2023-08-02 16:33:54 ET
- Marathon Oil press release ( NYSE: MRO ): Q2 Non-GAAP EPS of $0.48 beats by $0.01 .
- Revenue of $1.51B (-34.3% Y/Y) misses by $20M .
- Achieved first half 2023 shareholder distributions of $831 million, including over $700 million of share repurchases; represents 40% of adjusted CFO
- Executed $4.2 billion of total share repurchases over trailing 7 quarters, driving a 24% reduction in outstanding share count and significant growth in all per-share metrics
- Achieved strong second quarter financial and operational results with no changes to full-year production or capital spending guidance ranges
- Generated second quarter FCF of $442 million and adjusted FCF of $531 million
- Delivered sequential increase in total second quarter production to 399,000 net barrels of oil equivalent per day (boed) and 189,000 net barrels of oil per day (bopd)
- Company's full year 2023 total Company oil equivalent production is trending above the midpoint of the annual guidance range.
- 2023 Outlook: Marathon Oil's originally provided 2023 production guidance ranges remain unchanged with the Company's full year 2023 total Company oil equivalent production trending above the midpoint of guidance. Third quarter total Company oil and oil equivalent production are both expected to be at or above the high end of the annual guidance ranges. No change to the Company's 2023 capital spending guidance range of $1.9 to $2.0 billion with first half capital spending (accrued) accounting for just over 60% of the full year budget at the midpoint of guidance, consistent with the Company's business plan.
- Shares -0.66% .
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Marathon Oil Non-GAAP EPS of $0.48 beats by $0.01, revenue of $1.51B misses by $20M