Marathon Oil Corporation


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SKU: MRO-1 Category:


Oil & gas companies have been on a phenomenal bull run as a result of the rally in crude oil prices. The geopolitical tensions in Ukraine have been driving oil prices up and Marathon Oil has been a major beneficiary of the same. The company delivered strong results in 2021 and is accelerating underlying per-share dividend payouts and buybacks. The company’s $1.2 billion capital program is fully consistent with its disciplined capital allocation framework, which places a premium on corporate returns and free cash flow generation overproduction. The company is expected to generate over $3 billion in free cash flow in 2022 with less than 30% reinvestment leaving plenty of room for dividends and buybacks, keeping it as a strong yield play. The management is highly focused on capital efficiency and free cash flow generation over time rather than on output which is a positive sign for shareholders. We give the company an ‘Outperform’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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