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Scotia Howard Weil Energy Conference – Marathon Oil Corp

Marathon Oil Corp · Mar 21, 2016 · 15 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. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 1
  2. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 2
    Marathon Oil Key Messages Financial and operational flexibility 5.7B pro forma liquidity at YE15 Greatly reduced 2016 capital program; 70% targeting short-cycle investments Resetting cost structure 435MM reductions in E&P production…
  3. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 3
    Strong Financial Profile 5.7B liquidity pro-forma YE15 2.4B* of cash; 3.3B** undrawn revolving credit facility, committed through 2020 Revolver sole financial covenant: total debt to…
  4. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 4
    2016 Capital Program Down 50% 70% allocated to US resource plays with flexibility to adjust further 2016 CAPEX 1.4B Focus on balance sheet Eagle Ford 42% protection Other North 2016 program greatly reduced; Exploration 2% America…
  5. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 5
    Resetting the Cost Structure Downward trends in both unit and absolute costs 400 12 Total E&P production expense 10 decreased 25% from a year- 300 Int'l E&P ago quarter 8 /BOE North America E&P production MM 200 6 NA…
  6. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 6
    Leveraging Scale in U.S. Resource Plays 2P Resource 3.6 BBOE; 5,700 gross COOP well inventory Grew 2P Resource and Total 6 Resource 20% from year-end 2014 5 Current 2P net well inventory 5,500 (12,000 gross) including OBO 4…
  7. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 7
    Quality Underpins Resource Play Economics Two-thirds of well inventory breakeven at flat 40 WTI 100% 50 WTI : 90% Breakeven 90% 45 WTI : 86% Breakeven 80% 70% 40 WTI : 66% Breakeven Cumulative % of Wells 60% 50%…
  8. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 8
    Focus on Over-Pressured STACK Meramec Two-thirds of 2016 Oklahoma activity in Meramec Scheffler 1H-9X STACK dominates 2016 plan 30 Day IP: 1,843 BOEPD 90% Liquids; 10,150 LL MRO Olive June XH Delineate condensate and volatile oil…
  9. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 9
    SCOOP Responding to Enhanced Completions First operated Springer well outperforming Woodford IP Growth Woodford 1,400 1,200 30d 150% increase in 90 day IP from 2011- 2015 60d 1,000 23% CWC decrease in 2015 90d BOED 800…
  10. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 10
    Increased Stage Density in Eagle Ford Oil Wells 200 stage spacing yields promising results 200 ft. Stage Wilson Karnes Eagle Ford development plan continues Spacing Pilot to evolve 20% average uplift from 16 High GOR oil Atascosa…
  11. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 11
    Bakken Focusing on the Base Business Cash flow neutral in 2016 with large inventory of economic wells above 40 WTI West Myrmidon Sensitivity to Oil Price Taking action in current low oil price environment Suspended drilling in…
  12. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 12
    Extending EG Field Life as Cash Generator Significant value captured in offshore PSC & onshore equity plants Integrated gas business yields Alba Field - Offshore E&P Operations significant value uplift through onshore equity method…
  13. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 13
    Pro forma year-end 2015 liquidity of 5.7B Greatly reduced 2016 capital program; optionality to further adjust activity Realizing benefit of early 2015 cost reductions; more to come Scale and quality in U.S. resource plays 3.6 BBOE…
  14. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 14
    Gross Gross Average Total Operated Operated Net Wells Net Wells 2016 Rig CAPEX Wells Wells to Drilled to Sales Count Drilled Sales 193MM 0.5 8 10 13 15 10 12 19 22 Gross Gross Average Total Operated Operated Net Wells Net…
  15. Scotia Howard Weil Energy Conference – Marathon Oil Corp – slide 15
    G&A Reconciliation (MM) Total Company G&A to Adjusted G&A 2013 2014 2015 Total Company G&A expenses 659 654 590 Adjustments to G&A expenses: Pension settlement (45) (99) (119) Reduction in workforce (55) Adjusted G&A…

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