Marathon Oil Reports Third Quarter 2024 Results

Financial Performance - Marathon Oil Corporation reported a third quarter 2024 net income of $287 million or $0.51 per diluted share, with adjusted net income of $360 million or $0.64 per diluted share [1][26][27] - Net operating cash flow was $1,209 million, with adjusted cash flow from operations (CFO) of $1,042 million before changes in working capital [4][31] - The company achieved a third quarter free cash flow of $659 million and adjusted free cash flow of $589 million [3][31] Production and Operational Highlights - Total production in the third quarter reached 207,000 net barrels of oil per day (bopd) and 421,000 net barrels of oil equivalent per day (boed), exceeding guidance of approximately 200,000 net bopd [3][10] - U.S. production averaged 379,000 net boed, with oil production averaging 198,000 net bopd, a significant increase from the previous quarter [7][31] - The company raised its full-year 2024 production guidance to 192,000 net bopd and 393,000 net boed from prior midpoints of 190,000 net bopd and 390,000 net boed [3][10] Capital Management - The third quarter return of capital to shareholders included a base dividend of $61 million [5] - Marathon Oil reduced its gross debt by $545 million during the third quarter, while cash and cash equivalents increased by $57 million to a total of $134 million [6][31] - Capital expenditures for the third quarter totaled $458 million, with no change to the original capital spending guidance range [4][10] International Operations - Equatorial Guinea (E.G.) production averaged 42,000 net boed, with total sales volumes averaging 37,000 net boed [8][9] - The company realized a price of $10.76 per thousand cubic feet (mcf) for Alba LNG sales during the third quarter, benefiting from a shift to global LNG pricing [8][36] Segment Income - Total international segment income was $95 million during the third quarter, including $39 million from equity method investees [9][31] - The U.S. segment income was reported at $362 million, while the international segment contributed $95 million [31]