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Marathon Oil Corporation (NYSE: MRO) has declared a dividend of 10 cents per share, payable on March 10, 2023, to shareholders of record by February 15, 2023. This represents an 11% increase in the base dividend, continuing a trend of rising dividends with a cumulative increase of over 230% since 2021. The increase is supported by cash flow from the recent acquisition of Ensign Natural Resources' Eagle Ford assets. This marks the seventh dividend increase in two years, showcasing Marathon's commitment to delivering competitive and sustainable returns to its shareholders.
Marathon Oil Corporation (NYSE: MRO) will release its fourth quarter and full-year 2022 earnings on February 15, after U.S. market close. A conference call will follow on February 16 at 9 a.m. ET, providing forward-looking insights. The company focuses on key resource areas including Eagle Ford, Bakken, STACK, SCOOP, and Permian, while upholding a commitment to ESG standards and financial stability. More information can be found on their website.
Marathon Oil Corporation (NYSE: MRO) has successfully completed its acquisition of the Eagle Ford assets from Ensign Natural Resources for $3.0 billion. Announced on November 2, 2022, this acquisition is positioned to enhance Marathon's financial metrics and shareholder distributions. The acquired assets, primarily located in Live Oak, Bee, Karnes, and Dewitt Counties, are expected to generate maintenance level production of 67 net boepd. The deal is seen as strategically significant to bolster Marathon's existing footprint in the Eagle Ford Shale.
Ensign Natural Resources has announced the sale of its assets to Marathon Oil (NYSE: MRO) for $3.0 billion, pending customary terms and regulatory approvals. Ensign, having amassed 130,000 acres in the Eagle Ford Shale with an estimated production of 67,000 barrels of oil equivalent per day, is recognized as a leading operator in the region. The deal, expected to be finalized by year-end 2022, highlights Ensign's successful growth and robust asset portfolio, significantly benefiting Marathon Oil's upstream capabilities.
Marathon Oil Corporation (NYSE: MRO) announced its acquisition of Eagle Ford assets from Ensign Natural Resources for $3.0 billion. The deal, expected to close by year-end 2022, is projected to enhance key financial metrics, including a 17% increase in 2023 operating cash flow and a 15% increase in free cash flow. The acquisition adds 130,000 net acres with high working interest, potentially accelerating shareholder distributions by 17% and raising the base dividend by 11%. The transaction aims to maintain a low leverage and investment-grade balance sheet.
Marathon Oil reported a strong third quarter 2022 with $817 million net income ($1.22 per share) and $1,556 million in net operating cash flow. The company returned a record $1.2 billion to shareholders, including $1,122 million in share repurchases and a 13% increase in the quarterly dividend. Production rose to 176,000 net bopd, while adjusted free cash flow stood at $1,031 million. The acquisition of Eagle Ford assets for $3 billion is expected to enhance financial metrics. For 2022, Marathon forecasts returning over 50% of cash flow to shareholders.
Marathon Oil Corporation (NYSE: MRO) has announced the election of Mark A. McCollum and Shawn D. Williams to its board of directors, with effective dates of Dec. 1, 2022 and Feb. 1, 2023, respectively. Both directors bring extensive experience and strategic vision, enhancing the board's leadership. McCollum previously served as president and CEO of Weatherford, while Williams has held key roles in Covia and Nexeo. The company continues to execute its strategy focused on operational excellence and sustainability.
Marathon Oil Corporation (NYSE: MRO) has declared a dividend of 9 cents per share, payable on December 12, 2022, to stockholders on record by November 16, 2022. This marks the sixth dividend increase in seven quarters, totaling a 200% rise since early 2021. The latest 13% increase is supported by a share count reduction from the company’s stock buyback program, which aligns with its commitment to a sustainable base dividend.
Marathon Oil Corporation (NYSE: MRO) will release its third quarter 2022 earnings on November 2, 2022, after U.S. markets close. A conference call will follow on November 3, 2022, at 9 a.m. ET, featuring forward-looking information. Investors and the media can access comprehensive earnings information through Marathon Oil's website. This timely communication aligns with investor expectations and provides transparency ahead of the earnings announcement.
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