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Howard Weil Conference – Marathon Oil Corp

Marathon Oil Corp · Mar 24, 2014 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Howard Weil Conference – Marathon Oil Corp – slide 1
    Howard Weil Conference March 24, 2014 Lee M. Tillman President & Chief Executive Officer
  2. Howard Weil Conference – Marathon Oil Corp – slide 2
    Reconnect with December 2013 Analyst Day Update on 2014 priorities Accelerated rig activity in resource plays successful ramp up to 28 rig program complete Acceleration underpinned by 2.4 BBOE of 2P unconventional resource, doubled…
  3. Howard Weil Conference – Marathon Oil Corp – slide 3
    Optionality Across Three Highest Value Resource Plays Growing resource and 10+ year inventory Positioned in three high-value, liquids-rich unconventional Bakken 1.0 Total Resource BBOE resource plays Total Resource 800 MMBOE…
  4. Howard Weil Conference – Marathon Oil Corp – slide 4
    Optionality Across Three Highest Value Resource Plays Strong incremental well economics driving capital allocations 2014 CAPEX 5.9 B North America E&P Resource Corporate 2% Plays 3.6B Oil Sands Mining 5% Eagle Ford 64% North…
  5. Howard Weil Conference – Marathon Oil Corp – slide 5
    Eagle Ford Doubled 2P resource since acquisition Initial 2P Resource Grew 2P well inventory from 900 net 469 net MMBOE to 2,300 net (3,300 gross) Gross EF well inventory 51% High GOR oil 160 acre 22% Gas condensate 80 acre 27% Low…
  6. Howard Weil Conference – Marathon Oil Corp – slide 6
    Eagle Ford Production data supports bias towards higher relative recovery Developing high value gas condensate and select high GOR oil at 40-acre equivalent spacing Improved completion efficiency and well performance at closer…
  7. Howard Weil Conference – Marathon Oil Corp – slide 7
    Eagle Ford Completion design enhancements driving improved well performance Improvements in stimulation design outpacing impacts from downspacing 2013 wells at 40 & 60 acre spacing exhibit higher IP than 2011 wells at 80 - 160 acre…
  8. Howard Weil Conference – Marathon Oil Corp – slide 8
    Growing Confidence in Austin Chalk Early Austin Chalk wells competitive with Eagle Ford Near Term Austin Chalk Well Plans Not your Fathers Austin Chalk Direct contact with EF reservoir Organic content presence = partial self…
  9. Howard Weil Conference – Marathon Oil Corp – slide 9
    Eagle Ford Focus on capital and operating efficiency Ft/Day TD 1,500 Continuously improving cycle times Competitor Average 1,110 16,847 Average Drill Rate, Ft/Day1 MRO Average 1,435 17,369 Top quartile driller in core…
  10. Howard Weil Conference – Marathon Oil Corp – slide 10
    Eagle Ford Consistent execution delivering volumes growth 140 Gas NGL 120 Oil 100 Net MBOED 80 60 40 20 0 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014E 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1QE Annual Marathon Oil…
  11. Howard Weil Conference – Marathon Oil Corp – slide 11
    Bakken 2P Resource growth 80% since 2011 YE 2011 2P Resource 345 net MMBOE Grew well inventory from 450 net to 1,300 net over last 2 years (2,300 gross) 370,000 net acres Bakken Three Forks Future growth opportunities to capture…
  12. Howard Weil Conference – Marathon Oil Corp – slide 12
    Bakken Three Fork First Bench contribution growing 25% of 2P resource TF1 economics consistent with Middle Bakken Gross MRO operated well counts 64 of 400 currently producing wells MOUNTRAIL 45 wells planned for 2014 Pilot tests…
  13. Howard Weil Conference – Marathon Oil Corp – slide 13
    Bakken Three Forks First Bench co-development and high density pilots Four pilot locations in core producing areas Testing 320-acre spacing for co- Wolding Spacing Unit development (4 MB and 4 TF per 1280-acre Myrmidon 7 wells…
  14. Howard Weil Conference – Marathon Oil Corp – slide 14
    Bakken Three Forks lower benches additional potential MRO planned TF 2nd bench locations Initial focus on Myrmidon area CLR Rollefstad Federal Spacing Unit Myrmidon MRO 2nd Bench Plans Myrmidon MB, TF1, TF2 and TF 3 Six wells…
  15. Howard Weil Conference – Marathon Oil Corp – slide 15
    Bakken Operational Excellence & Best-in-Class Drilling Efficiency 1,400 Best-in-class across North Dakota in drilling efficiency 1,200 Average Drill Rate (Ft/day)1 1,000 Improving cycle times every year 800 96% operational…
  16. Howard Weil Conference – Marathon Oil Corp – slide 16
    Bakken Strong growth in low risk oil basin 60 Gas NGL 50 Oil 40 Net MBOED 30 20 10 0 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014E 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1QE Annual Marathon Oil Corporation 18
  17. Howard Weil Conference – Marathon Oil Corp – slide 17
    Oklahoma Resource Basins 2P Resource more than doubled since 2011 YE 2011 2P Resource Grew 2P well inventory from 530 to 300 net MMBOE 960 net over last 2 years (3,500 gross) 210,000 net acres Woodford Future growth opportunities…
  18. Howard Weil Conference – Marathon Oil Corp – slide 18
    Oklahoma Resource Basins SCOOP and STACK plays growing potential Stacked reservoirs on 35% of currently held acres with further growth potential STACK MRO exposed to entire Woodford Shale play in the Southern Miss Trend Anadarko…
  19. Howard Weil Conference – Marathon Oil Corp – slide 19
    Oklahoma Resource Basins SCOOP well performance improving 250,000 2013 Improved understanding of geo-steering, 2012 landing intervals and stimulation design 200,000 2011 Cumulative BOE1 Completion optimization 150,000 158%…
  20. Howard Weil Conference – Marathon Oil Corp – slide 20
    Oklahoma Resource Basins Beyond Woodford - additional horizons showing promise Southern Miss Trend Southern Miss Trend BOECKMAN 1-13H MCKPHERSON 1-11H Multiple play types ROSEMARY 1-14H Stacked pay potential with Woodford MIKE…
  21. Howard Weil Conference – Marathon Oil Corp – slide 21
    Oklahoma Resource Basins Early capture of operating and capital efficiency SCOOP Activity 400 Continuously improving cycle times Avg Drill Rate (Ft/day)1 year on year 300 Competitive capital efficiency 200 Increasing…
  22. Howard Weil Conference – Marathon Oil Corp – slide 22
    Oklahoma Resource Basins Doubling activity to start growth ramp Increased activity by 100% relative to 2013 25 Drilling 20 to 25 gross company operated Gas wells in 2014 NGL Moved to 4 rig program 20 Oil Focused on growing SCOOP…
  23. Howard Weil Conference – Marathon Oil Corp – slide 23
    Unconventional Resource Plays Accelerated resource development to grow profitable volumes 200 Oklahoma Resource Basins Bakken Eagle Ford 150 Net MBOED 100 50 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q…
  24. Howard Weil Conference – Marathon Oil Corp – slide 24
    Single Well Economics for Resource Plays Excluding acreage acquisition costs ANADARKO/WOODFORD BAKKEN EAGLE FORD SCOOP SCOOP XL Cana Myrmidon Hector High GOR Condensate Condensate Condensate Condensate MB or TF1 MB Oil Gross IP…
  25. Howard Weil Conference – Marathon Oil Corp – slide 25
    Exploration Update 2014 Program tests oil potential 2014 J F M A M J J A S O N D Country Well Q1 Q2 Q3 Q4 Kurdistan Jisik-1* 45% WI TD Testing Kenya Sala-1 50% WI Ethiopia Shimela-1 20% WI Ethiopia South Omo 2 20% WI…
  26. Howard Weil Conference – Marathon Oil Corp – slide 26
    Exploration Update Growing position at low cost in East Africa rift play - Ethiopia Tertiary rift system objectives Very large blocks with several independent sub-basins Ethiopia South Omo block (MRO 20% WI, Tullow Rift Basin Area…
  27. Howard Weil Conference – Marathon Oil Corp – slide 27
    Exploration Update Near-field, oil prone opportunities in EG Total gross resource potential 500 MMBOE Within multiple prospects MRO operated (80% to 100% WI) 2014 Program targeting 100 MMBOE mean total potential gross resource,…

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