Marathon Oil reaffirms FY24 guidance

Marathon Oil’s originally provided 2024 production, capital expenditure, cost, and tax guidance ranges are all unchanged as the company remains on track to deliver a 2024 program that benchmarks at the top of its peer group on the combination of FCF, capital efficiency, and shareholder returns. The company continues to expect its capital program to be heavily weighted to the first half of the year, with production expected to increase from first quarter levels. At the midpoint of annual guidance, the company expects its $2 billion capital program to deliver 190,000 net bopd, 390,000 net boed, and approximately $2.2 billion of adjusted FCF, assuming $80/bbl WTI, $2.50/MMBtu Henry Hub, and $10/MMBtu TTF. Cash flow sensitivities to WTI, Henry Hub, and TTF commodity prices are provided in the company’s first quarter 2024 earnings presentation.