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Marathon Oil Corporation (NYSE:MRO) Q4 2023 Earnings Call Transcript

Marathon Oil Corporation (NYSE:MRO) Q4 2023 Earnings Call Transcript February 22, 2024

Marathon Oil Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning and welcome to the Marathon Oil 4Q and Full Year 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Guy Baber, Vice President, Investor Relations. Please go ahead, sir.

Guy Baber: Thank you very much and thanks as well to everyone for joining us on our call this morning. Yesterday, after the close, we issued a press release, a slide presentation and investor packet that address our fourth quarter 2023 results and our full year 2024 outlook. Those documents can be found on our website at marathonoil.com. Joining me on today's call are Lee Tillman, our Chairman, President and CEO; Dane Whitehead, our Executive VP and CFO; Pat Wagner, Executive VP of Corporate Development and Strategy; and Mike Henderson, our Executive VP of Operations. As a reminder, today's call will contain forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

A large tanker ship and manys small boats at a port, illustrating the vast maritime activities of the company.
A large tanker ship and manys small boats at a port, illustrating the vast maritime activities of the company.

I'll refer everyone to the cautionary language included in the press release and presentation materials as well as the risk factors described in our SEC filings. We'll also reference certain non-GAAP terms in today's discussion, which have been reconciled and defined in our earnings materials. So with that, I'll turn the call over to Lee and the rest of the team who will provide prepared remarks. After the completion of their prepared remarks, we'll move to a question-and-answer session. And in the interest of time, we ask that you limit yourselves to one question and a follow-up. Lee?

Lee Tillman: Thank you, Guy, and good morning to everyone joining us on our call today. As I always start these calls, I want to first and foremost thank our employees and contractors for their dedication and hard work in delivering the excellent results we have the privilege of discussing today. And I especially want to thank our employees and contractors for their enduring commitment to our core values. On that front, we have a few notable accomplishments to highlight today. First, we delivered a record safety year in 2023 as measured by total recordable incident rate for both our employees and our contractors. This builds on a multi-year track record of top quartile TRIR in our industry. Providing a safe, healthy, and secure workplace remains a top priority for us.

With our safety performance a key element of our executive and employee compensation scorecards. Second, we continue to make progress in reducing our natural gas flaring, improving our total company gas capture to 99.5% in 2023, a new high for our company. We'll continue to work hard on our journey of continuous improvement, moving toward our ultimate objective of zero routine flaring. And third, we achieved our 2025 GHG intensity reduction goal of 50% relative to 2019 levels a full two years ahead of schedule. Consistent with our objective to help meet the world's growing demand for oil and natural gas, while achieving the highest standards of environmental excellence. We are a result driven company, but how we deliver those results matters and I couldn't be more proud of our people and what they've accomplished.

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To continue reading the Q&A session, please click here.

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