Capital Efficiency Improvement Drives Positive Guidance Revisions
HOUSTON, TX (STL.News) Marathon Oil Corporation (NYSE:MRO) today reported a second quarter 2020 net loss of $750 million, or $0.95 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. The adjusted net loss was $477 million, or $0.60 per diluted share. Net operating cash flow was $9 million, or $86 million before changes in working capital.
- Second quarter capital expenditures of $137 million on successful and efficient pause in drilling and completion activity; reducing full year capital expenditure guidance to $1.2 billion on strong execution and capital efficiency
- Second quarter total Company oil production of 197,000 net bopd, inclusive of approximately 11,000 net bopd of curtailments
- Raising full year 2020 total Company oil production outlook to 190,000 net bopd at the midpoint of guidance, inclusive of year-to-date curtailments; prior guidance excluded production curtailments
- Second quarter U.S. unit production cost of $4.09 per boe; lowest level since becoming an independent exploration and production company
- $3.0 billion undrawn revolving credit facility and $522 million of cash and cash equivalents at end of second quarter; July 3rd pro-forma cash balance of $611 million with receipt of Alternative Minimum Tax refund
- Positioned for free cash flow generation at commodity prices well below current forward curve with second half 2020 free cash flow breakeven in low $30/bbl WTI range
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