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Houston Based Marathon Petroleum Corporation Reports Quarter 2 Earnings 

Houston-based Marathon Oil Corporation reported a second-quarter 2021 net income of $16 million, or $0.02 per diluted share. That includes the impact of certain items not typically represented in analysts’ earnings estimates, and that would otherwise affect the comparability of results. The adjusted net income was $173 million, or $0.22 per diluted share. Net operating cash flow was $655 million, or $701 million before changes in working capital.

Marathon Oil Corporation Shows a strong financial performance highlighted by $420 million of second-quarter free cash flow generation; $863 million of free cash flow generation through the first half of 2021. Committed to capital discipline with no change to $1 billion 2021 capital expenditure budget; second-quarter capital expenditures of $289 million and first half 2021 capital expenditures of $473 million

Houston Based Marathon Petroleum Corporation Reports Quarter 2 EarningsSecond-quarter oil-equivalent production of 348,000 net bopd; raising 2021 full year oil-equivalent production guidance by 5,000 net boed. The oil production of 170,000 net bopd; no change to full-year 2021 oil production guidance

The raised quarterly base dividend by 25% to 5 cents per share. The full redemption of $900 million 2025 maturity in September accelerates the $4.0 billion gross debt objective and increases total 2021 gross debt reduction to $1.4 billion, shifting return of capital focus to equity holders and retiring future debt at maturity. Marathon Oil’s 2021 capital expenditure guidance of $1 billion remains unchanged. The Company is raising the midpoint of its 2021 full-year U.S. oil-equivalent production guidance by 5,000 net boed. All other full years 2021 production guidance remains unchanged.

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