Marathon Oil Corporation (MRO) 2021年年度报告「NYSE」.pdf

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1、Dear Shareholders,2021 was a year of comprehensive delivery against our framework for success,as evidenced by bottom line financial results and environmental,social and governance(ESG)excellence that compete not only with the best companies in energy,but with the best in the S&P 500.We stayed discip

2、lined and did not waver from our reinvestment rate driven capital allocation priorities,generating over$2.2 billion of free cash flow,including about$900 million during fourth quarter alone.We dramatically enhanced our balance sheet quality by accelerating$1.4 billion of gross debt reduction.We then

3、 successfully transitioned to market leading return of capital to our equity investors,prioritizing our shareholders as the first call on cash flow generation via our differentiated percentage of cash flow framework.During fourth quarter,we returned more than 70%of our cash flow from operations to e

4、quity investors through the powerful combination of a sustainable and competitive base dividend and consistent share repurchases,significantly exceeding our minimum 40%commitment.While others in our space may once again be focused on growing their production,we are focused on growing the per share f

5、inancial metrics that matter most to our equity valuation our cash flow per share and our free cash flow per share.Since October 2021,we have executed over$1 billion of share repurchases achieving an 8%reduction to our outstanding share count in just 41/2 months.Beyond driving significant underlying

6、 per share growth,share repurchases are highly synergistic with base dividend growth over time and we recently raised our quarterly base dividend for the fourth consecutive quarter.In 2021,we also achieved significant progress against core safety and environmental objectives including the second bes