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May 1, 2024
Statements of Income
Consolidated Statements of Income
Marathon Oil Corporation
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(In millions, except per share data)
2023
2023
2023
2023
2023
2024
REVENUES AND OTHER INCOME:
Revenues from contracts with customers
$ 1,567
$ 1,484
$ 1,771
$ 1,585
$ 6,407
$ 1,538
Net gain (loss) on commodity derivatives
15
3
1
23
42
(24)
Income from equity method investments
80
22
38
45
185
39
Net gain on disposal of assets
5
- 0
1
11
17
- 0
Other income (expense)
13
4
2
27
46
(2)
Total revenues and other income
1,680
1,513
1,813
1,691
6,697
1,551
COSTS AND EXPENSES:
Production
201
214
192
221
828
221
Shipping, handling and other operating, including related party (a)
162
161
164
202
689
169
Exploration
15
11
20
13
59
7
Depreciation, depletion and amortization
520
559
583
549
2,211
524
Impairments
- 0
- 0
- 0
2
2
- 0
Taxes other than income
95
43
113
112
363
96
General and administrative
82
71
72
72
297
86
Total costs and expenses
1,075
1,059
1,144
1,171
4,449
1,103
Income from operations
605
454
669
520
2,248
448
Net interest and other
(82)
(92)
(94)
(84)
(352)
(69)
Other net periodic benefit credits
3
3
5
4
15
3
Income before income taxes
526
365
580
440
1,911
382
Estimated income tax provision
Current
24
8
18
8
58
42
Deferred
85
70
109
35
299
43
Total provision for income taxes
109
78
127
43
357
85
NET INCOME
$ 417
$ 287
$ 453
$ 397
$ 1,554
$ 297
Effective income tax rate
21 %
21 %
22 %
10 %
19 %
22 %
Per common share data:
Basic:
Weighted average shares (millions)
628
614
603
583
607
576
NET INCOME
$ 0.66
$ 0.47
$ 0.75
$ 0.68
$ 2.56
$ 0.52
Diluted:
Weighted average shares (millions)
629
615
604
584
608
576
NET INCOME
$ 0.66
$ 0.47
$ 0.75
$ 0.68
$ 2.56
$ 0.52
Dividends paid per common share
$ 0.10
$ 0.10
$ 0.10
$ 0.11
$ 0.41
$ 0.11
(a) The related party expense represents compensation to EG LNG for liquefaction, storage and product handling services, pursuant to the agreement that became effective on January 1, 2024.
Balance Sheets
Consolidated Balance Sheets
Marathon Oil Corporation
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
(In millions)
2023
2023
2023
2023
2024
ASSETS
Current assets:
Cash and cash equivalents
$ 178
$ 215
$ 174
$ 155
$ 49
Receivables, net
1,215
1,294
1,434
1,152
1,276
Inventories
136
136
174
186
179
Other current assets
77
58
66
76
53
Total current assets
1,606
1,703
1,848
1,569
1,557
Equity method investments
657
430
421
433
472
Property, plant and equipment, net
17,463
17,524
17,411
17,213
17,303
Other noncurrent assets
286
262
239
360
336
Total assets
$ 20,012
$ 19,919
$ 19,919
$ 19,575
$ 19,668
LIABILITIES
Current liabilities:
Accounts payable
$ 1,480
$ 1,537
$ 1,582
$ 1,364
$ 1,514
Commercial paper
- 0
- 0
450
450
450
Payroll and benefits payable
41
50
67
70
40
Accrued taxes
176
102
128
126
135
Other current liabilities
318
305
279
312
310
Long-term debt due within one year
131
131
400
1,600
400
Total current liabilities
2,146
2,125
2,906
3,922
2,849
Long-term debt
5,723
5,724
4,876
3,378
4,578
Deferred tax liabilities
209
278
386
419
462
Defined benefit postretirement plan obligations
99
105
94
93
93
Asset retirement obligations
296
299
308
326
329
Deferred credits and other liabilities
151
144
123
232
213
Total liabilities
8,624
8,675
8,693
8,370
8,524
TOTAL STOCKHOLDERS' EQUITY
11,388
11,244
11,226
11,205
11,144
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 20,012
$ 19,919
$ 19,919
$ 19,575
$ 19,668
Common stock issued
937
937
937
937
937
Common stock held in treasury
315
331
347
360
369
Net shares outstanding at balance sheet date
622
606
590
577
568
Statements of Cash Flows
Consolidated Statements of Cash Flows (YTD)
Marathon Oil Corporation
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
(In millions)
2023
2023
2023
2023
2024
OPERATING ACTIVITIES:
Net income
$ 417
$ 704
$ 1,157
$ 1,554
$ 297
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization
520
1,079
1,662
2,211
524
Impairments
- 0
- 0
- 0
2
- 0
Exploratory dry well costs and unproved property impairments
14
24
41
53
6
Net gain on disposal of assets
(5)
(5)
(6)
(17)
- 0
Deferred income taxes
85
155
264
299
43
Unrealized (gain) loss on derivative instruments
(2)
2
8
(13)
24
Pension and other post retirement benefits, net
(7)
(11)
(27)
(33)
(3)
Stock-based compensation
10
21
32
43
11
Equity method investments, net
(80)
113
99
83
(39)
Changes in:
Current receivables
(86)
(158)
(298)
(21)
(120)
Inventories
(12)
(11)
(51)
(64)
6
Current accounts payable and accrued liabilities
30
37
166
(10)
12
Other current assets and liabilities
(9)
10
(17)
(5)
(2)
All other operating, net
(10)
(19)
(23)
5
(2)
Net cash provided by operating activities
865
1,941
3,007
4,087
757
INVESTING ACTIVITIES:
Capital expenditures
(601)
(1,224)
(1,673)
(2,033)
(603)
Change in capital accrual
69
58
14
(25)
117
Acquisitions, net of cash acquired
11
9
(15)
(12)
(4)
Disposal of assets, net of cash transferred to the buyer
(1)
(1)
(7)
3
- 0
Equity method investments - return of capital
- 0
34
57
61
- 0
All other investing, net
- 0
(1)
- 0
- 0
1
Net cash used in investing activities
(522)
(1,125)
(1,624)
(2,006)
(489)
FINANCING ACTIVITIES:
Borrowings
- 0
200
200
200
1,200
Debt repayments
(70)
(270)
(401)
(701)
(1,200)
Proceeds from revolving credit facility
175
980
1,018
1,248
50
Repayments of revolving credit facility
(175)
(980)
(1,468)
(1,698)
(43)
Proceeds from commercial paper borrowings, net
- 0
- 0
450
450
- 0
Shares repurchased under buyback programs
(334)
(706)
(1,121)
(1,473)
(285)
Dividends paid
(63)
(125)
(186)
(251)
(64)
Withholding tax on stock-based incentive awards
(30)
(30)
(31)
(31)
(18)
All other financing, net
(2)
(4)
(4)
(4)
(14)
Net cash used in financing activities
(499)
(935)
(1,543)
(2,260)
(374)
Net decrease in cash and cash equivalents
(156)
(119)
(160)
(179)
(106)
Cash and cash equivalents at beginning of period
334
334
334
334
155
Cash and cash equivalents at end of period
$ 178
$ 215
$ 174
$ 155
$ 49
Segment Income Statement
Segment Income Summary
Marathon Oil Corporation
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(In millions)
2023
2023
2023
2023
2023
2024
Segment income
United States
$ 425
$ 365
$ 505
$ 468
$ 1,763
$ 334
International
89
30
62
51
232
82
Segment income
514
395
567
519
1,995
416
Not allocated to segments - Corporate items:
Net interest and other
(82)
(92)
(94)
(84)
(352)
(69)
Other net periodic benefit credits
4
3
5
4
16
3
General and administrative
(43)
(37)
(36)
(35)
(151)
(45)
Other income and costs
(1)
(1)
(1)
(3)
(6)
(14)
Income tax benefit
28
27
25
5
85
26
Not allocated to segments - Adjustments for special items:
Net gain on disposal of assets
5
- 0
1
11
17
- 0
Proved property impairments
- 0
- 0
- 0
(2)
(2)
- 0
Exploratory dry well costs, unproved property impairments and other
(10)
(5)
(11)
(4)
(30)
- 0
Pension settlement
(1)
- 0
- 0
- 0
(1)
- 0
Unrealized gain (loss) on derivative instruments
2
(4)
(6)
21
13
(24)
Acquisition transaction costs
(1)
- 0
(1)
- 0
(2)
- 0
Other
1
(1)
- 0
(37)
(37)
(2)
Provision for income taxes related to special items
1
2
4
2
9
6
Total special items
$ (3)
$ (8)
$ (13)
$ (9)
$ (33)
- 0
$ (20)
Not allocated to segments - Total
$ (97)
$ (108)
$ (114)
$ (122)
$ (441)
$ (119)
Net income
$ 417
$ 287
$ 453
$ 397
$ 1,554
$ 297
United States Supplemental Fina
United States Segment Supplemental Financial Data
Marathon Oil Corporation
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(In millions, except per BOE statistics)
2023
2023
2023
2023
2023
2024
Revenues from contracts with customers (a)
$ 1,503
$ 1,440
$ 1,700
$ 1,556
$ 6,199
$ 1,422
Net realized gain on commodity derivatives
13
7
7
2
29
- 0
Other income (expense)
11
1
- 0
9
21
(4)
Less Costs and Expenses:
Production
178
191
173
211
753
201
Shipping, handling and other operating (b)
159
161
162
165
647
149
Exploration
5
6
8
8
27
7
DD&A
505
547
570
534
2,156
500
Taxes other than income
97
43
112
112
364
96
General and administrative
35
31
32
33
131
38
Income before taxes
548
469
650
504
2,171
427
Income tax provision
123
104
145
36
408
93
Segment income
$ 425
$ 365
$ 505
$ 468
$ 1,763
$ 334
Effective tax rate
22 %
22 %
22 %
7 %
19 %
22 %
Net sales volumes (mboed)
341
356
369
352
355
326
Costs and Expenses per BOE (c)
Production
$ 5.82
$ 5.88
$ 5.07
$ 6.51
$ 5.81
$ 6.77
Shipping, handling and other operating (d)
4.92
4.93
4.75
4.98
4.89
4.91
Exploration
0.17
0.15
0.23
0.28
0.21
0.24
DD&A
16.46
16.88
16.74
16.52
16.66
16.83
Taxes other than income
3.15
1.31
3.33
3.43
2.81
3.24
General and administrative
1.13
0.97
0.94
1.01
1.01
1.26
(a) Includes marketing revenue.
(b) Includes marketing expense.
(c) Costs and expenses per BOE are based upon volumes sold.
(d) Excludes marketing expense.
International Supplemental Fina
International Segment Supplemental Financial Data
Marathon Oil Corporation
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(In millions, except per BOE statistics)
2023
2023
2023
2023
2023
2024
Revenues from contracts with customers
$ 64
$ 44
$ 71
$ 29
$ 208
$ 116
Income from equity method investments
80
22
38
45
185
39
Other income
1
3
1
16
21
1
Less Costs and Expenses:
Production
23
23
19
10
75
20
Shipping, handling and other operating, including related party (a)
3
- 0
2
- 0
5
17
Exploration
- 0
- 0
1
1
2
- 0
DD&A
12
10
12
10
44
10
General and administrative
3
3
3
4
13
3
Income before taxes
104
33
73
65
275
106
Income tax provision
15
3
11
14
43
24
Segment income
$ 89
$ 30
$ 62
$ 51
$ 232
$ 82
Effective tax rate
14 %
9 %
15 %
22 %
16 %
23 %
Net sales volumes (mboed)
56
44
53
48
50
43
Costs and Expenses per BOE (b)
Production
$ 4.54
$ 5.72
$ 3.99
$ 2.30
$ 4.11
$ 5.13
Shipping, handling and other operating, including related party (a)
0.64
0.16
0.16
0.13
0.29
4.29
Exploration
- 0
0.04
0.20
0.14
0.09
0.07
DD&A
2.41
2.42
2.39
2.49
2.43
2.79
General and administrative
0.63
0.69
0.66
0.82
0.70
0.85
Equatorial Guinea
Dividends
$ -
$ 215
$ 24
$ 29
$ 268
$ -
Return of capital
- 0
34
23
4
61
- 0
Total cash distributions
$ -
$ 249
$ 47
$ 33
$ 329
$ -
Income from equity method investments
$ 80
$ 22
$ 38
$ 45
$ 185
$ 39
(a) The related party expense represents compensation to EG LNG for liquefaction, storage and product handling services, pursuant to the agreement that became effective on January 1, 2024.
(b) Costs and expenses per BOE are based upon volumes sold.
Non-GAAP Reconciliations 1
Non-GAAP Reconciliations
Marathon Oil Corporation
Marathon Oil Corporation ("Marathon") supplements its use of GAAP financial measures with non-GAAP financial measures as described on the following pages:
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(In millions)
2023
2023
2023
2023
2023
2024
Net income
$ 417
$ 287
$ 453
$ 397
$ 1,554
$ 297
Adjustments for special items (pre-tax):
Net gain on disposal of assets
(5)
- 0
(1)
(11)
(17)
- 0
Proved property impairments
- 0
- 0
- 0
2
2
- 0
Exploratory dry well costs, unproved property impairments and other
10
5
11
4
30
- 0
Pension settlement
1
- 0
- 0
- 0
1
- 0
Unrealized (gain) loss on derivative instruments
(2)
4
6
(21)
(13)
24
Acquisition transaction costs
1
- 0
1
- 0
2
- 0
Other
(1)
1
- 0
37
37
2
Benefit for income taxes related to special items
(1)
(2)
(4)
(2)
(9)
(6)
Adjustments for special items
3
8
13
9
33
20
Adjusted net income (a)
$ 420
$ 295
$ 466
$ 406
$ 1,587
$ 317
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(In millions, except per share data)
2023
2023
2023
2023
2023
2024
Per common share data:
Diluted:
Weighted average shares (millions)
629
615
604
584
608
576
Adjusted net income (a)
$ 420
$ 295
$ 466
$ 406
$ 1,587
$ 317
Adjusted net income per share (a)
$ 0.67
$ 0.48
$ 0.77
$ 0.69
$ 2.61
$ 0.55
(a) Non-GAAP financial measure.
Our presentation of adjusted net income (loss) and adjusted net income (loss) per share is a non-GAAP measure. Adjusted net income (loss) is defined as net income (loss) adjusted for gains or losses on dispositions, impairments of proved and certain unproved properties, unrealized gain or loss on commodity derivative instruments, effects of pension settlements and curtailments, acquisition transaction costs and other items that could be considered "non-operating" or "non-core" in nature. Management believes this is useful to investors as another tool to meaningfully represent our operating performance and to compare Marathon to certain competitors. Adjusted net income (loss) and adjusted net income (loss) per share should not be considered in isolation or as an alternative to, or more meaningful than, net income (loss) or net income (loss) per share as determined in accordance with U.S. GAAP.
Non-GAAP Reconciliations 2
Non-GAAP Reconciliations
Marathon Oil Corporation
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(Per share)
2023
2023
2023
2023
2023
2024
Adjusted Net Income Per Diluted Share (a)
Net income
$ 0.66
$ 0.47
$ 0.75
$ 0.68
$ 2.56
$ 0.52
Adjustments for special items (pre-tax):
Net gain on disposal of assets
(0.01)
- 0
- 0
(0.02)
(0.03)
- 0
Exploratory dry well costs, unproved property impairments and other
0.02
0.01
0.01
0.01
0.05
- 0
Unrealized (gain) loss on derivative instruments
- 0
- 0
0.01
(0.03)
(0.02)
0.04
Other
- 0
- 0
- 0
0.05
0.05
- 0
Benefit for income taxes related to special items
- 0
- 0
- 0
- 0
- 0
(0.01)
Adjustments for special items
0.01
0.01
0.02
0.01
0.05
0.03
Adjusted net income (a)
$ 0.67
$ 0.48
$ 0.77
$ 0.69
$ 2.61
$ 0.55
(a) Non-GAAP financial measure.
Our presentation of adjusted net income (loss) and adjusted net income (loss) per share is a non-GAAP measure. Adjusted net income (loss) is defined as net income (loss) adjusted for gains or losses on dispositions, impairments of proved and certain unproved properties, unrealized gain or loss on commodity derivative instruments, effects of pension settlements and curtailments, acquisition transaction costs and other items that could be considered "non-operating" or "non-core" in nature. Management believes this is useful to investors as another tool to meaningfully represent our operating performance and to compare Marathon to certain competitors. Adjusted net income (loss) and adjusted net income (loss) per share should not be considered in isolation or as an alternative to, or more meaningful than, net income (loss) or net income (loss) per share as determined in accordance with U.S. GAAP.
Non-GAAP Reconciliations 3
Non-GAAP Reconciliations
Marathon Oil Corporation
(In millions)
1st Qtr 2023
2nd Qtr 2023
3rd Qtr 2023
4th Qtr 2023
Year 2023
1st Qtr 2024
Adjusted Free Cash Flow (a)
Net cash provided by operating activities
$ 865
$ 1,076
$ 1,066
$ 1,080
$ 4,087
$ 757
Adjustments:
Changes in working capital
77
45
78
(100)
100
104
Capital expenditures
(601)
(623)
(449)
(360)
(2,033)
(603)
EG return of capital and other
(32)
33
23
4
28
(19)
Adjusted Free Cash Flow (a)
$ 309
$ 531
$ 718
$ 624
$ 2,182
$ 239
(a) Non-GAAP financial measure.
Our presentation of adjusted free cash flow is a non-GAAP measure. Adjusted free cash flow before dividend ("adjusted free cash flow") is defined as net cash provided by operating activities before changes in working capital (adjusted CFO), net of capital expenditures and EG return of capital and other. Management believes this is useful to investors as a measure of Marathon's ability to fund its capital expenditure programs, service debt, and other distributions to stockholders. Adjusted free cash flow should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.
Non-GAAP Reconciliations 4
Non-GAAP Reconciliations
Marathon Oil Corporation
(In millions)
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
Adjusted CFO (QTD)
2023
2023
2023
2023
2024
Net cash provided by operating activities
$ 865
$ 1,076
$ 1,066
$ 1,080
$ 757
Current receivables
(86)
(72)
(140)
277
(120)
Inventories
(12)
1
(40)
(13)
6
Current accounts payable and accrued expenses
30
7
129
(176)
12
Other current assets and liabilities
(9)
19
(27)
12
(2)
Changes in working capital
(77)
(45)
(78)
100
(104)
Adjusted CFO (a)
$ 942
$ 1,121
$ 1,144
$ 980
$ 861
(In millions)
1st Qtr 2023
2nd Qtr 2023
3rd Qtr 2023
4th Qtr 2023
Year 2023
1st Qtr 2024
Reinvestment rate (a)
Adjusted CFO (a)
$ 942
$ 1,121
$ 1,144
$ 980
$ 4,187
$ 861
EG return of capital and other
(32)
33
23
4
28
(19)
Sources of Cash
910
1,154
1,167
984
4,215
842
Capital expenditures
$ 601
$ 623
$ 449
$ 360
$ 2,033
$ 603
Reinvestment rate (a)
66 %
54 %
38 %
37 %
48 %
72 %
(a) Non-GAAP financial measure.
Our presentation of Adjusted CFO is a non-GAAP measure. Adjusted CFO is defined as net cash provided by operating activities adjusted for changes in working capital. Management believes this is useful to investors as an indicator of Marathon's ability to generate cash quarterly or year-to-date by eliminating differences caused by the timing of certain working capital items. Adjusted CFO should not be considered in isolation or as an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with U.S. GAAP.
Our presentation of reinvestment rate is a non-GAAP measure. The reinvestment rate is defined as capital expenditures divided by adjusted CFO and EG return of capital and other. Management believes the reinvestment rate is useful to investors to demonstrate the Company's commitment to generating cash for use towards investor-friendly purposes (which includes balance sheet enhancement, base dividend and other return of capital).
Non-GAAP Reconciliations 5
Non-GAAP Reconciliations
Marathon Oil Corporation
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(In millions)
2023
2023
2023
2023
2023
2024
Net income
$ 417
$ 287
$ 453
$ 397
$ 1,554
$ 297
Adjustments to net income:
DD&A
520
559
583
549
2,211
524
Tax
109
78
127
43
357
85
Exploration
15
11
20
13
59
7
Net interest and other
82
92
94
84
352
69
EBITDAX (a)
1,143
1,027
1,277
1,086
4,533
982
EBITDAX special items adjustments:
Net gain on disposal of assets
(5)
- 0
(1)
(11)
(17)
- 0
Proved property impairments
- 0
- 0
- 0
2
2
- 0
Pension settlement
1
- 0
- 0
- 0
1
- 0
Unrealized (gain) loss on derivative instruments
(2)
4
6
(21)
(13)
24
Acquisition transaction costs
1
- 0
1
- 0
2
- 0
Other
(1)
1
- 0
37
37
2
Adjustments for special items
(6)
5
6
7
12
26
Adjusted EBITDAX (a)
$ 1,137
$ 1,032
$ 1,283
$ 1,093
$ 4,545
$ 1,008
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
(In millions)
2023
2023
2023
2023
2023
2024
Equatorial Guinea EBITDAX (a)
International segment income
$ 89
$ 30
$ 62
$ 51
$ 232
$ 82
Adjustments:
DD&A
22
15
22
19
78
21
Tax
26
8
20
21
75
30
Exploration
- 0
- 0
- 0
1
1
- 0
Net interest and other
- 0
- 0
(2)
3
1
- 0
E.G. EBITDAX (a)
$ 137
$ 53
$ 102
$ 95
$ 387
$ 133
(a) Non-GAAP financial measure.
Our presentation of Adjusted EBITDAX is a non-GAAP measure. Adjusted EBITDAX is defined as net income (loss) excluding net interest and other, taxes, depreciation, depletion and amortization ("DD&A"), and exploration, further adjusted for gains or losses on dispositions, impairments of proved properties, unrealized gain or loss on commodity derivative instruments, effects of pension settlements and curtailments, acquisition transaction costs and other items that could be considered "non-operating" or "non-core" in nature. Management believes this provides useful information to investors in evaluating our operating and financial performance because it eliminates the impact of certain items affecting comparability from period to period. Adjusted EBITDAX should not be considered in isolation or as an alternative to, or more meaningful than, net income (loss) as determined in accordance with U.S. GAAP.
Our presentation of E.G. EBITDAX is a non-GAAP measure. E.G. EBITDAX is defined as International segment income (loss) excluding net interest and other, taxes, depreciation, depletion and amortization ("DD&A"), and exploration. Management believes this is useful to investors as a measure of E.G.'s ability to contribute to Marathon's funding for its capital expenditure programs as well as for dividend payments, servicing debt, and other distributions to stockholders. E.G. EBITDAX should not be considered in isolation or as an alternative to, or more meaningful than, International segment income (loss) as determined in accordance with U.S. GAAP.
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Marathon Oil Corporation published this content on
01 May 2024 and is solely responsible for the information contained therein. Distributed by
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01 May 2024 21:14:01 UTC.
Marathon Oil Corporation specializes in the exploration and production of oil and natural gas. The activity is organized around 3 product families:
- crude oil and gas condensates: 172,000 barrels of oil sold per day in 2021;
- natural gas: 18.1 million m3 sold per day;
- liquefied natural gas: 69,000 barrels sold per day.
The United States account for 95.2% of net sales.