Marathon Oil Announces 2020 Capital Expenditure Budget, Production Guidance

(RTTNews) - Marathon Oil Corp. (MRO) said, for 2020, the company's total capital budget is $2.4 billion, down 11% from 2019. It includes development capital budget of $2.2 billion, down 9% from 2019, and Resource Play Exploration capital of $200 million.

For full year 2020, the company forecasts total U.S. oil production growth of 6% at the midpoint of guidance. The company noted that its full year 2020 International gas production will be impacted by scheduled maintenance activity in Equatorial Guinea during fourth quarter.

For the first quarter, Marathon Oil projects U.S. oil production of 192,000 to 202,000 net bopd. First quarter International oil production guidance is 12,000 to 16,000 net bopd.

Fourth-quarter adjusted net income per share was $0.07 compared to $0.15, prior year. On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $0.10, for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter total revenues and other income declined to $1.22 billion from $1.77 billion, prior year. Analysts expected revenue of $1.27 billion for the quarter.

Shares of Marathon Oil Corp. were down 2% after hours.