Marathon Oil (MRO) Tops Q4 EPS by 8c, Revenues Beat

February 22, 2021 4:35 PM EST

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Marathon Oil (NYSE: MRO) reported Q4 EPS of ($0.12), $0.08 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $830 million versus the consensus estimate of $838.05 million.

"While 2020 was a challenging year for our industry, I am proud of our many accomplishments, especially our record setting safety performance as we successfully managed through the ongoing COVID-19 pandemic as critical essential infrastructure providers," said Chairman, President, and CEO Lee Tillman. "In addition, we reduced our cash costs by more than 20%, protected our investment grade balance sheet, reduced our gross debt, meaningfully improved our GHG emissions intensity, and ultimately generated about $280 million of free cash flow.

"For 2021," Tillman continued, "we have set a maintenance capital budget that prioritizes corporate returns and free cash flow generation over production growth. Consistent with our commitment to capital discipline, we won't raise our level of spending even if recent commodity price strength persists. We will simply generate more free cash flow. Our 2021 budget and our newly disclosed 5 Year Benchmark Maintenance Scenario are both evidence of our high quality portfolio, advantaged capital efficiency, and the sustainability of our strong financial performance. We believe we are well positioned to compete effectively with the broader S&P 500, and to continue executing on our transparent capital allocation framework that prioritizes free cash flow generation, balance sheet strength, and return of capital to investors. Further, we have taken important steps to improve alignment between our management team and investors through proactive compensation changes and are committed to continuing to reduce our GHG emissions intensity."

For earnings history and earnings-related data on Marathon Oil (MRO) click here.

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