Chairman, President and Chief Executive Officer at Marathon Oil
Thank you, Mike. 2022 was an exceptional year for our unique world-class integrated gas business in EG. We delivered over $600 million of equity income more than double our guidance at the beginning of the year. And we generated approximately $900 million of EBITDA. Our results were driven by solid operational performance as well as higher-than-expected commodity pricing, especially for Henry Hub and European natural gas.
For 2023, we expect equity income and EBITDA to decline largely due to assume significantly lower commodity prices, especially for natural gas and the already referenced planned turnaround during the second quarter. The outlook beyond 2023, however, is robust as we expect to realize significant EG earnings and cash flow improvement in 2024 on the back of an increase in our global LNG price exposure.
A way of background, in addition to our 64% interest in the operated Alba gas condensate field, which produced approximately 60,000 oil equivalent barrels per day on a net basis in 2022. We also have a 56% interest in equity accounted 3.7 MTPA baseload LNG facility. This LNG facility currently processes equity gas from our operated Alba field that is sold on a legacy Henry Hub link contract and third-party Alen gas volumes on a total plus profit sharing basis. The Alba-Henry Hub link contract expires at the end of 2023.
While we're still working through contractual and commercial details, the bottom line is that beginning January 1, 2024, Alba source LNG will no longer be sold at a Henry Hub linkage. It will be sold into the global LNG market which is expected to drive a significant financial uplift for our company given the material arbitrage between Henry Hub and global LNG pricing.
More specifically, at pricing generally consistent with the forward curve or $20 per MMBtu TTF, we're positioned to realize an approximate $500 million EBITDA uplift in comparison to 2023. As there is a wide range of potential global LNG price outcomes in 2024, we've also provided a high side sensitivity to help you better appreciate the leverage we'll have in 2024 to global LNG prices.
Assuming an upside case of $40 per MMBtu TTF in 2024 or a price consistent with the average of the trailing 12 months, the potential EBITDA uplift could be in excess of $1 billion. And beyond the significant financial uplift expected in 2024, we remain equally focused on further maximizing the long-term value of our unique EG gas assets by leveraging available haulage through EGL&G.
This world-class infrastructure is well positioned in one of the most gas prone areas of West Africa and is a natural aggregation point to monetize both indigenous EG gas as well as discovered undeveloped cross-border opportunities.
In summary, for years now, I've reiterated my view that for our company and for our sector to attract increased investor sponsorship, we must deliver financial performance competitive with other investment alternatives in the market. as measured by corporate returns, free cash flow generation and the return of capital. More S&P, less E&D.
We've delivered exactly that type of performance over the last two years and not just competitive, but at the very top. And as I said before, our challenge now is to prove that our results are sustainable, quarter in, quarter out, year-end and year out. We believe they are. We're up for the challenge, and I believe our outlook is as strong as it has ever been.
Our compelling investment case is simple. We offer a unique and differentiated return of capital framework that provides shareholders first call on cash flow and protect distributions from capital inflation. For 2023, we're providing clear visibility to double-digit shareholder distribution yield. We have an established track record of market-leading free cash flow yield and shareholder distributions at an attractive valuation and offer investors a free cash flow and return of capital profile that competes with any sector and company in the S&P 500 across a wide range of commodity prices.
We have delivered per share growth across all the metrics that matter via a consistent share repurchase program that leads our peers in addition to a durable and competitive base dividend. We believe this peer-leading financial delivery is sustainable, underpinned by our high-quality US unconventional portfolio with over a decade of high return inventory and a track record of sector-leading capital efficiency, recently strengthened by the Insight acquisition.
Our portfolio provides commodity leverage with strong oil weighting, coupled with a unique and increasing exposure to global LNG prices that will drive material financial uplift in 2024 and beyond, all underpinned by an investment-grade balance sheet. And finally, we're delivering these results to help meet global oil and gas demand while prioritizing all elements of our ESG performance.
To close, I want to again reiterate how proud I am of the way we position our company. We are results driven, but it is also about how we deliver those results, staying true to our core values and responsibly delivering the oil and gas the world needs. The oil and gas that is critical to furthering global economic progress, defending US energy security, limiting billions out of energy poverty and protecting the standard of living, we have all come to enjoy.
With that, we can open the line for Q&A.