Keep Your Eyes on Stock News: Marathon Oil Corporation (NYSE:MRO)

On Wednesday Marathon Oil Corporation (NYSE:MRO) stock price moved downward at -3.64%. Its total market capitalization is $9793231805. Its day lowest price was $12.12 and its hit its day highest price at $12.7. The stock recent volume is 18587155 shares in comparison to its average trading volume of 11130133 shares. Looking at the stock’s price level on the past 52-week graph, MRO recorded a 52-week high of $19.3 and its 52-week low of $11.06.

On Nov. 6, 2019, Marathon Oil Corporation (NYSE:MRO) revealed third quarter 2019 net income of $165 million, or $0.21 per diluted share, which includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $111 million, or $0.14 per diluted share. Net operating cash flow was $737 million, or $757 million before changes in working capital.

Highlights

  • $81 million of organic free cash flow post-dividend, bringing year-to-date organic free cash flow to $298 million
  • Approximately $300 million of year-to-date share repurchases in addition to $122 million of dividend payments
  • S. oil production averaged 201,000 net bopd during third quarter, up 17% from year-ago quarter, divestiture-adjusted, and above top end of guidance range
  • Company oil production averaged 216,000 net bopd during third quarter, up 14% from year-ago quarter, divestiture-adjusted, and at top end of guidance range
  • Development capital spend of $646 million third quarter; annual $2.4 billion development capital budget remains unchanged
  • S. and International unit production costs at lowest quarterly averages since becoming an independent E&P company
  • Added over 1,000 operated locations, equivalent to about three years of inventory, through success across all elements of returns focused resource capture framework; highlighted by organic enhancement in the Eagle Ford and Bakken, Resource Play Exploration (REx) success in a new Texas Delaware oil play, and an accretive bolt-on in the Eagle Ford
  • Established a new Texas Delaware oil play with over 60,000 contiguous net acres at low entry cost of less than $2,400 per acre; initial two wells encouraging with strong oil productivity, low water cut and shallow decline
  • Signed agreement for Eagle Ford bolt-on of approximately 18,000 contiguous and largely undeveloped net acres; adjacent to existing Company leasehold and cores up 70 future drilling locations in a high return development area
  • Recently closed on three financing transactions that are collectively leverage neutral, extend maturities, generate annual cash cost savings, and reflect Marathon Oil’s commitment to maintaining a strong balance sheet and investment grade credit rating at all primary ratings agencies

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