2021-02-22 16:36:12 MRO Marathon Oil
02/22/21 02/2216:36 02/22/2116:36 | Marathon Oil to hold Q4 company oil production flat through 2025To highlight the strength of Marathon Oil's portfolio and the sustainability of its financial performance, the Company has disclosed a 5 Year Benchmark Maintenance Capital Scenario designed to hold fourth quarter 2020 total Company oil production flat through 2025. This 5 year scenario includes total capital spending of approximately $1.0 billion to $1.1 billion per year and an enterprise free cash flow breakeven below $35/bbl WTI2 throughout the period. Assuming flat $50/bbl WTI oil and $3.00/MMBtu gas, the maintenance scenario would deliver approximately $5.0 billion of cumulative free cash flow at a reinvestment rate of around 50%. Assuming flat $45/bbl WTI oil and $2.50/MMBtu gas, the maintenance scenario would deliver approximately $3.0 billion of cumulative free cash flow at a reinvestment rate well below 70%3. The Benchmark Scenario includes capital allocation across Marathon Oil's multi-basin portfolio and includes approximately $100 million of cumulative investment to assist the Company in achieving its previously disclosed goal to reduce 2025 greenhouse gas emissions intensity by at least 50%. |
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