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    Company not found (MRO)

    CEO Change

    Business Description

    Marathon Oil Corporation (MRO) is an independent exploration and production company that focuses on U.S. resource plays, including Eagle Ford in Texas, Bakken in North Dakota, STACK and SCOOP in Oklahoma, and the Permian in New Mexico and Texas, complemented by international activities in Equatorial Guinea (E.G.) . The company operates through two reportable segments: United States and International, engaging in the exploration, production, and marketing of crude oil and condensate, natural gas liquids (NGLs), and natural gas . Marathon Oil's revenues primarily come from the sale of these products under spot and term agreements with customers in the United States and E.G. .

    1. United States Segment - Engages in exploring, producing, and marketing crude oil and condensate, natural gas liquids (NGLs), and natural gas within the U.S.
    2. International Segment - Focuses on similar activities outside the U.S., including the production and marketing of LNG and methanol in Equatorial Guinea (E.G.).
    Revenue by Segment - Metric (USD Million)Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024
    Crude Oil & Condensate (U.S.)$1,185---$1,180---
    NGLs (U.S.)$169---$151---
    Natural Gas (U.S.)$139---$86---
    Other (U.S.)$10---$5---
    Crude Oil & Condensate (Int'l)$57---$61---
    NGLs (Int'l)$1---$1---
    Natural Gas (Int'l)$5---$2---
    LNG (Int'l)----$51---
    Other (Int'l)$1---$1---
    Revenue by Geography - Metric (in million USD)Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024
    United States Revenue1,5031,4401,700-1,4221,5511,615-
    International Revenue644471-116115126-
    Total Revenue1,5671,4841,771-1,5381,6661,741-
    KPIs - Metric / PeriodQ4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024
    **Net Sales Volumes of LNG (mmcfd)**7810972-7810972-
    **Average Realized Price of LNG ($/mcf)**----7.218.5210.76-
    **Drilling Activity (wells)**62666742707970-
    **Crude and Oil Condensate (mbbld)**186189198184183188198-
    **NGLs (mbbld)**78919086819099-
    **Natural Gas, Sold as Gas (mmcfd)**754690539739788266-
    **Natural Gas, Sold as LNG (mmcfd)**232186217-7810972-
    **LNG (mtd)**2,1121,7161,6701,66938800-
    **Methanol (mtd)**1,3781,0471,2081,377935954674-
    **Condensate and LPG (boed)**8,8176,6148,2645,7057,6305,9986,369-

    Executive Team

    NamePositionStart DateShort Bio
    Lee M. TillmanChairman, President, and Chief Executive Officer2013Lee M. Tillman has been serving as the President and CEO since 2013 and was appointed Chairman of the Board in 2019. He previously worked at ExxonMobil in various roles .
    Dane E. WhiteheadExecutive Vice President and Chief Financial OfficerMarch 2017Dane E. Whitehead was appointed as Executive Vice President and CFO in March 2017. He previously held senior positions at EP Energy Corp., El Paso Corporation, and Burlington Resources Inc. .
    Patrick J. WagnerExecutive Vice President—Corporate Development and StrategyNovember 2017Patrick J. Wagner was appointed Executive Vice President in November 2017. He has held various roles at Marathon Oil since 2014 and previously worked at QR Energy LP and Devon Energy Corp. .
    Mike HendersonExecutive Vice President—OperationsMarch 2021Mike Henderson was appointed as Executive Vice President, Operations in March 2021. He joined Marathon Oil in 2004 and has held various regional vice president roles since 2013 .
    Kimberly O. WarnicaExecutive Vice President, General Counsel, and SecretaryMarch 2022Kimberly O. Warnica was appointed as Executive Vice President, General Counsel, and Secretary in March 2022. She joined Marathon Oil in 2021 and previously worked at Alta Mesa Resources, Inc. .
    Rob L. WhiteExecutive Vice President and Chief Financial OfficerMay 1, 2024Rob L. White is the Executive Vice President and CFO effective May 1, 2024. He has been with Marathon Oil since 1991, holding various leadership positions .
    Zach B. DaileyVice President, Controller, and Chief Accounting OfficerMay 1, 2024Zach B. Dailey serves as the Vice President, Controller, and Chief Accounting Officer effective May 1, 2024 .

    Questions to Ask Management

    1. Given your commitment to reduce gross debt to $4 billion while maintaining a 40% CFO shareholder return, can you elaborate on the specific steps you're taking to balance debt reduction with shareholder returns, especially in a potentially lower $50 to $60 WTI pricing environment?

    2. With your strict M&A criteria and high bar for acquisitions following the Ensign transaction, how do you plan to achieve growth and enhance your business organically, particularly in the Permian Basin where competition for assets is intense?

    3. As your Bakken and Eagle Ford assets mature, and considering that extending lateral lengths becomes more challenging each year, what strategies are in place to replenish your inventory and sustain production levels in these regions over the long term?

    4. Regarding the Gas Sales Agreement with the methanol plant expiring in 2026, what are your strategic plans for the EG Integrated Gas assets post-2026, and how do you anticipate this will impact your LNG and methanol operations?

    5. You mentioned exploring gas aggregation opportunities in Equatorial Guinea and cross-border with Cameroon; what are the key challenges you face in expanding your footprint there, and how confident are you in securing additional gas resources to maximize throughput at EG LNG?

    Latest news

    Recent developments and announcements about MRO.

    Financial Actions

      Strategic Assets

      ·
      Nov 22, 2024, 10:11 PM

      Marathon Oil Corporation Acquisition by ConocoPhillips

      On November 22, 2024, ConocoPhillips completed its acquisition of Marathon Oil Corporation through a merger. This transaction involved the conversion of Marathon's common stock into ConocoPhillips stock at an exchange ratio of 0.2550 shares of ConocoPhillips for each share of Marathon, along with cash for fractional shares .

      Transaction Details

      • Equity Awards: Marathon's equity awards were converted into ConocoPhillips' awards based on the merger agreement terms. Restricted stock units and stock options were adjusted according to the exchange ratio .
      • Commercial Paper Program: Marathon terminated its commercial paper program and settled all outstanding obligations .
      • Municipal Bonds: ConocoPhillips guaranteed $1 billion of Marathon's municipal bonds, with plans to assume all obligations by July 2026 .

      Potential Effects on Financials and Operations

      • Financial Impact: The merger is expected to streamline operations and potentially enhance financial performance through synergies between the two companies.
      • Operational Changes: Marathon's directors and officers were replaced by those from ConocoPhillips' merger subsidiary, indicating a shift in management and operational strategies .

      This acquisition marks a significant consolidation in the energy sector, potentially affecting market dynamics and competitive positioning for both companies.


      Note: This summary is based on the latest available information as of November 22, 2024.

      Dividend Policy

      ·
      May 29, 2024, 12:00 AM

      ConocoPhillips to increase its ordinary base dividend by 34% starting in Q4 2024

      ConocoPhillips has announced a significant change in its dividend policy. The company plans to increase its ordinary base dividend by 34%, raising it to 78 cents per share starting in the fourth quarter of 2024. This increase is independent of the ongoing transaction with Marathon Oil Corporation .

    Corporate Leadership

      Leadership Change

      ·
      Nov 22, 2024, 10:10 PM

      Who is leaving: All directors and officers of Marathon have ceased their positions due to the merger with ConocoPhillips. This was not due to any disagreements with the company .

      Why: The changes are a result of the merger agreement between Marathon and ConocoPhillips, where Marathon became a wholly-owned subsidiary of ConocoPhillips .

      Who is stepping up: The directors and officers of Merger Sub, a subsidiary of ConocoPhillips, have become the new directors and officers of Marathon .

      CEO Change

      ·
      Nov 22, 2024, 10:10 PM

      The CEO of Marathon Oil Corporation has not left the company. However, as of November 22, 2024, Marathon Oil Corporation has become a wholly-owned subsidiary of ConocoPhillips following a merger. This change in control was part of a previously announced merger agreement where ConocoPhillips acquired Marathon Oil Corporation .