HOUSTON, Oct. 25,
2023 /PRNewswire/ -- Marathon Oil Corporation
(NYSE: MRO) announced today that the Company's board of
directors has declared a dividend of 11
cents per share on Marathon Oil Corporation common stock.
The dividend is payable on Dec. 11,
2023, to stockholders of record on Nov. 15, 2023.
"This is the eighth increase to our base dividend in the last
eleven quarters, fully consistent with our objective to pay a
competitive and sustainable base dividend to our shareholders,"
said chairman, president and CEO Lee
Tillman. "We expect this latest 10% increase to be funded
through our share repurchase program and the related decline in our
outstanding share count, demonstrating the important synergies that
exist between our share repurchase program and sustainable base
dividend growth on a per share basis."
About Marathon Oil
Marathon Oil (NYSE: MRO) is an independent oil and gas exploration
and production company focused on four of the most competitive
resource plays in the U.S. - Eagle Ford in Texas, Bakken in North Dakota, STACK and SCOOP in Oklahoma and Permian in New Mexico and Texas, complemented by a world-class
integrated gas business in Equatorial Guinea.
Marathon Oil's Framework for Success is founded in a strong
balance sheet, ESG excellence and the competitive advantages of its
multi-basin portfolio. For more information, please visit
www.marathonoil.com
Forward-Looking Statements
This release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. All statements, other than statements of historical
fact, including, without limitation, statements regarding future
dividend payments and dividend growth, and the funding thereof, are
forward-looking statements. Words such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "forecast," "future,"
"guidance," "intend," "may," "outlook," "plan," "positioned,"
"project," "seek," "should," "target," "will," "would," or similar
words may be used to identify forward-looking statements; however,
the absence of these words does not mean that the statements are
not forward-looking. While Marathon Oil believes its assumptions
concerning future events are reasonable, a number of factors could
cause actual results to differ materially from those projected,
including, but not limited to: conditions in the oil and gas
industry, including supply/demand levels for crude oil and
condensate, NGLs and natural gas and the resulting impact on price;
changes in expected reserve or production levels; changes in
political or economic conditions in the U.S. and Equatorial Guinea, including changes in
foreign currency exchange rates, interest rates, inflation rates
and global and domestic market conditions; actions taken by the
members of the Organization of the Petroleum Exporting Countries
(OPEC) and Russia affecting the
production and pricing of crude oil and other global and domestic
political, economic or diplomatic developments; capital available
for exploration and development; risks related to Marathon Oil's
hedging activities; voluntary or involuntary curtailments, delays
or cancellations of certain drilling activities; well production
timing; liabilities or corrective actions resulting from
litigation, other proceedings and investigations or
alleged violations of law or permits; drilling and
operating risks; lack of, or disruption in, access to storage
capacity, pipelines or other transportation methods; availability
of drilling rigs, materials and labor, including the costs
associated therewith; difficulty in obtaining necessary approvals
and permits; the availability, cost, terms and timing of issuance
or execution of, competition for, and challenges to, mineral
licenses and leases and governmental and other permits and
rights-of-way, and our ability to retain mineral licenses and
leases; non-performance by third parties of contractual or legal
obligations, including due to bankruptcy; administrative
impediments or unexpected events that may impact dividends or other
distributions, or the timing thereof, from our equity method
investees; changes in our credit ratings; hazards such as weather
conditions, a health pandemic (including COVID-19), acts of war or
terrorist acts and the government or military response thereto; the
impacts of supply chain disruptions that began during the COVID-19
pandemic and the resulting inflationary environment; security
threats, including cybersecurity threats and disruptions to our
business and operations from breaches of our information technology
systems, or breaches of the information technology systems,
facilities and infrastructure of third parties with which we
transact business; changes in safety, health, environmental, tax
and other regulations, requirements or initiatives, including
initiatives addressing the impact of global climate change, air
emissions, or water management; our ability to achieve, reach or
otherwise meet initiatives, plans, or ambitions with respect to ESG
matters; our ability to pay dividends and make share repurchases;
our ability to secure increased exposure to the global LNG market;
impacts of the Inflation Reduction Act of 2022 and our assumptions
relating thereto; the risk that the Ensign assets do not perform
consistent with our expectations, including with respect to future
production or drilling inventory; other geological, operating and
economic considerations; and the risk factors, forward-looking
statements and challenges and uncertainties described in Marathon
Oil's 2022 Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and other public filings and press releases, available at
https://ir.marathonoil.com/. Except as required by law, Marathon
Oil undertakes no obligation to revise or update any
forward-looking statements as a result of new information, future
events or otherwise.
Media Relations Contact:
Karina Brooks:
713-296-2191
Investor Relations Contacts:
Guy Baber: 713 296-1892
John Reid: 713 296-4380
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SOURCE Marathon Oil Corporation