First quarter return of capital totaled $397 million, including $334 million of share repurchases and the $63 million base dividend. The Company remains on track to meet or exceed this minimum objective in 2023.ĭuring first quarter, Marathon Oil returned 42% of adjusted CFO to equity investors, exceeding its minimum commitment. In a $60/bbl WTI or higher price environment, the Company targets returning a minimum of 40% of CFO to equity investors. Marathon Oil's percentage of CFO framework provides clear visibility to significant return of capital to equity investors, ensuring the shareholder gets the first call on cash flow generation and protecting shareholder distributions from capital inflation. In summary, we believe our Company remains well positioned to execute on a 2023 business plan that is resilient across a broad range of commodity prices and benchmarks at the very top of both the E&P sector and the S&P 500 on the metrics that matter most." Additionally, we improved our already investment grade balance sheet with $70 million of gross debt reduction and the recent $200 million remarketing of tax-exempt bonds at an attractive rate. We further strengthened our portfolio by successfully integrating the highly accretive Ensign Natural Resources asset ahead of schedule and signed an HOA to develop future phases of the E.G. With $2 billion of outstanding share repurchase authorization, we expect to continue buying back our stock to drive peer-leading growth in per-share metrics. "We built on our return of capital leadership, distributing 42% of first quarter adjusted CFO to shareholders, exceeding our minimum commitment. "First quarter adds to our track record of strong execution against our well-established Framework for Success, highlighted by a number of noteworthy accomplishments," said Chairman, President, and CEO Lee Tillman. and Cameroon expected to provide further Gas Mega Hub expansion opportunities LNG facility through future processing of Aseng gas bilateral agreement between E.G.
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