Marathon Oil Corp

MRO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$92.00	Mmcc	Xyppdfx

Marathon Earnings: Gassier Production Mix Weighs on Earnings

Joshua Aguilar ,

Aug 8, 2024

No-moat Marathon posted results below median PitchBook estimates, with earnings per share of $0.63 versus consensus estimates of $0.69. We attribute the earnings miss to a decline in natural gas prices and realizations, combined with a gassier production mix that occurred in the quarter. Given the impending merger with ConocoPhillips involves equity financing, we reduced our fair value estimate to $27 from $29 per share related to declines in Conoco’s share price.

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