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HOUSTON , November 3 , 2021 - Marathon Oil Corporation ( NYSE : MRO ) reported third quarter 2021 net income of $ 184 million , or $ 0.23 per diluted share , which includes the impact of certain items not typically represented in analysts ' earnings estimates and that would otherwise affect comparability of results . The adjusted net income was $ 310 million , or $ 0.39 per diluted share . Net operating cash flow was $ 816 million , or $ 775 million before changes in working capital . Highlights ● Marathon Oil Reports Third Quarter 2021 Results Raised Base Dividend 20 % and Executed $ 200 Million of Share Repurchases ● Strong financial performance highlighted by third quarter free cash flow generation of $ 478 million ; over $ 1.3 billion of free cash flow generation through third quarter Committed to capital discipline with no change to $ 1 billion 2021 capital expenditure budget ; third quarter capital expenditures of $ 308 million and $ 781 million of capital expenditures through third quarter Third quarter oil - equivalent production of 345,000 net boed , including oil production of 168,000 net bopd ; no change to midpoint of 2021 total Company oil or oil - equivalent production guidance Total 2021 gross debt reduction of $ 1.4 billion , including full redemption of $ 900 million 2025 maturity during third quarter , contributing to $ 50 million of annualized cash interest expense savings ; going forward , expect to retire future debt at maturity Raised quarterly base dividend for third consecutive quarter to $ 0.06 per share representing cumulative 100 % increase since year - end 2020 Executed $ 200 million of share repurchases since October 1st and targeting approximately $ 500 million of total share repurchases during fourth quarter Fourth quarter return of capital to equity holders , inclusive of base dividend and share repurchases , expected to exceed minimum target of 40 % of cash flow from operations Board of Directors approved share repurchase authorization increase to $ 2.5 billion " Third quarter was once again characterized by both strong safety performance and an improving GHG emissions trend , " said Chairman , President , and CEO Lee Tillman . " Additionally , through our commitment to capital discipline and our differentiated execution , we are delivering outsized financial outcomes , highlighted by over $ 1.3 billion of year - to - date free cash flow generation . This strong financial performance in combination with the substantial improvement to our balance sheet has enabled us to dramatically accelerate the return of capital to equity holders . Consistent with our framework , the shareholder will get the first call on cash flow . We've raised our base dividend for the third consecutive quarter , we've repurchased $ 200 million of stock since October 1st , and we are targeting approximately $ 300 million of additional repurchases before year - end . Through our increased base dividend and share repurchases , we expect to return around 50 % of our fourth quarter cash flow from operations to our equity holders . Looking ahead to 2022 , with our commitment to capital discipline firmly in place , no material debt maturities , and our upsized share repurchase authorization , we are well positioned to continue delivering outsized free cash flow generation and return of capital to our shareholders . "