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Marathon Oil Reports Second Quarter 2022 Results

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Record Quarterly Free Cash Flow and over $1.7 Billion of YTD Shareholder Distributions

HOUSTON, Aug. 3, 2022 /PRNewswire/ -- Marathon Oil Corporation (NYSE:MRO) reported second quarter 2022 net income of $966 million, or $1.37 per diluted share, which includes the impact of certain items not typically represented in analysts' earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $934 million, or $1.32 per diluted share. Net operating cash flow was $1,678 million, or $1,586 million before changes in working capital (adjusted CFO). Free cash flow was $1,323 million, or $1,213 million before changes in working capital and including E.G. distributions (adjusted free cash flow).

(PRNewsfoto/Marathon Oil Corporation)
(PRNewsfoto/Marathon Oil Corporation)
  • Generated record quarterly adjusted free cash flow of over $1.2 billion at 24% reinvestment rate

  • Continue to exceed commitment to return at least 40% of adjusted CFO to equity investors

  • Expect $4.5 billion of 2022 free cash flow, assuming $100/bbl WTI and $6/MMBtu Henry Hub

"Second quarter represents another quarter of comprehensive delivery on our Framework for Success, including strong corporate returns, sustainable free cash flow generation, significant return of capital to shareholders, and ESG excellence," said Chairman, President, and CEO Lee Tillman. "Our commitment to providing investors with the first call on cash flow through our unique percentage of operating cash flow framework is delivering truly compelling results, including generating over $2 billion of adjusted free cash flow and returning over $1.7 billion of capital to shareholders year-to-date, while also driving significant per share growth. Despite ongoing macro and equity market volatility, we remain well positioned to continue delivering financial results that compete with the best companies in the S&P 500."

Return of Capital

Marathon Oil's percentage of CFO framework provides clear visibility to significant return of capital to equity investors and ensures the shareholder gets the first call on cash flow generation. In a $60/bbl WTI or higher price environment, the Company targets returning a minimum of 40% of CFO to equity investors.

During second quarter, Marathon Oil returned 51% of adjusted CFO to equity investors. Second quarter return of capital totaled $816 million, including $760 million of share repurchases and $56 million base dividend.

Since achieving its minimum leverage objective in October 2021 Marathon Oil has returned $2.5 billion of capital to shareholders. This includes over $2.3 billion of share repurchases that have driven a 15% reduction in outstanding share count, contributing to significant growth in per share metrics. Over the trailing three quarters, the Company has consistently outperformed its minimum return of capital objective, as shareholder distributions have accounted for approximately 55% of adjusted CFO (~75% of adjusted free cash flow).

In the current environment, given its strong free cash flow profile and attractive market valuation, Marathon Oil's preferred return of capital approach remains a competitive and sustainable base dividend in addition to significant share repurchases.

2Q22 Financials

CASH FLOW AND CAPEX: Net cash provided by operations was $1,678 million during second quarter, or $1,586 million before changes in working capital. Second quarter cash additions to property, plant, and equipment totaled $355 million, while capital expenditures (accrued) totaled $375 million.

FREE CASH FLOW: Free cash flow was $1,323 million, or $1,213 million of adjusted free cash flow before changes in working capital and including E.G. distributions.

BALANCE SHEET AND LIQUIDITY: Marathon Oil ended second quarter with $1,162 million in cash and cash equivalents. In July, Marathon Oil extended its revolving credit facility by three years to 2027 and amended the capacity to $2.5 billion.

ADJUSTMENTS TO NET INCOME: The adjustments to net income for second quarter reduced net income by $32 million, primarily due to the income impact associated with unrealized gains on derivative instruments.

2Q22 Operations

UNITED STATES (U.S.): U.S. production averaged 283,000 net barrels of oil equivalent per day (boed) for second quarter 2022. Oil production averaged 157,000 net barrels of oil per day (bopd). The Company brought a total of 49 gross Company-operated wells to sales during second quarter, consistent with guidance for approximately 50 wells to sales. U.S. unit production costs averaged $5.80 per boe during second quarter.

Marathon Oil's second quarter production in the Eagle Ford averaged 84,000 net boed, including 54,000 net bopd of oil, with 19 gross Company-operated wells to sales. In the Bakken, production averaged 114,000 net boed, including 75,000 net bopd of oil, with 20 gross Company-operated wells to sales. In Oklahoma, production averaged 56,000 net boed, including 14,000 net bopd of oil, with 10 gross Company-operated wells to sales (excluding joint venture wells). Northern Delaware production averaged 20,000 net boed, including 10,000 net bopd of oil.

INTERNATIONAL: Equatorial Guinea production averaged 60,000 net boed for second quarter 2022, including 10,000 net bopd of oil. Unit production costs averaged $2.83 per boe. Net income from equity method investees totaled $152 million and total cash distributions from equity method companies amounted to $146 million during second quarter.

For full year 2022, Marathon Oil raised E.G. equity income guidance to a new range of $520 million to $560 million.

A slide deck and Quarterly Investor Packet will be posted to the Company's website following this release today, August 3. On Thursday, August 4, at 9:00 a.m. ET, the Company will conduct a question and answer webcast/call, which will include forward-looking information. The live webcast, replay and all related materials will be available at https://ir.marathonoil.com/.

Non-GAAP Measures

In analyzing and planning for its business, Marathon Oil supplements its use of GAAP financial measures with non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) per share, net cash provided by operating activities before changes in working capital (adjusted CFO), free cash flow, adjusted free cash flow, capital expenditures (accrued) and reinvestment rate.

Our presentation of adjusted net income (loss) and adjusted net income (loss) per share is a non-GAAP measure. Adjusted net income (loss) is defined as net income (loss) adjusted for gains or losses on dispositions, impairments of proved and certain unproved properties, goodwill and equity method investments, changes in our valuation allowance, unrealized derivative gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments and other items that could be considered "non-operating" or "non-core" in nature. Management believes this is useful to investors as another tool to meaningfully represent our operating performance and to compare Marathon to certain competitors. Adjusted net income (loss) and adjusted net income (loss) per share should not be considered in isolation or as an alternative to, or more meaningful than, net income (loss) or net income (loss) per share as determined in accordance with U.S. GAAP.

Our presentation of adjusted CFO is defined as net cash provided by operating activities adjusted for changes in working capital and is a non-GAAP measure. Management believes this is useful to investors as an indicator of Marathon's ability to generate cash quarterly or year-to-date by eliminating differences caused by the timing of certain working capital items. Adjusted CFO should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.

Our presentation of free cash flow is a non-GAAP measure. Free cash flow is defined as net cash provided by operating activities and cash additions to property, plant and equipment. Management believes this is useful to investors as a measure of Marathon's ability to fund its capital expenditure programs, service debt, and fund other distributions to stockholders. Free cash flow should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.

Our presentation of adjusted free cash flow is a non-GAAP measure. Adjusted free cash flow before dividend ("adjusted free cash flow") is defined as adjusted CFO, capital expenditures (accrued), and EG return of capital and other. Management believes this is useful to investors as a measure of Marathon's ability to fund its capital expenditure programs, service debt, and fund other distributions to stockholders. Adjusted free cash flow should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.

Our presentation of capital expenditures (accrued) is a non-GAAP measure. Capital expenditures (accrued) is defined as cash additions to property, plant and equipment adjusted for the change in capital accrual and additions to other assets. Management believes this is useful to investors as an indicator of Marathon's commitment to capital expenditure discipline by eliminating differences caused by the timing of capital accrual and other items. Capital expenditures (accrued) should not be considered in isolation or as an alternative to, or more meaningful than, cash additions to property, plant and equipment as determined in accordance with U.S. GAAP.

Our presentation of reinvestment rate is a non-GAAP measure. The reinvestment rate in the context of adjusted free cash flow is defined as capital expenditures (accrued) divided by adjusted CFO. The reinvestment rate in the context of free cash flow is defined as cash additions to property, plant and equipment divided by net cash provided by operating activities. Management believes the reinvestment rate is useful to investors to demonstrate the Company's commitment to generating cash for use towards investor-friendly purposes (which includes balance sheet enhancement, base dividend and other return of capital).

These non-GAAP financial measures reflect an additional way of viewing aspects of the business that, when viewed with GAAP results may provide a more complete understanding of factors and trends affecting the business and are a useful tool to help management and investors make informed decisions about Marathon Oil's financial and operating performance. These measures should not be considered in isolation or as an alternative to their most directly comparable GAAP financial measures. A reconciliation to their most directly comparable GAAP financial measures can be found in our investor package on our website at https://ir.marathonoil.com/ and in the tables below. Marathon Oil strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

Forward-looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including without limitation statements regarding the Company's future capital budgets and allocations, future performance (both absolute and relative), expected free cash flow, reinvestment rates, returns to investors (including dividends and share repurchases, and the timing thereof), business strategy, capital expenditure guidance, production guidance, E.G. equity method income guidance and other statements regarding management's plans and objectives for future operations, are forward-looking statements. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "outlook," "plan," "positioned," "project," "seek," "should," "target," "will," "would," or similar words may be used to identify forward-looking statements; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: conditions in the oil and gas industry, including supply/demand levels for crude oil and condensate, NGLs and natural gas and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in the U.S. and Equatorial Guinea, including changes in foreign currency exchange rates, interest rates, inflation rates and global and domestic market conditions; actions taken by the members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia affecting the production and pricing of crude oil and other global and domestic political, economic or diplomatic developments; capital available for exploration and development; risks related to the Company's hedging activities; voluntary or involuntary curtailments, delays or cancellations of certain drilling activities; well production timing; liabilities or corrective actions resulting from litigation, other proceedings and investigations or alleged violations of law or permits; drilling and operating risks; lack of, or disruption in, access to storage capacity, pipelines or other transportation methods; availability of drilling rigs, materials and labor, including the costs associated therewith; difficulty in obtaining necessary approvals and permits; the availability, cost, terms and timing of issuance or execution of, competition for, and challenges to, mineral licenses and leases and governmental and other permits and rights-of-way, and our ability to retain mineral licenses and leases; non-performance by third parties of contractual or legal obligations, including due to bankruptcy; unexpected events that may impact distributions from our equity method investees; changes in our credit ratings; hazards such as weather conditions, a health pandemic (including COVID-19), acts of war or terrorist acts and the government or military response thereto; security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business; changes in safety, health, environmental, tax and other regulations, requirements or initiatives, including initiatives addressing the impact of global climate change, air emissions, or water management; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the Company's 2021 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases, available at https://ir.marathonoil.com/. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.

Media Relations Contact:
Kathy Sauve: 713-296-3915

Investor Relations Contacts:
Guy Baber: 713-296-1892
John Reid: 713-296-4380

 

Consolidated Statements of Income (Unaudited)

Three Months Ended


June 30

Mar. 31

June 30

(In millions, except per share data)

2022

2022

2021

Revenues and other income:




Revenues from contracts with customers

$         2,168

$         1,761

$         1,254

Net gain (loss) on commodity derivatives

(27)

(143)

(166)

Income from equity method investments

152

127

49

Net gain (loss) on disposal of assets

(1)

1

Other income

11

8

5

Total revenues and other income

2,303

1,753

1,143

Costs and expenses:




Production

164

152

126

Shipping, handling and other operating

191

185

167

Exploration

8

11

25

Depreciation, depletion and amortization

436

423

532

Impairments

2

46

Taxes other than income

140

104

74

General and administrative

68

73

68

Total costs and expenses

1,009

948

1,038

Income from operations

1,294

805

105

Net interest and other

(54)

(22)

(59)

Other net periodic benefit (costs) credits

5

4

(1)

Loss on early extinguishment of debt

(19)

Income before income taxes

$         1,245

$            787

$              26

Provision (benefit) for income taxes

279

(517)

10

Net income

$            966

$         1,304

$              16

Adjusted Net Income (Loss)




Net income (loss)

$            966

$         1,304

$              16

Adjustments for special items (pre-tax):




Net (gain) loss on disposal of assets

1

(1)

Proved property impairments

2

46

Exploratory dry well costs, unproved property impairments and other

7

Pension settlement

5

Unrealized (gain) loss on derivative instruments

(43)

114

75

Unrealized (gain) loss on interest rate swaps

1

26

(8)

Reduction in workforce

1

Loss on early extinguishment of debt

19

Other

(2)

27

13

Provision (benefit) for income taxes related to special items (a)

9

(37)

Valuation allowance

(685)

Adjustments for special items

(32)

(555)

157

Adjusted net income (loss) (b)

$            934

$            749

$            173

Per diluted share:




Net income (loss)

$           1.37

$           1.78

$           0.02

Adjusted net income (loss) (b)

$           1.32

$           1.02

$           0.22

Weighted average diluted shares

705

732

789

(a) 

For the first and second quarters of 2022, we applied the estimated U.S. and state statutory rate of 22% to our special items. The remaining special items in the second quarter of 2021 pertain to our U.S. operations and did not incur a tax provision/benefit as we maintained a full valuation allowance on our net federal deferred tax assets.

(b) 

Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion.

 

Supplemental Data (Unaudited)

Three Months Ended


June 30

Mar. 31

June 30

(Per share)

2022

2022

2021

Adjusted Net Income (Loss) Per Diluted Share




Net income (loss)

$           1.37

$           1.78

$           0.02

Adjustments for special items (pre-tax):




Net (gain) loss on disposal of assets

Proved property impairments

0.06

Exploratory dry well costs, unproved property impairments and other

0.01

Pension settlement

0.01

Unrealized (gain) loss on derivative instruments

(0.06)

0.16

0.10

Unrealized (gain) loss on interest rate swaps

0.04

(0.01)

Reduction in workforce

Loss on early extinguishment of debt

0.02

Other

0.03

0.01

Provision (benefit) for income taxes related to special items

0.01

(0.05)

Valuation allowance

(0.94)

Adjustments for special items

(0.05)

(0.76)

0.20

Adjusted net income (loss) per share (a)

$           1.32

$           1.02

$           0.22

(a) 

Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion.

 

Supplemental Data (Unaudited)

Three Months Ended


June 30

Mar. 31

June 30

(In millions)

2022

2022

2021

Segment income (loss)




United States

$         846

$         661

$         207

International

160

115

68

Not allocated to segments

(40)

528

(259)

Net income (loss)

$         966

$     1,304

$           16

Net operating cash flow before changes in working capital (Adjusted CFO) (a)




Net cash provided by operating activities

$     1,678

$     1,067

$         655

Changes in working capital

(92)

213

46

       Adjusted CFO (a)

$     1,586

$     1,280

$         701

Free cash flow




Net cash provided by operating activities

$     1,678

$     1,067

$         655

Cash additions to property, plant and equipment

(355)

(332)

(274)

      Free cash flow

$     1,323

$         735

$         381

Adjusted free cash flow (a)




Adjusted CFO (a)

$     1,586

$     1,280

$         701

Adjustments:




Capital expenditures (accrued) (a)

(375)

(348)

(289)

EG return of capital and other

2

8

8

Adjusted free cash flow (a)

$     1,213

$         940

$         420

Reinvestment rate (a)

24 %

27 %

41 %

Capital expenditures (accrued) (a)




Cash additions to property, plant and equipment

$       (355)

$       (332)

$       (274)

Change in capital accrual

(20)

(16)

(15)

Additions to other assets

Capital expenditures (accrued) (a)

$       (375)

$       (348)

$       (289)

(a) 

Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion.

 

Supplemental Data (Unaudited)

2022 Adjusted
Free Cash Flow
Outlook (a)

(In millions)

Expected free cash flow


Expected net cash provided by operating activities

$                   5,800

Expected cash additions to property, plant and equipment

(1,300)

Expected free cash flow (b)

$                   4,500

Expected reinvestment rate (b)

22 %

(a) 

Based upon a $100/bbl WTI and $6/MMbtu Henry Hub price assumption.

(b) 

Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion.

 

Supplemental Statistics (Unaudited)

Three Months Ended


June 30

Mar. 31

June 30

Net Production

2022

2022

2021

Equivalent Production (mboed)




United States

283

281

283

International

60

64

65

Total net production

343

345

348

Oil Production (mbbld)




United States

157

158

159

International

10

10

11

Total net production

167

168

170

 

Supplemental Statistics (Unaudited)

Three Months Ended


June 30

Mar. 31

June 30


2022

2022

2021

United States - net sales volumes




Crude oil and condensate (mbbld)

157

158

159

Eagle Ford

54

53

60

Bakken

75

77

70

Oklahoma

14

12

12

Northern Delaware

10

11

13

Other United States (a)

4

5

4

Natural gas liquids (mbbld)

65

64

60

Eagle Ford

15

14

14

Bakken

25

26

22

Oklahoma

18

17

17

Northern Delaware

5

4

6

Other United States (a)

2

3

1

Natural gas (mmcfd)

365

350

386

Eagle Ford

90

80

103

Bakken

81

91

90

Oklahoma

146

132

150

Northern Delaware

31

30

32

Other United States (a)

17

17

11

Total United States (mboed)

283

280

283

International - net sales volumes




Crude oil and condensate (mbbld)

10

8

12

Equatorial Guinea

10

8

12

Natural gas liquids (mbbld)

7

7

7

Equatorial Guinea

7

7

7

Natural gas (mmcfd)

256

276

276

Equatorial Guinea

256

276

276

Total International (mboed)

60

61

65

Total Company - net sales volumes (mboed)

343

341

348

Net sales volumes of equity method investees




LNG (mtd)

2,601

3,489

3,094

Methanol (mtd)

964

982

744

Condensate and LPG (boed)

10,363

6,914

7,892

(a) 

Includes sales volumes from certain non-core proved properties in our United States segment.

 

Supplemental Statistics (Unaudited)

Three Months Ended


June 30

Mar. 31

June 30


2022

2022

2021

United States - average price realizations (a)




Crude oil and condensate ($ per bbl) (b)

$       110.10

$         94.43

$         64.73

Eagle Ford

110.16

96.38

65.51

Bakken

110.67

93.80

64.15

Oklahoma

108.85

94.08

63.77

Northern Delaware

108.59

92.47

65.53

Other United States (c)

107.15

88.79

63.80

Natural gas liquids ($ per bbl)

$         40.32

$         37.32

$         24.17

Eagle Ford

39.90

35.50

25.80

Bakken

39.29

38.21

24.37

Oklahoma

43.28

38.02

23.28

Northern Delaware

36.88

35.29

22.63

Other United States (c)

38.80

36.98

21.19

Natural gas ($ per mcf)

$           6.84

$           4.79

$           2.61

Eagle Ford

6.92

4.51

3.09

Bakken

6.21

5.28

2.13

Oklahoma

7.06

4.71

3.01

Northern Delaware

7.14

4.54

1.86

Other United States (c)

7.02

4.49

(1.19)

International - average price realizations




Crude oil and condensate ($ per bbl)

$         79.74

$         59.63

$         52.78

Equatorial Guinea

79.74

59.63

52.78

Natural gas liquids ($ per bbl)

$           1.00

$           1.00

$           1.00

Equatorial Guinea (d)

1.00

1.00

1.00

Natural gas ($ per mcf)

$           0.24

$           0.24

$           0.24

Equatorial Guinea (d)

0.24

0.24

0.24

Benchmark




WTI crude oil (per bbl)

$       108.52

$         95.01

$         66.17

Brent (Europe) crude oil (per bbl) (e)

$       113.54

$       100.30

$         68.83

Mont Belvieu NGLs (per bbl) (f)

$         41.73

$         38.24

$         24.81

Henry Hub natural gas (per mmbtu) (g)

$           7.17

$           4.95

$           2.83

(a) 

Excludes gains or losses on commodity derivative instruments.

(b) 

Inclusion of realized gains (losses) on crude oil derivative instruments would have decreased average price realizations by $4.43 for the  second quarter 2022, by $2.00 for the first quarter 2022 and by $5.54 for the second quarter 2021.

(c) 

Includes sales volumes from certain non-core proved properties in our United States segment.

(d) 

Represents fixed prices under long-term contracts with Alba Plant LLC, Atlantic Methanol Production Company LLC and/or Equatorial Guinea LNG Holdings Limited, which are equity method investees. The Alba Plant LLC processes the NGLs and then sells secondary condensate, propane, and butane at market prices. Marathon Oil includes its share of income from each of these equity method investees in the International segment.

(e) 

Average of monthly prices obtained from Energy Information Administration website.

(f) 

Bloomberg Finance LLP: Y-grade Mix NGL of 55% ethane, 25% propane, 5% butane, 8% isobutane and 7% natural gasoline.

(g) 

Settlement date average per mmbtu.

 

The following table sets forth outstanding derivative contracts as of August 2, 2022, and the weighted average prices for those contracts:



2022

2023



Third Quarter


Fourth Quarter

First Quarter

Crude Oil






NYMEX WTI Three-Way Collars






Volume (Bbls/day)


30,000


30,000


Weighted average price per Bbl:






Ceiling


$                  97.52


$                  97.52


Floor


$                  56.67


$                  56.67


Sold put


$                  46.67


$                  46.67


NYMEX Roll Basis Swaps






Volume (Bbls/day)


60,000


60,000


Weighted average price per Bbl


$                    0.67


$                    0.67


Natural Gas






Henry Hub ("HH") Three-Way Collars






Volume (MMBtu/day)


100,000


100,000


Weighted average price per MMBtu






Ceiling


$                    7.13


$                    7.13


Floor


$                    3.88


$                    3.88


Sold Put


$                    2.88


$                    2.88


HH Two-Way Collars






Volume (MMBtu/day)



50,000

50,000

Weighted average price per MMBtu:






Ceiling


$                        —


$                  19.28

$                  19.28

Floor


$                        —


$                    5.00

$                    5.00

 

 

 

Cision
Cision

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SOURCE Marathon Oil Corporation