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Marathon Oil(MRO) - 2021 Q1 - Earnings Call Presentation

Financial Performance & Capital Allocation - The company generated just under $450 million in free cash flow [5] - The company is targeting at least $1 billion of gross debt reduction in 2021 [5, 16] - The company raised its quarterly base dividend by 33% [5, 16] - The company expects to return >30% of operating cash flow to investors [6, 17] - The company anticipates $1.6 billion of free cash flow with a $1 billion capital budget, assuming $60/bbl WTI [14, 31] - The company's corporate free cash flow breakeven is less than $35/bbl WTI [14, 31] Sustainability & ESG - The company achieved a 25% reduction in GHG emissions intensity in 2020 compared to 2019 [13, 14, 31, 66] - The company is working toward a 2021 GHG emissions intensity target of ~30% reduction and a 2025 intensity goal of at least a 50% reduction, both relative to 2019 [13, 14, 31] - CEO and Board compensation was reduced by 25% [14, 31, 64] Production & Cost Structure - The company's 1Q21 oil production was 172 mbopd [16] - The company realized over a 20% reduction to both production and G&A costs in 2020 vs 2019 [14, 23, 31] - The company is targeting a ~30% reduction to production and G&A costs vs 2019 [14, 23, 31]