Marathon Oil Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. Total revenues from contracts with customers for Q3 2024 were $1,741 million, a slight decrease from $1,771 million in Q3 2023. For the nine months ended September 30, 2024, revenues increased to $4,945 million from $4,822 million in the same period last year. The overall total revenues and other income for Q3 2024 were $1,791 million, down from $1,813 million in Q3 2023, while for the nine months, it rose to $5,049 million from $5,006 million.
Net income for Q3 2024 was $287 million, a significant decline from $453 million in Q3 2023. For the nine months, net income decreased to $933 million from $1,157 million in the prior year. The decline in profitability was attributed to lower crude oil and natural gas price realizations, despite increased crude sales volumes. The average price realization for crude oil and condensate fell to $61.68 per barrel in Q3 2024 from $64.30 per barrel in Q3 2023.
Total costs and expenses for Q3 2024 increased to $1,251 million from $1,144 million in Q3 2023, driven by higher production expenses and increased shipping and handling costs. The company reported a net gain on commodity derivatives of $9 million in Q3 2024, up from $1 million in the same quarter of 2023.
Strategically, Marathon Oil entered into a Merger Agreement with ConocoPhillips on May 28, 2024, with the merger expected to close in late Q4 2024, pending regulatory approvals. The agreement was approved by stockholders on August 29, 2024. Transaction costs related to the merger amounted to $6 million for Q3 2024 and $16 million for the nine months ended September 30, 2024.
As of September 30, 2024, total assets were reported at $19,422 million, down from $19,575 million at the end of 2023. Long-term debt increased to $4,573 million from $3,378 million, while total stockholders’ equity rose to $11,435 million from $11,205 million. The company maintained a strong liquidity position with approximately $2.5 billion available, including $134 million in cash and cash equivalents.
Marathon Oil's capital expenditures for the nine months ended September 30, 2024, were $1,726 million, compared to $1,673 million in the same period of 2023. The company also repurchased approximately 19 million shares at a cost of $516 million during the first nine months of 2024, although stock repurchase activity was suspended following the merger announcement.
About MARATHON OIL CORP
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