Houston-based Marathon Oil Corp. held its natural gas and oil production levels relatively steady during the second quarter, a trend it plans to continue, as it prioritizes financial stability over capitalizing on lofty commodity prices.

CEO Lee Tillman told investors during a 2Q2022 conference call the exploration and production (E&P) company was focused on remaining a strong investment grade company, whether gas and oil prices are high or “much lower than they are today…

“Despite ongoing macro and equity market volatility, we remain well positioned to continue delivering financial results that compete with the best companies in the S&P 500,” Tillman said.

Marathon’s strategy, he said, was “more S&P, less E&P,” referring to the industry trend to advance buyback and...