corporate returns, sustainable free cash flow generation, market-leading return of capital to shareholders, and ESG excellence," said Chairman, President, and CEO Lee Tillman. "Our constancy of purpose, differentiated execution, and commitment to providing investors with the first call on cash flow through our unique percentage of cash flow framework are all paying off. In the last two quarters, we've returned approximately
Marathon Oil's percentage of CFO framework provides clear visibility to significant return of capital to equity investors and ensures the shareholder gets the first call on cash flow generation. In a
Since October 1st, Marathon Oil has executed more than
During first quarter, Marathon Oil returned
Additionally, the Company's Board of Directors approved an increase in total share repurchase authorization to
CASH FLOW AND CAPEX: Net cash provided by operations was
FREE CASH FLOW: Marathon Oil generated
BALANCE SHEET AND LIQUIDITY: Marathon Oil ended first quarter with total liquidity of
ADJUSTMENTS TO NET INCOME: The adjustments to net income for first quarter reduced adjusted net income by
UNITED STATES (U.S.): U.S. production averaged 281,000 net barrels of oil equivalent per day (boed) for first quarter 2022. Oil production averaged 158,000 net barrels of oil per day (bopd). The Company brought a total of 57 gross Company-operated wells to sales during first quarter, consistent with guidance for 50 to 60 wells to sales. U.S. unit production costs averaged
Marathon Oil's first quarter production in the Eagle Ford averaged 80,000 net boed, including 53,000 net bopd of oil, with 28 gross Company-operated wells to sales. In the Bakken, production averaged 118,000 net boed, including 77,000 net bopd of oil, with 20 gross Company-operated wells to sales. In Oklahoma, production averaged 52,000 net boed, including 12,000 net bopd of oil, with 9 gross Company-operated wells to sales. Northern Delaware production averaged 20,000 net boed, including 11,000 net bopd of oil.
INTERNATIONAL: Equatorial Guinea production averaged 64,000 net boed for first quarter 2022, including 10,000 net bopd of oil. First quarter sales averaged 61,000 net boed, including 8,000 net bopd of oil, as the asset was underlifted on the quarter. Unit production costs averaged
Marathon Oil's original 2022 financial outlook included over
A slide deck and Quarterly Investor Packet will be posted to the Company's website following this release today, May 4. On Thursday, May 5, at 9:00 a.m. ET, the Company will conduct a question and answer webcast/call, which will include forward-looking information. The live webcast, replay and all related materials will be available at https://ir.marathonoil.com/.
Footnotes:
1 Includes share repurchases settled and share repurchases executed with settlement pending
In analyzing and planning for its business, Marathon Oil supplements its use of GAAP financial measures with non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) per share, adjusted free cash flow, net cash provided by operating activities before changes in working capital, total capital expenditures (accrued) and reinvestment rate.
Our presentation of adjusted net income (loss) and adjusted net income (loss) per share is a non-GAAP measure. Adjusted net income (loss) is defined as net income (loss) adjusted for gains or losses on dispositions, impairments of proved and certain unproved properties, goodwill and equity method investments, changes in our valuation allowance, unrealized derivative gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments and other items that could be considered "non-operating" or "non-core" in nature. Management believes this is useful to investors as another tool to meaningfully represent our operating performance and to compare Marathon to certain competitors. Adjusted net income (loss) and adjusted net income (loss) per share should not be considered in isolation or as an alternative to, or more meaningful than, net income (loss) or net income (loss) per share as determined in accordance with U.S. GAAP.
Our presentation of adjusted free cash flow is a non-GAAP measure. Adjusted free cash flow before dividend ("adjusted free cash flow") is defined as net cash provided by operating activities before changes in working capital, capital expenditures (accrued), and EG return of capital and other. Management believes this is useful to investors as a measure of Marathon's ability to fund its capital expenditure programs, service debt, and fund other distributions to stockholders. Adjusted free cash flow should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.
Our presentation of net cash provided by operating activities before changes in working capital is defined as net cash provided by operating activities adjusted for working capital and is a non-GAAP measure. Management believes this is useful to investors as an indicator of Marathon's ability to generate cash quarterly or year-to-date by eliminating differences caused by the timing of certain working capital items. Net cash provided by operating activities before changes in working capital should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.
Our presentation of total capital expenditures (accrued) is a non-GAAP measure. Total capital expenditures (accrued) is defined as cash additions to property, plant and equipment adjusted for the change in capital accrual and additions to other assets. Management believes this is useful to investors as an indicator of Marathon's commitment to capital expenditure discipline by eliminating differences caused by the timing of capital accrual and other items. Total capital expenditures (accrued) should not be considered in isolation or as an alternative to, or more meaningful than, cash additions to property, plant and equipment as determined in accordance with U.S. GAAP.
Our presentation of reinvestment rate is a non-GAAP measure. The reinvestment rate is defined as total capital expenditures (accrued) divided by net cash provided by operating activities before changes in working capital and EG return of capital and other. Management believes the reinvestment rate is useful to investors to demonstrate the Company's commitment to generating cash for use towards investor-friendly purposes (which includes balance sheet enhancement, base dividend and other return of capital).
These non-GAAP financial measures reflect an additional way of viewing aspects of the business that, when viewed with GAAP results may provide a more complete understanding of factors and trends affecting the business and are a useful tool to help management and investors make informed decisions about Marathon Oil's financial and operating performance. These measures should not be considered in isolation or as an alternative to their most directly comparable GAAP financial measures. A reconciliation to their most directly comparable GAAP financial measures can be found in our investor package on our website at https://ir.marathonoil.com/ and in the tables below. Marathon Oil strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including without limitation statements regarding the Company's future capital budgets and allocations, future performance (both absolute and relative), expected adjusted free cash flow, reinvestment rates, future debt retirement and the timing thereof, returns to investors (including dividends and share repurchases, and the timing thereof), business strategy, capital expenditure guidance, production guidance, E.G. equity method income guidance and other plans and objectives for future operations, are forward-looking statements. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "outlook," "plan," "positioned," "project," "seek," "should," "target," "will," "would," or similar words may be used to identify forward-looking statements; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: conditions in the oil and gas industry, including supply/demand levels for crude oil and condensate, NGLs and natural gas and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in the U.S. and Equatorial Guinea, including changes in foreign currency exchange rates, interest rates, inflation rates and global and domestic market conditions; actions taken by the members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia affecting the production and pricing of crude oil and other global and domestic political, economic or diplomatic developments; capital available for exploration and development; risks related to the Company's hedging activities; voluntary or involuntary curtailments, delays or cancellations of certain drilling activities; well production timing; liabilities or corrective actions resulting from litigation, other proceedings and investigations or alleged violations of law or permits; drilling and operating risks; lack of, or disruption in, access to storage capacity, pipelines or other transportation methods; availability of drilling rigs, materials and labor, including the costs associated therewith; difficulty in obtaining necessary approvals and permits; the availability, cost, terms and timing of issuance or execution of, competition for, and challenges to, mineral licenses and leases and governmental and other permits and rights-of-way, and our ability to retain mineral licenses and leases; non-performance by third parties of contractual or legal obligations, including due to bankruptcy; unexpected events that may impact distributions from our equity method investees; changes in our credit ratings; hazards such as weather conditions, a health pandemic (including COVID-19), acts of war or terrorist acts and the government or military response thereto; security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business; changes in safety, health, environmental, tax and other regulations, requirements or initiatives, including initiatives addressing the impact of global climate change, air emissions, or water management; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the Company's 2021 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases, available at https://ir.marathonoil.com/. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.
Media Relations Contact:
Kathy Sauve: 713-296-3915
Investor Relations Contacts:
Guy Baber: 713-296-1892
John Reid: 713-296-4380
Consolidated Statements of Income (Unaudited) | Three Months Ended | ||
Mar. 31 | Dec. 31 | Mar. 31 | |
(In millions, except per share data) | 2022 | 2021 | 2021 |
Revenues and other income: | |||
Revenues from contracts with customers | $ 1,761 | $ 1,732 | $ 1,177 |
Net gain (loss) on commodity derivatives | (143) | 15 | (153) |
Income (loss) from equity method investments | 127 | 74 | 44 |
Net gain (loss) on disposal of assets | — | (27) | — |
Other income | 8 | 6 | 3 |
Total revenues and other income | 1,753 | 1,800 | 1,071 |
Costs and expenses: | |||
Production | 152 | 156 | 121 |
Shipping, handling and other operating | 185 | 189 | 152 |
Exploration | 11 | 27 | 21 |
Depreciation, depletion and amortization | 423 | 516 | 496 |
Impairments | — | — | 1 |
Taxes other than income | 104 | 109 | 74 |
General and administrative | 73 | 64 | 89 |
Total costs and expenses | 948 | 1,061 | 954 |
Income (loss) from operations | 805 | 739 | 117 |
Net interest and other | (22) | (59) | (13) |
Other net periodic benefit (costs) credits | 4 | 3 | 3 |
Income (loss) before income taxes | 787 | 683 | 107 |
Provision (benefit) for income taxes | (517) | 34 | 10 |
Net income (loss) | $ 1,304 | $ 649 | $ 97 |
Adjusted Net Income (Loss) | |||
Net income (loss) | $ 1,304 | $ 649 | $ 97 |
Adjustments for special items (pre-tax): | |||
Net (gain) loss on disposal of assets | — | 27 | — |
Proved property impairments | — | — | 1 |
Exploratory dry well costs, unproved property impairments and other | — | 16 | — |
Pension settlement | — | 1 | — |
Unrealized (gain) loss on derivative instruments | 114 | (146) | 82 |
Unrealized (gain) loss on interest rate swaps | 26 | 43 | (41) |
Reduction in workforce | — | — | 11 |
Other | 27 | 5 | 16 |
Benefit for income taxes related to special items (a) | (37) | (3) | — |
Valuation allowance | (685) | — | — |
Adjustments for special items | (555) | (57) | 69 |
Adjusted net income (loss) (b) | $ 749 | $ 592 | $ 166 |
Per diluted share: | |||
Net income (loss) | $ 1.78 | $ 0.84 | $ 0.12 |
Adjusted net income (loss) (b) | $ 1.02 | $ 0.77 | $ 0.21 |
Weighted average diluted shares | 732 | 773 | 789 |
(a) | For the first quarter 2022, we applied the U.S. statutory rate of |
(b) | Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion. |
Supplemental Data (Unaudited) | Three Months Ended | ||
Mar. 31 | Dec. 31 | Mar. 31 | |
(Per share) | 2022 | 2021 | 2021 |
Adjusted Net Income (Loss) Per Diluted Share | |||
Net income (loss) | $ 1.78 | $ 0.84 | $ 0.12 |
Adjustments for special items (pre-tax): | |||
Net (gain) loss on disposal of assets | — | 0.03 | — |
Proved property impairments | — | — | — |
Exploratory dry well costs, unproved property impairments and other | — | 0.02 | — |
Pension settlement | — | — | — |
Unrealized (gain) loss on derivative instruments | 0.16 | (0.19) | 0.10 |
Unrealized (gain) loss on interest rate swaps | 0.04 | 0.06 | (0.05) |
Reduction in workforce | — | — | 0.01 |
Other | 0.03 | 0.01 | 0.03 |
Benefit for income taxes related to special items | (0.05) | — | — |
Valuation allowance | (0.94) | — | — |
Adjustments for special items | (0.76) | (0.07) | 0.09 |
Adjusted net income (loss) per share (a) | $ 1.02 | $ 0.77 | $ 0.21 |
(a) | Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion. |
Supplemental Data (Unaudited) | Three Months Ended | ||
Mar. 31 | Dec. 31 | Mar. 31 | |
(In millions) | 2022 | 2021 | 2021 |
Segment income (loss) | |||
United States | $ 661 | $ 553 | $ 212 |
International | 115 | 106 | 50 |
Not allocated to segments | 528 | (10) | (165) |
Net income (loss) | $ 1,304 | $ 649 | $ 97 |
Cash flows | |||
Net cash provided by operating activities | $ 1,067 | $ 1,146 | $ 622 |
Changes in working capital | 213 | (45) | 15 |
Net cash provided by operating activities before changes in working capital (a) | $ 1,280 | $ 1,101 | $ 637 |
Adjusted free cash flow | |||
Net cash provided by operating activities before changes in working capital (a) | $ 1,280 | $ 1,101 | $ 637 |
Adjustments: | |||
Capital expenditures (accrued) | (348) | (251) | (184) |
EG return of capital and other | 8 | 48 | (10) |
Adjusted free cash flow (a) | $ 940 | $ 898 | $ 443 |
Capital expenditures (accrued) | |||
Cash additions to property, plant and equipment | $ (332) | $ (274) | $ (209) |
Change in capital accrual | (16) | 23 | 25 |
Additions to other assets | — | — | — |
Total capital expenditures (accrued) (a) | $ (348) | $ (251) | $ (184) |
(a) | Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion. |
Supplemental Data (Unaudited) | 2022 Adjusted Free Cash Flow Outlook | |
(In millions) | Updated (a) | Original (b) |
Expected cash flows | ||
Net cash provided by operating activities | $ 5,800 | $ 4,400 |
Changes in working capital | 200 | — |
Net cash provided by operating activities before changes in working capital (c) | $ 6,000 | $ 4,400 |
Expected adjusted free cash flow | ||
Net cash provided by operating activities before changes in working capital (c) | $ 6,000 | $ 4,400 |
Adjustments: | ||
Capital expenditures (accrued) | (1,300) | (1,200) |
EG return of capital and other | — | — |
Expected adjusted free cash flow (c) | $ 4,700 | $ 3,200 |
(a) | Based upon a |
(b) | Based upon an |
(c) | Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion. |
Supplemental Data (Unaudited) | Three Months Ended | 2022 Outlook | ||
(In millions, except percentage data) | Mar. 31 2022 | Updated (a) | Original (b) | |
Sources of Cash | ||||
Net cash provided by operating activities before changes in working capital (c) | $ 1,280 | $ 6,000 | $ 4,400 | |
EG return of capital and other | 8 | — | — | |
Sources of Cash | 1,288 | 6,000 | 4,400 | |
Capital expenditures (accrued) | $ 348 | $ 1,300 | $ 1,200 | |
Reinvestment rate (c) | 27 % | 22 % | 27 % | |
(a) | Based upon a |
(b) | Based upon an |
(c) | Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion. |
Supplemental Statistics (Unaudited) | Three Months Ended | ||
Mar. 31 | Dec. 31 | Mar. 31 | |
Net Production | 2022 | 2021 | 2021 |
Equivalent Production (mboed) | |||
United States | 281 | 304 | 276 |
International | 64 | 49 | 69 |
Total net production | 345 | 353 | 345 |
Oil Production (mbbld) | |||
United States | 158 | 172 | 160 |
International | 10 | 9 | 12 |
Total net production | 168 | 181 | 172 |
Supplemental Statistics (Unaudited) | Three Months Ended | ||
Mar. 31 | Dec. 31 | Mar. 31 | |
2022 | 2021 | 2021 | |
United States - net sales volumes | |||
Crude oil and condensate (mbbld) | 158 | 171 | 159 |
Eagle Ford | 53 | 60 | 50 |
Bakken | 77 | 81 | 77 |
Oklahoma | 12 | 13 | 12 |
Northern Delaware | 11 | 12 | 15 |
Other United States (a) | 5 | 5 | 5 |
Natural gas liquids (mbbld) | 64 | 70 | 53 |
Eagle Ford | 14 | 17 | 12 |
Bakken | 26 | 27 | 19 |
Oklahoma | 17 | 19 | 17 |
Northern Delaware | 4 | 5 | 4 |
Other United States (a) | 3 | 2 | 1 |
Natural gas (mmcfd) | 350 | 379 | 378 |
Eagle Ford | 80 | 94 | 91 |
Bakken | 91 | 95 | 93 |
Oklahoma | 132 | 146 | 145 |
Northern Delaware | 30 | 30 | 35 |
Other United States (a) | 17 | 14 | 14 |
Total United States (mboed) | 280 | 304 | 275 |
International - net sales volumes | |||
Crude oil and condensate (mbbld) | 8 | 13 | 9 |
Equatorial Guinea | 8 | 13 | 9 |
Natural gas liquids (mbbld) | 7 | 5 | 8 |
Equatorial Guinea | 7 | 5 | 8 |
Natural gas (mmcfd) | 276 | 207 | 295 |
Equatorial Guinea | 276 | 207 | 295 |
Total International (mboed) | 61 | 53 | 66 |
Total Company - net sales volumes (mboed) | 341 | 357 | 341 |
Net sales volumes of equity method investees | |||
LNG (mtd) | 3,489 | 2,213 | 3,766 |
Methanol (mtd) | 982 | 776 | 1,092 |
Condensate and LPG (boed) | 6,914 | 6,123 | 10,730 |
(a) | Includes sales volumes from the sale of certain non-core proved properties in our United States segment. |
Supplemental Statistics (Unaudited) | Three Months Ended | ||
Mar. 31 | Dec. 31 | Mar. 31 | |
2022 | 2021 | 2021 | |
United States - average price realizations (a) | |||
Crude oil and condensate ($ per bbl) (b) | $ 94.43 | $ 77.03 | $ 55.38 |
Eagle Ford | 96.38 | 77.68 | 57.52 |
Bakken | 93.80 | 76.49 | 53.65 |
Oklahoma | 94.08 | 77.39 | 55.63 |
Northern Delaware | 92.47 | 77.70 | 57.06 |
Other United States (c) | 88.79 | 75.26 | 54.83 |
Natural gas liquids ($ per bbl) | $ 37.32 | $ 34.99 | $ 23.94 |
Eagle Ford | 35.50 | 34.26 | 24.43 |
Bakken | 38.21 | 34.79 | 23.22 |
Oklahoma | 38.02 | 36.42 | 25.08 |
Northern Delaware | 35.29 | 33.79 | 22.60 |
Other United States (c) | 36.98 | 33.85 | 20.89 |
Natural gas ($ per mcf) | $ 4.79 | $ 5.24 | $ 6.31 |
Eagle Ford | 4.51 | 5.25 | 5.78 |
Bakken | 5.28 | 5.58 | 2.96 |
Oklahoma | 4.71 | 5.08 | 8.36 |
Northern Delaware | 4.54 | 4.68 | 7.85 |
Other United States (c) | 4.49 | 5.65 | 6.81 |
International - average price realizations | |||
Crude oil and condensate ($ per bbl) | $ 59.63 | $ 71.29 | $ 44.13 |
Equatorial Guinea | 59.63 | 71.29 | 44.13 |
Natural gas liquids ($ per bbl) | $ 1.00 | $ 1.00 | $ 1.00 |
Equatorial Guinea (d) | 1.00 | 1.00 | 1.00 |
Natural gas ($ per mcf) | $ 0.24 | $ 0.24 | $ 0.24 |
Equatorial Guinea (d) | 0.24 | 0.24 | 0.24 |
Benchmark | |||
WTI crude oil (per bbl) | $ 95.01 | $ 77.10 | $ 58.14 |
Brent (Europe) crude oil (per bbl) (e) | $ 100.30 | $ 79.59 | $ 60.82 |
Mont Belvieu NGLs (per bbl) (f) | $ 38.24 | $ 35.39 | $ 23.98 |
Henry Hub natural gas (per mmbtu) (g) | $ 4.95 | $ 5.83 | $ 2.69 |
(a) | Excludes gains or losses on commodity derivative instruments. |
(b) | Inclusion of realized gains (losses) on crude oil derivative instruments would have decreased average price realizations by |
(c) | Includes sales volumes from the sale of certain non-core proved properties in our United States segment. |
(d) | Represents fixed prices under long-term contracts with Alba Plant LLC, Atlantic Methanol Production Company LLC and/or Equatorial Guinea LNG Holdings Limited, which are equity method investees. The Alba Plant LLC processes the NGLs and then sells secondary condensate, propane, and butane at market prices. Marathon Oil includes its share of income from each of these equity method investees in the International segment. |
(e) | Average of monthly prices obtained from Energy Information Administration website. |
(f) | Bloomberg Finance LLP: Y-grade Mix NGL of |
(g) | Settlement date average per mmbtu. |
The following table sets forth outstanding derivative contracts as of May 2, 2022, and the weighted average prices for those contracts:
2022 | 2023 | ||||||
Second Quarter | Third Quarter | Fourth Quarter | First Quarter | ||||
Crude Oil | |||||||
NYMEX WTI Three-Way Collars | |||||||
Volume (Bbls/day) | 50,000 | 30,000 | 30,000 | — | |||
Weighted average price per Bbl: | |||||||
Ceiling | $ 98.79 | $ 97.52 | $ 97.52 | $ — | |||
Floor | $ 58.00 | $ 56.67 | $ 56.67 | $ — | |||
Sold put | $ 48.00 | $ 46.67 | $ 46.67 | $ — | |||
NYMEX Roll Basis Swaps | |||||||
Volume (Bbls/day) | 60,000 | 60,000 | 60,000 | — | |||
Weighted average price per Bbl | $ 0.67 | $ 0.67 | $ 0.67 | $ — | |||
Natural Gas | |||||||
Henry Hub ("HH") Three-Way Collars | |||||||
Volume (MMBtu/day) | 100,000 | 100,000 | 100,000 | — | |||
Weighted average price per MMBtu | |||||||
Ceiling | $ 7.13 | $ 7.13 | $ 7.13 | $ — | |||
Floor | $ 3.88 | $ 3.88 | $ 3.88 | $ — | |||
Sold Put | $ 2.88 | $ 2.88 | $ 2.88 | $ — | |||
HH Two-Way Collars | |||||||
Volume (MMBtu/day) | — | — | 50,000 | 50,000 | |||
Weighted average price per MMBtu: | |||||||
Ceiling | $ — | $ — | $ 19.28 | $ 19.28 | |||
Floor | $ — | $ — | $ 5.00 | $ 5.00 | |||
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SOURCE Marathon Oil Corporation
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