Welcome to our dedicated page for Marathon Oil Corporation news (Ticker: MRO), a resource for investors and traders seeking the latest updates and insights on Marathon Oil Corporation stock.
Marathon Oil Corporation (NYSE: MRO) is a leading American company specializing in hydrocarbon exploration and production. With a strong focus on unconventional resources in the United States, the company operates in four key resource plays: Eagle Ford in Texas, Bakken in North Dakota, STACK and SCOOP in Oklahoma, and the Permian in New Mexico and Texas. Complementing its U.S. operations is a world-class integrated gas business located in Equatorial Guinea.
Marathon Oil is dedicated to the exploration, production, and marketing of crude oil, condensate, natural gas liquids (NGLs), and natural gas. In 2023, the company reported net proved reserves of 1.1 billion barrels of oil equivalent, with an average daily net production of 405 thousand barrels of oil equivalent. The production ratio comprised about 70% oil and NGLs and 30% natural gas.
Recent achievements highlight the company's robust financial health and operational success. For the full year 2023, Marathon Oil reported net income of $1,554 million and adjusted net income of $1,587 million. The company generated free cash flow of $2,029 million and returned $1.7 billion to shareholders while reducing gross debt by $500 million.
Marathon Oil's strategic projects include the development of longer lateral wells, enhancing resource recovery through refrac and redevelopment programs, and improving capital efficiency. In addition, the company's global LNG pricing structure in Equatorial Guinea has significantly uplifted the value of its LNG sales.
Committed to environmental, social, and governance (ESG) excellence, Marathon Oil achieved its 2025 greenhouse gas (GHG) intensity reduction goal two years ahead of schedule, improved its safety performance to record-low incident rates, and made significant social investments in local communities.
For more information on Marathon Oil's latest updates, financial performance, and strategic initiatives, please visit their website at www.marathonoil.com.
Marathon Oil Corporation (NYSE: MRO) announced on
Marathon Oil Corporation (NYSE: MRO) has signed a Heads of Agreement with the Republic of Equatorial Guinea and Noble Energy to advance Phases II and III of the Equatorial Guinea Regional Gas Mega Hub project. This follows the successful completion of Phase I, which began gas delivery in February 2021. Phase II, commencing January 1, 2024, will increase MRO's exposure to global LNG pricing, significantly improving earnings and cash flow. Additionally, a bilateral treaty with Cameroon opens further opportunities for gas monetization. This project is expected to enhance local employment and secure future gas supplies for power generation.
Marathon Oil Corporation (NYSE: MRO) announced plans to release its first-quarter 2023 earnings on May 3, 2023, after U.S. financial markets close. A conference call is scheduled for May 4, 2023, at 9 a.m. ET, featuring forward-looking information. Marathon Oil, known for its operations in key U.S. resource plays like the Eagle Ford, Bakken, STACK, SCOOP, and Permian, emphasizes a strong balance sheet and ESG practices as part of its operational framework. Investors can access earnings reports and related materials on their official website.
Marathon Oil Corporation (NYSE: MRO) reported a strong performance for 2022, achieving a net income of $3.6 billion, or $5.26 per diluted share. The company returned $3 billion to shareholders, equating to a 17% distribution yield. Highlights include an adjusted free cash flow of $3.9 billion and increased proved reserves by 232 million barrels. In 2023, Marathon plans to return at least 40% of adjusted cash flow to shareholders, alongside a $1.9 to $2.0 billion capital program targeting $2.6 billion in adjusted free cash flow. The successful Ensign acquisition has strengthened its Eagle Ford portfolio, while the company remains committed to ESG excellence and shareholder value.
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