Marathon Oil Corp ( (MRO) ) has released its Q3 earnings. Here is a breakdown of the information Marathon Oil Corp presented to its investors.
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Marathon Oil Corporation, a leading independent oil and gas exploration and production company in the U.S., has reported its third-quarter 2024 financial results, showcasing a range of performance metrics that reflect its operational strategies and market conditions.
In the third quarter of 2024, Marathon Oil reported a net income of $287 million, with an adjusted net income of $360 million, highlighting its ability to generate substantial earnings despite market challenges. The company also recorded a net operating cash flow of $1,209 million, indicating strong cash generation capabilities. The reported free cash flow stood at $659 million, while adjusted free cash flow was $589 million, reflecting the company’s disciplined financial management.
Key highlights from the report include a sequential increase in oil production, reaching 207,000 net barrels of oil per day, surpassing guidance due to robust new well productivity and operational efficiencies. The company has also raised its full-year production guidance, underscoring its confidence in continued production growth. Additionally, Marathon Oil reduced its gross debt by $545 million, strengthening its balance sheet, and returned $61 million to shareholders through base dividends.
Looking forward, Marathon Oil remains focused on maintaining its production growth and financial discipline while preparing for its pending merger with ConocoPhillips. The company anticipates a moderation in production in the fourth quarter, aligning with its capital program, but expects sequentially increased free cash flow, reflecting its strategic focus on sustainable growth and shareholder returns.
