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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.
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.
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.
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.
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.
Marathon Oil Corporation (NYSE: MRO) has announced the release date for its third quarter 2020 earnings report, set for November 4 after U.S. markets close. Following the report, a conference call will take place on November 5 at 9 a.m. ET, where management will discuss forward-looking information. Investors can find the earnings release and related materials on the company’s website.
Marathon Oil Corporation (NYSE:MRO) has initiated a cash tender offer to purchase up to $500 million of its outstanding 2.800% Senior Notes due 2022, totaling $1 billion. The offer is set to expire on October 14, 2020, with an early tender deadline of September 29, 2020. Those who tender their notes by the early deadline will receive a premium of $50 per $1,000 tendered, along with accrued interest. The company retains the right to prorate tenders if they exceed the maximum amount, and certain conditions must be met for the offer to proceed.
Marathon Oil Corporation (NYSE:MRO) reported a second quarter 2020 net loss of $750 million, or $0.95 per share, with an adjusted net loss of $477 million, or $0.60 per share. Capital expenditures were reduced to $1.2 billion, and total oil production guidance was raised to 190,000 net bopd. Net operating cash flow was $9 million, with $3.5 billion in total liquidity. U.S. production averaged 307,000 boed, with unit production costs dropping to $4.09 per boe. The company anticipates generating free cash flow at lower commodity prices.
Marathon Oil Corporation (NYSE: MRO) will release its second quarter 2020 earnings on August 5, after U.S. markets close. Following the earnings release, a conference call will be held on August 6 at 9 a.m. ET, which will include forward-looking information. Stakeholders can access all investor-related materials on Marathon Oil's official website. This announcement indicates the company's commitment to transparency and ongoing communication with investors.