Marathon Oil Corporation (MRO) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 3, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Marathon Oil Second Quarter 2023 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to Guy Baber, Vice President of Investor Relations. Please go ahead.

Guy Baber

Thank you, Danielle, and thank you as well to everyone for joining us on the call this morning. Yesterday, after the close, we issued a press release, a slide presentation and investor packet that address our second quarter 2023 results. Those documents can be found on our website at marathonoil.com.

Joining me on today's call are Lee Tillman, our Chairman, President and CEO; Dane Whitehead, Executive VP and CFO; Pat Wagner, Executive VP of Corporate Development and Strategy; and Mike Henderson, Executive VP of Operations.

As a reminder, today's call will contain forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. I'll refer everyone to the cautionary language included in the press release and presentation materials as well as the risk factors described in our SEC filings. We'll also reference certain non-GAAP terms in today's discussion, which have been reconciled and defined in our earnings materials.

So with that, I'll turn the call over to Lee and the rest of the team who will provide prepared remarks today. After the completion of these remarks, we'll move to a question-and-answer session. Lee?

Lee Tillman

Thank you, Guy, and good morning to everyone listening to our call today. First, I want to again kick off our call by expressing my thanks to our employees and contractors for another quarter of comprehensive execution against our framework for success. We don't take such delivery for granted, and I'm especially grateful for your commitment to safety and environmental excellence in addition to delivering on all of our operational and financial objectives. Well done on another great quarter, while staying true to our core values.

There are a few takeaways I want to leave you all with this morning. First, we delivered another very strong quarter on all fronts, highlighted by sequential increases to our cash flow from operations, free cash flow and our total company oil and oil-equivalent production. We delivered around $530 million of free cash flow during the second quarter, with a significant increase from first quarter driven by strong execution and improving production trend and a catch-up in EG cash distributions.