By Yasin Ebrahim
Investing.com - Marathon Oil (NYSE:MRO) reported Wednesday mixed first-quarter results as earnings beat analysts' forecasts and revenue fell short of expectations despite a positive backdrop of rising oil prices.
Marathon Oil was flat in afterhours trading.
Marathon Oil announced earnings per share of $1.02 on revenue of $1.75 billion. Analysts polled by Investing.com anticipated EPS of 95 cents on revenue of $1.78 billion.
Looking ahead, the company maintained its production guidance, but raised its forecast on free cash flow generation.
The company now expects to generate over $4.5 billion of 2022 adjusted free cash flow at a reinvestment rate of approximately 20% on an inflation-adjusted capital budget of $1.3 billion. That compared with a prior estimate of for $3 billion of adjusted free cash flow generation at a reinvestment rate of less than 30% on a $1.2 billion capital.
Marathon Oil also raised its 2022 Equatorial Guinea equity income guidance by $200 million, to a new range of $480 million to $520 million.
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