- Marathon Oil press release ( NYSE: MRO ): Q4 Non-GAAP EPS of $0.88 beats by $0.03 .
- Revenue of $1.73B (flat Y/Y) misses by $40M .
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- Returned 55% of adjusted CFO to shareholders in 2022 (75% of adjusted FCF), significantly exceeding minimum 40% Return of Capital Framework commitment
- Delivered total shareholder returns of $3.0 billion, representing a distribution yield of 17% on current market capitalization, including $338 million during fourth quarter
- Executed $2.8 billion of share repurchases, driving a 15% reduction to outstanding share count, including $280 million during fourth quarter
- Achieved outstanding full year 2022 and fourth quarter financial and operational results
- Reported full year 2022 adjusted FCF of $3,947 million at 27% reinvestment rate; fourth quarter adjusted FCF of $763 million at 31% reinvestment rate
- Reported full year 2022 oil and oil-equivalent production of 169,000 net bopd and 343,000 net boed; fourth quarter oil and oil-equivalent production of 166,000 net bopd and 333,000 net boed
- Increased year-end 2022 proved reserves to 1,338 million barrels of oil equivalent (mmboe), an addition of 232 mmboe, or 21%, in comparison to year-end 2021
- Successfully closed Ensign Natural Resources acquisition during fourth quarter, materially increasing Eagle Ford scale
- Accretive to key financial metrics, Return of Capital Framework, and inventory life with locations that immediately compete for capital
- Cash flow growth from acquisition supports recently announced 11% base dividend increase; seventh increase in last eight quarters
- Integration progressing ahead of schedule with strong initial well performance
- E.G. integrated gas business achieved 2022 equity earnings of $613 million
- Progressing agreements to secure increased exposure to global LNG market in 2024; expected to drive significant improvement to E.G. earnings and cash flow
- 2023 capital budget prioritizes FCF generation and meaningful return of capital to shareholders
- Expect $1.9 to $2.0 billion capital program to deliver $2.6 billion of adjusted FCF at reinvestment rate of approximately 40%, assuming $80/bbl WTI, $3.00/MMBtu Henry Hub, and $20/MMBtu TTF
- Expect to return at least 40% of adjusted CFO to shareholders in 2023, equating to minimum shareholder return of $1.8 billion at referenced commodity price assumptions
- Expect total Company maintenance-level oil production of 190,000 net bopd at midpoint of guidance and oil-equivalent production of 395,000 net boed at midpoint of guidance
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Marathon Oil Non-GAAP EPS of $0.88 beats by $0.03, revenue of $1.73B misses by $40M