Even if oil prices continue to improve in 2022, Marathon Oil Corp. is planning to keep production growth flat in order to ensure market-beating returns for investors, executives said. 

During a conference call to discuss fourth quarter and full-year 2021 results, CFO Dane Whitehead said the Houston-based independent has a mandate to return at least 40% of cash flow from operations (CFO) to equity holders when West Texas Intermediate (WTI) oil prices are at $60/bbl or higher. 

CEO Lee Tillman said “for our company and for our sector to attract a broader universe of investors, we must deliver competitive financial performance with other investment opportunities in the market as measured by free cash flow generation and return of capital even when commodity prices are much lower...