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Marathon Oil Corporation - MRO STOCK NEWS

Welcome to our dedicated page for Marathon Oil Corporation news (Ticker: MRO), a resource for investors and traders seeking the latest updates and insights on Marathon Oil Corporation stock.

Marathon Oil Corporation (NYSE: MRO) is a leading American company specializing in hydrocarbon exploration and production. With a strong focus on unconventional resources in the United States, the company operates in four key resource plays: Eagle Ford in Texas, Bakken in North Dakota, STACK and SCOOP in Oklahoma, and the Permian in New Mexico and Texas. Complementing its U.S. operations is a world-class integrated gas business located in Equatorial Guinea.

Marathon Oil is dedicated to the exploration, production, and marketing of crude oil, condensate, natural gas liquids (NGLs), and natural gas. In 2023, the company reported net proved reserves of 1.1 billion barrels of oil equivalent, with an average daily net production of 405 thousand barrels of oil equivalent. The production ratio comprised about 70% oil and NGLs and 30% natural gas.

Recent achievements highlight the company's robust financial health and operational success. For the full year 2023, Marathon Oil reported net income of $1,554 million and adjusted net income of $1,587 million. The company generated free cash flow of $2,029 million and returned $1.7 billion to shareholders while reducing gross debt by $500 million.

Marathon Oil's strategic projects include the development of longer lateral wells, enhancing resource recovery through refrac and redevelopment programs, and improving capital efficiency. In addition, the company's global LNG pricing structure in Equatorial Guinea has significantly uplifted the value of its LNG sales.

Committed to environmental, social, and governance (ESG) excellence, Marathon Oil achieved its 2025 greenhouse gas (GHG) intensity reduction goal two years ahead of schedule, improved its safety performance to record-low incident rates, and made significant social investments in local communities.

For more information on Marathon Oil's latest updates, financial performance, and strategic initiatives, please visit their website at www.marathonoil.com.

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Marathon Oil Corporation (NYSE: MRO) has announced a rescheduling of its fourth quarter and full-year 2020 earnings release to February 22, after the close of U.S. markets. The accompanying conference call will occur on February 23 at 10 a.m. ET. The change is attributed to recent inclement weather affecting Texas. This release will contain forward-looking information, crucial for investors and stakeholders.

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Marathon Oil Corporation (NYSE: MRO) announced updates on its ESG performance, highlighting a 25% reduction in CEO and Board compensation. Changes include a simplified short-term incentive scorecard focusing on safety, environmental performance, and financial strength while eliminating production metrics. The long-term incentive framework was redesigned to incorporate free cash flow metrics and set new targets for reducing greenhouse gas emissions intensity by over 30% in 2021 and over 50% by 2025. The company aims to achieve continued safety improvements and enhance shareholder value through better governance.

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Marathon Oil Corporation (NYSE: MRO) has declared a dividend of 3 cents per share on its common stock. The dividend will be payable on March 10, 2021, to shareholders recorded by February 17, 2021. This announcement reflects the company's ongoing commitment to returning value to its shareholders, showcasing confidence in its financial stability and operational performance.

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Marathon Oil Corporation (NYSE: MRO) will release its fourth quarter and full-year 2020 earnings on February 17, after U.S. market close. A conference call is scheduled for February 18 at 9 a.m. ET, featuring forward-looking information. Investors can access earnings releases and materials on the company's website at MarathonOil.com. This announcement sets the stage for potential insights into the company's performance and future guidance.

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Marathon Oil Corporation (NYSE:MRO) announced the election of Brent Smolik to its board of directors effective January 11, 2021. Chairman and CEO Lee Tillman expressed confidence in Smolik’s extensive experience in the oil and gas sector, which spans over 35 years, including leadership roles at major companies like Noble Energy and ConocoPhillips. The board anticipates that Smolik's insights will enhance Marathon's strategy focused on achieving competitive returns, sustainable cash flow generation, and capital returns to shareholders.

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Marathon Oil Corporation (NYSE: MRO) has appointed Kimberly Warnica as senior vice president and general counsel, effective January 11, 2021. Warnica returns to Marathon Oil after serving as Executive Vice President and General Counsel at Alta Mesa Resources since 2018. Her previous roles at Marathon Oil included Assistant General Counsel. Chairman and CEO Lee Tillman expressed confidence in Warnica’s extensive legal experience within the energy sector, highlighting her leadership as a valuable addition to the legal team.

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Marathon Oil Corporation (NYSE:MRO) reported a third quarter 2020 net loss of $317 million, equating to $0.40 per diluted share. The adjusted net loss was $219 million, or $0.28 per share. Despite losses, free cash flow was generated at $180 million, supported by a 25% decrease in drilling costs. The company achieved an average production of 172,000 net bopd, maintaining its full-year guidance. With $4.1 billion in liquidity and a commitment to a transparent capital allocation framework, Marathon Oil reinstated its dividend and reduced gross debt by $100 million.

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Marathon Oil Corporation (MRO) has reinstated a quarterly base dividend of 3 cents per share, payable on Dec. 10, 2020. The company has successfully reduced its gross debt by $100 million after tendering $500 million of its senior notes. This debt reduction and the dividend are fully funded by free cash flow from the third quarter. With a focus on shareholder returns, Marathon plans to allocate at least 20% of cash flow to balance sheet enhancement and shareholder returns in a $40-$45/bbl oil price environment.

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On September 30, 2020, Marathon Oil Corporation (MRO) announced a cash tender offer for up to $500 million of its outstanding 2.800% Senior Notes due 2022. The offer will expire on October 14, 2020. The Total Consideration for each $1,000 principal amount of Notes accepted is $1,051.22, including an Early Tender Premium of $50. The offer was fully subscribed as of the Early Tender Time of September 29, 2020. The company has retained D.F. King & Co., Inc. as the tender agent and information agent, with J.P. Morgan Securities and TD Securities serving as lead dealer managers.

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Marathon Oil Corporation (NYSE:MRO) announced early results for its cash tender offer of up to $500,000,000 of its 2.800% Senior Notes due 2022. As of September 29, 2020, $757,215,000 of the $1,000,000,000 total outstanding notes were validly tendered. The company expects to accept the full amount of $500,000,000 using a proration rate of 66.08%. The settlement date for accepted notes is anticipated to be October 1, 2020. The offer, which is subject to certain conditions, is set to expire on October 14, 2020.

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FAQ

What is the current stock price of Marathon Oil Corporation (MRO)?

The current stock price of Marathon Oil Corporation (MRO) is $28.06 as of October 11, 2024.

What is the market cap of Marathon Oil Corporation (MRO)?

The market cap of Marathon Oil Corporation (MRO) is approximately 15.8B.

What is Marathon Oil Corporation's primary business focus?

Marathon Oil Corporation primarily focuses on hydrocarbon exploration, production, and marketing, with a strong emphasis on unconventional resources in the United States.

Where does Marathon Oil operate?

Marathon Oil operates in four key resource plays in the U.S.: Eagle Ford in Texas, Bakken in North Dakota, STACK and SCOOP in Oklahoma, and the Permian in New Mexico and Texas. They also have an integrated gas business in Equatorial Guinea.

What were Marathon Oil's 2023 financial highlights?

In 2023, Marathon Oil reported a net income of $1,554 million, adjusted net income of $1,587 million, and generated free cash flow of $2,029 million. They also returned $1.7 billion to shareholders and reduced gross debt by $500 million.

How much daily production did Marathon Oil achieve in 2023?

In 2023, Marathon Oil's daily net production averaged 405 thousand barrels of oil equivalent, with a production ratio of about 70% oil and NGLs and 30% natural gas.

How is Marathon Oil enhancing its resource recovery?

Marathon Oil is enhancing its resource recovery through the development of longer lateral wells and the progression of its refrac and redevelopment programs, which significantly improve capital efficiency.

What is Marathon Oil's approach to ESG?

Marathon Oil is committed to ESG excellence, achieving its 2025 GHG intensity reduction goal two years ahead of schedule, improving safety performance to record-low incident rates, and making strategic investments in local communities.

What strategic projects is Marathon Oil currently undertaking?

Strategic projects include developing longer lateral wells, improving capital efficiency, and enhancing resource recovery through refrac and redevelopment programs. They also focus on optimizing LNG sales in Equatorial Guinea.

How has Marathon Oil's LNG pricing in Equatorial Guinea evolved?

Starting January 1, 2024, Marathon Oil began directly marketing its share of Alba LNG under new contractual agreements, leading to a significant uplift in value due to global LNG pricing.

What are the recent changes in Marathon Oil's leadership?

Rob L. White has been promoted to Executive Vice President and Chief Financial Officer, effective May 1, 2024. Zach Dailey will succeed Mr. White as Vice President, Controller, and Chief Accounting Officer.

Where can I find more information about Marathon Oil?

For more detailed information on Marathon Oil's latest updates, financial performance, and strategic initiatives, visit their official website at www.marathonoil.com.

Marathon Oil Corporation

NYSE:MRO

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15.85B
559.38M
0.45%
77.5%
1.77%
Oil & Gas E&P
Crude Petroleum & Natural Gas
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United States of America
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