- Marathon Oil press release ( NYSE: MRO ): Q3 Non-GAAP EPS of $1.24 beats by $0.07 .
- Revenue of $2.25B (+55.2% Y/Y) beats by $220M .
- Built on return of capital track record with 82% of adjusted CFO returned to shareholders in third quarter
- Returned $1,176 million to equity holders in third quarter, a record for shareholder distributions, including $1,122 million of share repurchases and $54 million base dividend
- Returned 61% of adjusted CFO to shareholders ($2.6 billion) through first three quarters of 2022
- Executed $3.4 billion of share repurchases since achieving leverage objective in Oct. 2021, reducing outstanding share count by 20% and driving significant per share growth
- Board of Directors increased outstanding buyback authorization to $2.5 billion as of Nov. 2 and raised quarterly base dividend 13%; base dividend raise fully funded by year-to-date share repurchases
- Delivered solid third quarter financial and operational results
- Generated third quarter adjusted free cash flow of $1,031 million at 29% reinvestment rate
- Oil and oil-equivalent production up sequentially to 176,000 net bopd and 352,000 net boed
- Raised 2022 E.G. equity income guidance to $610 million on consistent operational performance and differentiated exposure to higher European natural gas prices
- Raised 2022 capital spending guidance to $1.4 billion on incremental inflation and targeted efforts to protect execution and operational momentum into 2023
- Entered into definitive purchase agreement to acquire Eagle Ford assets of Ensign Natural Resources for cash consideration of $3.0 billion; transaction expected to close by year-end with an effective date of Oct. 1, 2022; separate acquisition press release and presentation available on Marathon Oil website.
- Shares +0.13% .
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Marathon Oil Non-GAAP EPS of $1.24 beats by $0.07, revenue of $2.25B beats by $220M