Marathon Oil raises FY24 total oil production view to 192,000 net bopd

Due to strong new well productivity and continued drilling and completion efficiency gains, Marathon Oil (MRO) raised full-year 2024 total oil production guidance to 192,000 net bopd and oil equivalent guidance to 393,000 net boed, while leaving the original full-year 2024 capital spending guidance range unchanged. Updated production guidance compares to prior oil and oil equivalent guidance midpoints of 190,000 net bopd and 390,000 net boed, respectively. The Company expects fourth quarter oil production to moderate to approximately 190,000 net bopd, consistent with the phasing of its capital program and the associated sequential reduction in wells to sales, similar to the prior two years. This reduction in capital spending is expected to contribute to a sequential increase in free cash flow generation during fourth quarter on a price-normalized basis.