11.51 +0.05 (0.44%)
Pre-Market: 7:28AM EST
|Bid||11.41 x 1300|
|Ask||12.67 x 27000|
|Day's Range||11.39 - 11.74|
|52 Week Range||11.06 - 18.93|
|Beta (3Y Monthly)||2.28|
|PE Ratio (TTM)||10.53|
|Earnings Date||Feb. 11, 2020 - Feb. 17, 2020|
|Forward Dividend & Yield||0.20 (1.70%)|
|1y Target Est||17.50|
Missed the slew of shale oil earnings? Here's a quick run-through of how some of the bigwigs fared in their third-quarter earnings reports.
While the commodity pricing scenario continues to be challenging, both EOG Resources (EOG) and Occidental Petroleum (OXY) benefited from higher year-over-year production.
Marathon Oil (MRO) delivered earnings and revenue surprises of 250.00% and 6.44%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Marathon Oil (MRO) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Lower commodity prices and higher lease operating expenses are likely to reflect on Earthstone Energy's (ESTE) third-quarter 2019 results.
Chesapeake Energy's (CHK) moves to increase the proportion of oil in the volume mix are likely to have strengthened third-quarter 2019 earnings.
Strong operational performance at Marathon Oil's (MRO) US resource basin division and lower production costs are expected to have aided the company's Q3 results.
(Bloomberg) -- Marathon Petroleum Corp. buckled under pressure from shareholders and announced the spinoff of its retail fuel-station business and the departure of its Chairman and Chief Executive Officer, just five weeks after activist investor Elliott Management Corp. went public with demands for a radical overhaul of the company.Marathon confirmed the plan Thursday, along with a review of its pipeline business. Gary Heminger, a four-decade company veteran, will retire next year and is stepping down from pipeline affiliate MPLX LP this week. Executive Vice Chairman Gregory Goff, who has been discussed as a possible successor to Heminger, is also retiring.The sweeping changes give the dissident shareholders much of what they were looking for. Elliott had called on Findlay, Ohio-based Marathon, the second-largest U.S. oil refiner, to improve its performance by breaking itself up into three separate companies: retail, which largely operates under the Speedway brand, refining and pipelines. Other investors had agitated for Heminger’s ouster.”The wish list was pretty well fulfilled with today’s slew of announcements,” said Roger Read, an analyst at Wells Fargo Securities.The CEO’s retirement, first reported by Bloomberg, will come after next year’s shareholders meeting. Marathon said it will search both in and outside of the company for potential successors. The shareholders meeting will also see Marathon put to a vote the de-staggering of board members so that all directors stand for reelection annually instead of just a few at a time, as is the case now, the company said in a filing.In contrast to Heminger’s exit, Goff’s departure has come as a surprise. The activists had viewed him as a well-respected executive who could have taken on the top job. Goff had joined Marathon after its purchase of rival refiner Andeavor last year.However, by the time the CEO search process concludes, Goff will have little more than a year left before hitting Marathon’s mandatory retirement age of 65, and that’s one reason why he chose to leave, according to people familiar with the matter. Heminger was exempted from the age limit last year.New DebtThere are no standstill agreements in place with any of the activists, meaning that they’re free to agitate for further changes if they don’t like the direction the company is going in, according to the people, who asked not be identified because the information hasn’t been made public. A Marathon representative declined to comment.“The actions announced today will unlock substantial value for shareholders,” Elliott said in a statement. “We commend Gary and the board for taking action to allow these businesses to realize their full potential.”Heminger took charge of the fuel maker when it was spun off from Marathon Oil Corp. in 2011. While he has previously assuaged investors including Jana Partners and overseen a fivefold rise in dividend payouts, the company faltered more recently as it sought to expand through acquisitions, including the purchase of Andeavor.Marathon fell 3.4% to $63.95 amid a broad sell-off in energy stocks Thursday. It has lost roughly 20% of its value after closing the $22 billion deal for Andeavor.As part of the planned separation, Speedway will raise new debt and pay a dividend to Marathon, Heminger told analysts and investors on a conference call. The unit has a potential enterprise value of $15 billion to $18 billion, according to Marathon, which plans to retain its direct-dealer business. Meanwhile, Michael J. Hennigan will take over as CEO of MPLX effective Friday.As of last week, Marathon was in active discussions with possible buyers for its 68,000-barrel-per-day Kenai oil refinery near Anchorage and its 58,500-barrel Salt Lake City plant, people familiar with the situation said at the time. Kenai was among “several logical non-core” assets flagged for sale by Elliott in a presentation published last month.The separation of Speedway won’t require a shareholder vote, but will be subject to final approval by the board and other customary conditions. Marathon said it will initiate a nationwide search for a Speedway CEO from both internal and external sources.(Updates with closing share price in 11th paragraph.)\--With assistance from Catherine Ngai.To contact the reporters on this story: David Wethe in Houston at email@example.com;Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com;Liana Baker at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Marathon Oil (MRO) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Marathon Oil (MRO) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
In 2013 Lee Tillman was appointed CEO of Marathon Oil Corporation (NYSE:MRO). This analysis aims first to contrast CEO...
The Eagle Ford Shale in Texas is likely to experience heightened activity in the near-to-medium term with enough capital set to land in this rich oil and gas-producing formation.
The newest numbers showed that daily crude output remained above one million barrels for the 30th month, further confirming North Dakota as one of the hottest shale plays in the United States.