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3Q 2018 Earnings – Marathon Oil Corp

Marathon Oil Corp · Nov 7, 2018 · 24 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. 3Q 2018 Earnings – Marathon Oil Corp – slide 1
    Third Quarter 2018 Financial and Operational Review November 7, 2018
  2. 3Q 2018 Earnings – Marathon Oil Corp – slide 2
    Multi-Basin Execution Drives FCF & Return of Cash Capital budget unchanged, full-year production guidance raised Capital Discipline Full-year Resource Play production (oil & boe) guidance raised for third consecutive quarter on…
  3. 3Q 2018 Earnings – Marathon Oil Corp – slide 3
    Execution Driving Enhanced Corporate Returns Resource play guidance raised for 3nd consecutive quarter, budget unchanged 2018 vs 2017 Original 1Q18 2Q18 Current Metrics Plan Guidance Guidance Guidance Financials 50 WTI Financials 65…
  4. 3Q 2018 Earnings – Marathon Oil Corp – slide 4
    Total Company Cash Flow for 3Q18 Generated 320MM of organic free cash flow 1 2.3B full-year development capital budget unchanged; 3Q18 development capex down 8% q/q 339MM share buy-backs during 3Q18; 500M repurchased year-to-date…
  5. 3Q 2018 Earnings – Marathon Oil Corp – slide 5
    Differentiated Position in Top 4 U.S. Basins Multi-basin portfolio provides flexibility Appraise / Delineate Early Development Full Field Development Bakken MRO 3Q18 Oil Production by Area 3Q18 avg. 85 MBOED (86% oil) 255,000…
  6. 3Q 2018 Earnings – Marathon Oil Corp – slide 6
    Eagle Ford Execution Continues to Set the Standard Capital efficiency coupled with advantaged pricing delivers superior returns Production Volumes and Wells to Sales Production averaged 115 net MBOED, 150 45 8% higher than 2Q18…
  7. 3Q 2018 Earnings – Marathon Oil Corp – slide 7
    Continued Strength Across Expanded Eagle Ford Core 28 Atascosa County wells YTD with avg IP 30 of 1,530 BOED (77% oil) KL-MW Wilson 4 well pad Avg: 1,790 BOED (76% oil) 4,300 LL Wilhelm Smith B 3 well pad May B Avg: 1,460 BOED…
  8. 3Q 2018 Earnings – Marathon Oil Corp – slide 8
    Basin Leading Results While Extending the Bakken Core 180 day cumulative oil production 70% above peer average Production Volumes and Wells to Sales Production averaged 85 net MBOED, 4% 100 30 higher than 2Q18 Operated Wells to…
  9. 3Q 2018 Earnings – Marathon Oil Corp – slide 9
    Record Setting Bakken Performance Continues Three new record Three Forks wells 22 of top 25 Middle Bakken Wells are MRO wells Earl Pennington Pad Weninger Pad 3 wells Mountrail2 wells 4,000 Avg: 3,105 BOED Avg: 2,725 BOED (77% oil)…
  10. 3Q 2018 Earnings – Marathon Oil Corp – slide 10
    Oklahoma Successful Transition to Infill Pad Development Optimizing development approach to deliver consistent performance Production Volumes and Wells to Sales Production averaged 73 net MBOED 100 30 11 gross operated wells to sales…
  11. 3Q 2018 Earnings – Marathon Oil Corp – slide 11
    Strong Results in Overpressured STACK and SCOOP 4Q18 focus on pad drilling Olive June Blaine Kingfisher Ruthie Irven John Tan (online 4Q17) 3 infill wells (4 wps) 8 infill wells (9 wps) Avg: 1,700 BOED (65% oil) Avg: 1,840 BOED…
  12. 3Q 2018 Earnings – Marathon Oil Corp – slide 12
    Strategically Advancing Northern Delaware Position Production Volumes and Wells to Sales Production averaged 21 net MBOED, 24% higher 25 25 than 2Q18 Operated Wells to Sales 20 20 18 gross operated wells to sales avg. IP 30 of…
  13. 3Q 2018 Earnings – Marathon Oil Corp – slide 13
    International E&P Highlights World Class Gas Infrastructure International E&P production 115 net EGLNG EGLNG Plant Plant MBOED 4Q18 production guidance of 105 to 115 net MBOED on planned E.G. maintenance 1Q19 production impacted…
  14. 3Q 2018 Earnings – Marathon Oil Corp – slide 14
    Resource Play Exploration (REx) Update Progressing Louisiana Austin Chalk and other opportunities MRO Louisiana Austin Chalk Position GRANT LA SALLE NATCHITOCHES SABINE ADAMS CATAHOULA CONCORDIA RAPIDES WILKINSON VERNON…
  15. 3Q 2018 Earnings – Marathon Oil Corp – slide 15
    Delivering on Our Priorities Differentiated execution and capital discipline leading the way Financial flexibility to execute business plan across broad range of pricing Peer Leading Balance Sheet Consensus 2018 Net Debt/EBITDA…
  16. 3Q 2018 Earnings – Marathon Oil Corp – slide 16
    Appendix
  17. 3Q 2018 Earnings – Marathon Oil Corp – slide 17
    Volumes, Exploration Expenses & Effective Tax Rate 2018 (excluding Libya) 1Q 2Q 3Q 4Q Full-Year United States Net Sales Volumes: - Crude Oil and Condensate (MBD) 164 168 173 - Natural Gas Liquids (MBD) 50 57 58 - Natural Gas…
  18. 3Q 2018 Earnings – Marathon Oil Corp – slide 18
    2018 Production Estimates Guidance adjusted for 3Q18 non-core asset sales* Available for Sale Available for Sale 4QE Full-Year Estimate United States Total (MBOED) 295 305 - Crude Oil (MBD) 175 185 International Total (MBOED) 105…
  19. 3Q 2018 Earnings – Marathon Oil Corp – slide 19
    2018 Estimates Full-Year Estimate United States Cost Data Production Operating 4.75 5.75 DD&A 19.75 22.25 S&H and Other* 3.75 4.25 International Cost Data Production Operating 4.75 5.75 DD&A 4.25 5.75 S&H and Other* 1.25…
  20. 3Q 2018 Earnings – Marathon Oil Corp – slide 20
    Net Sales Volumes and Realizations U.S. Divestiture-Adj. Sales Volumes* International Divestiture-Adj. Volumes** 300 150 125 200 100 MBOED MBOED 294 303 75 140 236 125 119 119 114 111 100 50 25 0 0 3Q17 2Q18…
  21. 3Q 2018 Earnings – Marathon Oil Corp – slide 21
    3Q18 Production Mix Eagle Ford Oklahoma 20% 25% Total U.S. Resource Plays 48% 23% 57% 28% 23% Crude Oil/Condensate 57% NGLs Bakken Northern Delaware 20% Natural Gas 7% 7% 24% * 57% 86% 19% * 3Q18 oil mix…
  22. 3Q 2018 Earnings – Marathon Oil Corp – slide 22
    United States Crude Oil Derivatives As of November 5, 2018 Crude Oil (Benchmark to NYMEX WTI) 4Q18 FY 2019 FY 2020 Three-Way Collars Volume (BBLs/day) 95,000 60,000 - Weighted Avg Price per BBL: Ceiling 57.65 73.18 - Floor 52.11…
  23. 3Q 2018 Earnings – Marathon Oil Corp – slide 23
    United States Natural Gas Derivatives As of November 5, 2018 Natural Gas (Benchmark to NYMEX HH) 4Q18 1Q19 Three-Way Collars Volume (MMBtu/day) 160,000 100,000 Weighted Avg Price per MMBtu: Ceiling 3.61 3.75 Floor 3.00 3.00…
  24. 3Q 2018 Earnings – Marathon Oil Corp – slide 24
    Capital, Investment & Exploration 2018 budget reconciliation MM 2018 Budget 2018 YTD Actual Cash additions to Property, Plant and Equipment 2,069 Working Capital associated with PPE (81) Property, Plant and Equipment additions…

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