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MRO Announces $500 Million Reduction to 2020 Capital Budget, Prioritizing Financial Flexibility and Dividend

In light of the dramatic fall in commodity prices, Marathon Oil (NYSE: MRO) has announced an immediate capital spending reduction of at least $500 million relative to its previously communicated 2020 capital spending budget of $2.4 billion. The revised capital spending budget of $1.9 billion or less represents an approximate 30% reduction in comparison to actual 2019 capital spending.

Mar 10, 2020

In light of the dramatic fall in commodity prices, Marathon Oil (NYSE: MRO) has announced an immediate capital spending reduction of at least $500 million relative to its previously communicated...

Feb 12, 2020

Marathon Oil Corporation (NYSE: MRO) today announced its 2020 capital expenditure budget in addition to its fourth quarter and full year 2019 financial results. The 2020 plan is intended to...

Jan 29, 2020

Marathon Oil Corporation (NYSE: MRO) announced today that the Company's board of directors has declared a dividend of 5 cents per share on Marathon Oil Corporation common stock. The dividend is...

Jan 21, 2020

Marathon Oil Corporation (NYSE: MRO) announced today it plans to issue its fourth quarter and full-year 2019 earnings news release and details of the company's 2020 capital program on Wednesday,...

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FOCUSED RETURNS

Building On Another Successful Year

2019 was another year of differentiated execution as we comprehensively delivered on our framework for success for the second year in a row. We continue to improve our underlying corporate returns, we've delivered positive organic free cash flow for eight consecutive quarters, and we've returned over 20% of our cash flow from operations back to our shareholders since the beginning of 2018.

We improved our capital efficiency in 2019 through meaningful reductions in both completed well cost and unit production expense, and further optimized and simplified our portfolio. We also enhanced our resource base through success across all elements of our comprehensive resource capture framework, adding over three years of inventory through organic enhancement, Resource Play Exploration, and bolt-on acquisitions and trades.

Looking To The future

Looking ahead to 2020 and beyond, our focus on differentiated execution will remain unchanged. We'll continue to be guided by our unwavering commitment to capital discipline and sustainability.

Committed to our Framework

Corporate Returns
Portfolio transformation and focused capital allocation drive multi-year corporate returns improvement through capital efficient growth
Free Cash Flow
Sustainable free cash flow at conservative pricing
Return of Capital
Return of incremental capital to shareholders in addition to peer competitive dividend; funded through free cash flow; not dispositions
Differentiated Execution
Continuous improvement in capital efficiency and operating costs while enhancing our resource base; delivering on our commitments

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Multi-Basin Portfolio
Capital allocation flexibility, broad market access, supplier diversification, rapid sharing of best practices, platform for talent development
Balance Sheet Strength
Financial flexibility to execute businesss plan across broad range of pricing; current net debt/EBITDAX among lowest in peer group

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External Communications

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