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Marathon Oil Announces $2.2B 2020 Development Capital Budget, Reports Fourth Quarter, Full-Year 2019 Results

Eighth Consecutive Quarter of Organic Free Cash Flow

HOUSTON, TX (STL.News) Marathon Oil Corporation (NYSE: MRO) today announced its 2020 capital expenditure budget in addition to its fourth quarter and full year 2019 financial results.  The 2020 plan is intended to continue building on the Company’s two year track record of execution on its framework for success: corporate returns improvement, sustainable free cash flow generation, and the return of capital to shareholders.

2020 Capital Budget Highlights

Full Year and Fourth Quarter 2019 Results

Marathon Oil reported full year 2019 net income of $480 million, or $0.59 per diluted share, which includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $611 million, or $0.75 per diluted share. Net operating cash flow was $2,749 million, or $2,885 million before changes in working capital.

Marathon Oil reported fourth quarter 2019 net loss of $20 million, or $(0.03) per diluted share, which includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $55 million, or $0.07 per diluted share. Net operating cash flow was $700 million, or $685 million before changes in working capital.

NOTE: this is NOT the complete release.

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