Marathon Oil sees FY23 CapEx $1.9B-$2B

Marathon Oil announced a $1.9B-$2B capital expenditure budget for 2023, fully consistent with the company’s disciplined capital allocation framework that prioritizes corporate returns and FCF generation. The 2023 program is expected to deliver $2.6B of adjusted FCF at a reinvestment rate of approximately 40%, assuming $80/bbl WTI, $3.00/MMBtu Henry Hub, and $20/MMBtu TTF. Marathon Oil expects to deliver maintenance-level total Company oil production of 190,000 net bopd at the midpoint of its 2023 guidance range. Total Company oil-equivalent production is expected to be 395,000 net boed at the midpoint of guidance, inclusive of downtime associated with a planned second quarter E.G. turnaround. During 2023, Marathon Oil plans to average approximately nine rigs and three to four frac crews, excluding joint venture-related activity. The company expects to run approximately four rigs and two frac crews in the Eagle Ford, including on its newly acquired acreage from Ensign. Marathon Oil has not assumed any U.S. cash federal income tax payments in its 2023 financial guidance.