Marathon Oil backs FY24 production, capital expenditure guidance ranges

Marathon Oil (MRO) stated that total company oil and oil-equivalent production are expected to peak during third quarter, with oil production rising to approximately 200,000 net bopd, before moderating into fourth quarter. Capital expenditures are expected to decline sequentially in both the third and fourth quarters, while FCF on a price-normalized basis is expected to increase sequentially in both quarters. Due to the pending merger with ConocoPhillips (COP), Marathon Oil will not host a conference call or webcast to discuss its second quarter 2024 results.