HOUSTON, Oct. 23, 2024 /PRNewswire/ -- Marathon Oil Corporation (NYSE: MRO) announced today it plans to issue its third quarter 2024 earnings release on Wednesday, Nov. 6, after the close of U.S. financial markets.Due to the pending merger with ConocoPhillips, Marathon Oil will not conduct a third quarter earnings conference call or webcast.About Marathon Oil Marathon Oil (NYSE: MRO) is an independent oil and gas exploration and production (E&P) company focused on four of the most competitive resource plays ...

ROCKFORD, Ill., Sept. 18, 2024 (GLOBE NEWSWIRE) -- This week, Woodward, Inc. (NASDAQ: WWD), a global leader in energy control solutions for aerospace and industrial markets, celebrated the completion of its aerospace Maintenance, Repair and Overhaul (MRO) facility in Loves Park, Illinois. Customers and state and local officials, including State Rep. Joe Sosnowski, Loves Park Mayor Greg Jury and Winnebago County Board Chairman Joseph Chiarelli, joined Woodward leaders and members to commemorate completion of ...

Marathon Oil (MRO) ended the recent trading session at $25.98, demonstrating a +0.35% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.75%. Elsewhere, the Dow gained 0.58%, while the tech-heavy Nasdaq added 1%.The energy company's stock has dropped by 6.37% in the past month, falling short of the Oils-Energy sector's loss of 4.12% and the S&P 500's gain of 4.03%.Market participants will be closely following the financial results of Marathon Oil i ...

Thomas Barwick I published my ‘Strong Buy’ thesis for Emerson (NYSE:EMR) in May 2024, indicating the company’s transition into a stronger growth industrial technology company with a focus on software, control, sustainability, decarbonization and energy transitions. The company released its Q3 result on August 7, showing only 3% organic revenue and order growth. The stock price took a hit after the earnings due to the weakness in maintenance, repair, and operations ("MRO") and discrete automation orders. ...

Marathon Oil Corporation (MRO) reported second-quarter 2024 adjusted net income per share of 63 cents, missing the Zacks Consensus Estimate of 67 cents. The underperformance reflects higher costs and tepid production numbers.However, the company’s bottom line rose from the year-ago adjusted profit of 48 cents due to higher commodity price realizations.The company reported revenues of $1.7 billion, which came $15 million above the consensus mark and rose 12.8% from the year-ago sales.Investors should know th ...

Marathon Oil (MRO) shareholder Martin Siegel has filed a lawsuit to stall the proposed acquisition of the company by ConocoPhillips (COP) , one of the largest exploration and production companies globally. The investor argued that the proposed acquisition deal significantly undervalues Marathon.The acquisition was announced in May 2024, with ConocoPhillips agreeing to buy Marathon for approximately $22.5 billion. The price includes $5.4 billion of net debt. Siegel stated that the shareholders of Marathon co ...

Merger Agreement - Marathon Oil entered into a Merger Agreement with ConocoPhillips, where each outstanding share of Marathon Oil will be converted to 0.2550 shares of ConocoPhillips common stock[25]. - The transaction costs associated with the merger have reached $10 million, primarily consisting of third-party legal and banking fees[26]. - The merger is expected to close late in the fourth quarter of 2024, pending shareholder and regulatory approvals[25]. - The company is subject to restrictions under the Merger Agreement that limit the quarterly dividend increase to a maximum of $0.11 per share[35]. - The company is subject to restrictions under the Merger Agreement that limit its ability to incur additional debt[66]. - The company has suspended its stock repurchase activity due to restrictions from the Merger Agreement, with remaining authorization at approximately $1.8 billion as of June 30, 2024[188]. Financial Performance - For the three months ended June 30, 2024, Marathon Oil reported a net income of $349 million, compared to $287 million for the same period in 2023, representing a 22.9% increase[35]. - The diluted net income per share for the second quarter of 2024 was $0.62, up from $0.47 in the second quarter of 2023, reflecting a 31.9% increase[35]. - Revenues from contracts with customers for the three months ended June 30, 2024, totaled $1.551 billion, a 7.7% increase from $1.440 billion in the same period of 2023[39]. - Segment income for Q2 2024 was $349 million, up from $287 million in Q2 2023, reflecting a 21.6% increase[48]. - The company reported total revenues from contracts with customers for the first six months of 2024 were $3,204 million, a 5% increase from $3,051 million in the same period of 2023, with the U.S. segment contributing $2,973 million and the International segment $231 million[159]. Revenue and Sales Volumes - Crude oil and condensate revenues in the U.S. for the second quarter of 2024 were $1.316 billion, compared to $1.195 billion in the same quarter of 2023, marking a 10.1% increase[39]. - Revenues from contracts with customers for Q2 2024 totaled $1,666 million, an increase of 12.2% compared to $1,484 million in Q2 2023[46]. - The company experienced a 38% decrease in crude and oil condensate net sales volumes for the three months ended June 30, 2024, compared to the same period in 2023, with volumes of 5 mbbld[139]. - Natural gas sold as gas saw a 56% decrease in net sales volumes for the three months ended June 30, 2024, at 82 mmcfd, down from 186 mmcfd in 2023[139]. - The International segment reported revenues of $115 million for the three months ended June 30, 2024, significantly up from $44 million in the same period of 2023[148]. Capital Expenditures and Debt - Capital expenditures for the first half of 2024 were $1,268 million, compared to $1,224 million in the same period of 2023, indicating a 3.6% increase[51]. - As of June 30, 2024, the total long-term debt outstanding for the company was $5.0 billion[65]. - The company completed a public offering of $1.2 billion in unsecured senior notes on March 28, 2024, to repay existing borrowings[175]. - The company had approximately $2.3 billion in liquidity, consisting of $77 million in cash and cash equivalents and $2.2 billion available under its Revolving Credit Facility as of June 30, 2024[179]. - The company reported total financial liabilities of $5.201 billion as of June 30, 2024, compared to $5.111 billion as of December 31, 2023[85]. Operational Highlights - The company reported a net loss on commodity derivatives of $23 million for the first half of 2024, compared to a net gain of $18 million in the same period of 2023[51]. - The company incurred $10 million in transaction costs associated with the merger with ConocoPhillips[46]. - Marathon Oil's drilling activity in the Eagle Ford increased, with 40 wells drilled to total depth in Q2 2024 compared to 30 in Q2 2023[133]. - The company reported net sales volumes of LNG at 109 mmcfd for Q2 2024, with an average realized price of $8.52 per mcf, generating $84 million in revenue[136]. - The company reported total inventories of $161 million as of June 30, 2024, down from $186 million at the end of 2023, with crude oil, NGLs, and natural gas valued at $10 million[107]. Tax and Compliance - The effective income tax rate for Q2 2024 was 22%, consistent with the rate in Q2 2023[56]. - The company entered into a consent decree with the EPA, requiring a $65 million civil penalty and an estimated total cost of $177 million for compliance projects, with over 70% of costs already incurred[112]. - The company agreed to pay a civil penalty of $265,000 to the EPA as part of a consent agreement effective July 25, 2024, but does not expect this to materially affect its financial position[114]. - The company anticipates incurring a civil penalty of $65 million related to a consent decree with the EPA and Department of Justice in 2024[192]. Market Risks and Derivatives - The company employs financial derivatives to manage commodity price and interest rate risks, although current limitations may hinder these strategies[201]. - The company’s exposure to market risks includes commodity price risk and interest rate risk, which are managed through various strategies[201]. - A hypothetical 10% increase in crude oil prices would result in a fair value increase of $12 million, while a 10% decrease would lead to a fair value decrease of $15 million[203]. - The company had forward starting interest rate swap agreements totaling $295 million designated as cash flow hedges as of June 30, 2024[206]. - The company is subject to limitations on entering new derivative transactions under the Merger Agreement, impacting its risk management strategies[201].

Marathon Oil (MRO) came out with quarterly earnings of $0.63 per share, missing the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -5.97%. A quarter ago, it was expected that this energy company would post earnings of $0.52 per share when it actually produced earnings of $0.55, delivering a surprise of 5.77%. Over the last four quarters, the comp ...

Marathon Oil Reports Second Quarter 2024 Results HOUSTON, Aug. 7, 2024 - Marathon Oil Corporation (NYSE: MRO) reported second quarter 2024 net income of $349 million or $0.62 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 $357 million or $0.63 per diluted share. Net operating cash flow was $1,088 million or $1,028 million before changes in working capital ...

HOUSTON, Aug. 7, 2024 /PRNewswire/ -- - Marathon Oil Corporation (NYSE: MRO) reported second quarter 2024 net income of $349 million or $0.62 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 $357 million or $0.63 per diluted share. Net operating cash flow was $1,088 million or $1,028 million before changes in working capital (adjusted CFO). HIGHLIGHTS Secon ...