MRO - Marathon Q4 results -- production down buybacks through the roof

Marathon (NYSE:MRO) reported Q4 results after the close, posting adjusted net income of 77c per share versus street expectations for 56c. Similar to Devon (NYSE:DVN), Continental (NYSE:CLR) and Pioneer (NYSE:PXD), Marathon is prioritizing shareholder returns over production growth in 2022:  Shareholder returns - the Company repurchased 8% of shares outstanding in the past ~4 months, raised the base dividend 17% (~1% forward yield) and planned to continue executing on the Company's $1.7b repurchase authorization. Production - Marathon is planning for zero production growth in 2022 when compared to 2021, a ~1% decrease from Q4 2021 levels. Capex - the Company has budgeted for $1.2b in 2022 spend, a ~16% increase from 2021 levels. Marathon CEO Lee Tillman noted in the release, "we are demonstrating that investors will get the first call on cash flow generation, as evidenced by the $1b of share repurchases since October and four consecutive increases to

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Marathon Q4 results -- production down, buybacks through the roof