Marathon Oil(US:MRO)2022-02-17 15:13Financial Performance & Capital Allocation - In 2021, Marathon Oil generated over $2.2 billion of free cash flow (FCF) [4], with a 32% reinvestment rate [9] - The company executed $1 billion of share repurchases from October 1, 2021, to February 16, 2022, reducing the share count by 8% in 4.5 months [9] - The company raised the base dividend for the fourth consecutive quarter, representing a cumulative increase of 133% [9] - The 2022 capital budget is set at $1.2 billion, expected to deliver >$3 billion of FCF at <30% reinvestment rate, assuming $80/bbl WTI and $4.00/MMBtu HH [8, 9] - Marathon Oil expects to return a minimum of 40% of CFO to equity investors in 2022 [9] Operational Performance & Outlook - 4Q21 oil production was 181 mbopd, and FY21 oil production was 173 mbopd [7] - The company anticipates total oil and oil-equivalent production to be flat with 2021 averages in 2022 [23] - The company's corporate FCF breakeven is below $35/bbl WTI [9, 10, 25] ESG Performance - The company achieved a >30% reduction in GHG intensity in 2021 [8, 36] - The company achieved 98.8% gas capture in 2021 [8, 36] - New short, medium, and long-term objectives have been set for GHG intensity, methane intensity, and gas capture [8, 33]