FY18 growth, dividend self-funded at $50/bl WTI
A mixed Q417 result but with a very clear underlying message of a company configured to grow output at 10-14% in FY18, fully funded by organic cash flows (and full dividend cover) at $50/bl WTI. Q4 US output was robust at 262kboed (guided 255-265kboed) but International, at 121kboed (ex-Libya) barely exceeded the guidance base (120-130kboed) as the Forties pipeline outage and mature field declines weighed on output. As a result, CPS of $0.75 was $0.06 below consensus.Marathon Oil is an independent exploration and production company focused on the United States resource plays. The company also has international operations in Equatorial Guinea (E.G.). The company's segments are: United States, which explores for, produces and markets crude oil and condensate, natural gas liquids (NGLs) and natural gas in the United States; and International, which explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as liquefied natural gas and methanol, in E.G.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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