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1Q 2019 Earnings Presentation – Marathon Oil Corp

Marathon Oil Corp · May 1, 2019 · 25 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. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 1
    First Quarter 2019 Financial and Operational Review May 1, 2019
  2. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 2
    Framework for Success Our working definition of capital discipline Committed to our Framework Portfolio transformation and focused capital allocation drive multi-year Corporate Returns corporate returns improvement through capital…
  3. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 3
    1Q19 Highlights Delivering on our Framework Corporate Returns: On track to achieve rate of change objectives 1 Free Cash Flow: 80MM of 1Q19 organic FCF2, post-dividend Return of Capital: 50MM of YTD share repurchases, more than…
  4. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 4
    Total Company Cash Flow for 1Q19 Generated 80MM of organic FCF 1Q19 development capital down 8% from year-ago quarter; 2.4B full-year budget unchanged 200MM resource play leasing and exploration (REx) annual capital budget unchanged;…
  5. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 5
    Competitively Advantaged Multi-Basin Model Multi-basin portfolio provides flexibility Appraise / Delineate Early Development Full Field Development Bakken MRO 1Q19 Oil Production by Area 1Q19 avg. 92 MBOED (86% oil) 260,000 net…
  6. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 6
    Eagle Ford Delivering Strong Returns and Free Cash Flow Efficiency continuing to improve Production Volumes and Wells to Sales Production averaged 105 net MBOED 120 60 Operated Wells to Sales 41 gross operated wells to sales with…
  7. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 7
    Eagle Ford 1Q19 Wells to Sales Strong results in both black oil and condensate windows Trial-Jauer Pollok 5 well pad Gonzales 1,060 BOED (83% oil) 3,490 LL Wet Gas Condensate De Witt Oil Wilson Challenger C/PSA 5 well pad…
  8. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 8
    Bakken Continues Capital Efficiency Improvements Best in Basin 180-day oil productivity Production Volumes and Wells to Sales Production averaged 92 net MBOED 100 30 Operated Wells to Sales 80 24 29 wells to sales with average IP…
  9. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 9
    Bakken 1Q19 Wells to Sales Myrmidon dominated program Irish Pad Annie Pad 1 well 5 wells 3,240 BOED 3,260 BOED (71% oil) (73% oil) Joanne Quale Pad Myrmidon Stark Pad 4 wells 3 wells 3,240 BOED 2,090 BOED (74% oil) (77% oil)…
  10. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 10
    Oklahoma Continuing Trend of Strong and Predictable Results 1Q19 over-pressured STACK infills outperforming type curve by 50% Production Volumes and Wells to Sales Production averaged 63 net MBOED 100 20 18 gross operated wells to…
  11. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 11
    Oklahoma 1Q19 Wells to Sales Over-pressured STACK pads late in quarter, but delivering strong performance Olive June Infill 2 MRMC wells (3 wps) Blaine Kingfisher 2,540 BOED (76% oil) 10,130 LL Ruthie Infill Mike Stroud Infill 5…
  12. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 12
    Impressive Productivity in Northern Delaware Strong well performance while driving meaningful cost reductions Production Volumes and Wells to Sales Production averaged 26 net MBOED 30 25 Operated Wells to Sales 25 20 15 wells to…
  13. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 13
    Northern Delaware 1Q19 Wells to Sales Successful early development and delineation in Malaga and Red Hills Sweet Tea 4 wells BS, Upper WC, Lower WC 2,830 BOED (62% oil) 400 BOED per 1,000 ft lateral Arrowhead Lea Flowmaster 3…
  14. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 14
    E.G. to Deliver Strong FCF for Years to Come Portfolio optimization continues with U.K. agreement World Class Gas Infrastructure Total International production of 92 net EGLNG EGLNG Plant Plant MBOED Reflects planned E.G. turnaround…
  15. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 15
    Forward Outlook Prioritizes Returns, FCF, Return of Capital Organic FCF positive in both 2019 and 2020 above 45/bbl WTI, post-dividend Continues multi-year rate of change improvement in key enterprise performance metrics 1 2…
  16. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 16
    Sustainable FCF in 2019 & 2020 at Conservative Pricing Differentiated annual FCF yield vs. E&P peers 2.2B+ Cumulative 2,500 Organic FCF 10% Organic FCF Yield (Annual Avg.) Cumulative Organic FCF (MM) 2,000 750MM+ 1,500…
  17. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 17
    Appendix
  18. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 18
    Differentiated Execution Led the Way in 2018 Underpins confidence in ongoing delivery on our framework for success Initial Guidance Actual Delivery 2018 Objectives 50/bbl WTI 65/bbl WTI Capital Discipline 2.3B development capital…
  19. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 19
    2019 Production Guidance 2Q19 Net Production Oil Production (MBOPD) Equivalent Production (MBOED) 2Q19* 1Q19* 2Q18* 2Q19* 1Q19* 2Q18* United States 180 190 176 164 310 320 296 293 International 20 30 24 29 95 105 89 118 Total Net…
  20. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 20
    2019 Cost and Tax Rate Guidance Full-Year Estimate United States Cost Data ( per BOE) Production Operating 4.50 5.50 DD&A 19.25 21.75 S&H and Other1 4.00 4.50 International Cost Data ( per BOE) Production Operating 4.75…
  21. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 21
    United States Crude Oil Derivatives As of April 29, 2019 Crude Oil 2Q19 3Q19 4Q19 FY 2020 1Q21 NYMEX WTI Three-Way Collars (a) Volume (BBLs/day) 70,000 80,000 80,000 9,945 - Weighted Avg Price per BBL: Ceiling 71.21 74.19 74.19…
  22. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 22
    2019 Volumes, Exploration Expense & Effective Tax Rate 1Q19 2Q19 3Q19 4Q19 FY 2019 United States Net Sales Volumes: - Crude Oil and Condensate (MBD) 177 - Natural Gas Liquids (MBD) 55 - Natural Gas (MMCFD) 392 - United States…
  23. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 23
    1Q19 Net Sales Volumes and Realizations U.S. Divestiture-Adj. Sales Volumes* International Divestiture-Adj. Volumes** 125 300 100 200 75 MBOED MBOED 305 297 277 110 110 50 102 106 89 86 100 25 0 0 1Q18 4Q18…
  24. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 24
    1Q19 Production Mix Eagle Ford Oklahoma 20% 25% Total U.S. Resource Plays 46% 22% 58% 29% 22% Crude Oil/Condensate NGLs 18% 60% Bakken Northern Delaware Natural Gas 6% 8% 21% 57% 22% 86% 25
  25. 1Q 2019 Earnings Presentation – Marathon Oil Corp – slide 25
    2019 Capital, Investment & Exploration Budget reconciliation MM 2019 1Q19 Budget Actual Cash additions to Property, Plant and Equipment 615 Working Capital associated with PPE (1) Property, Plant and Equipment additions 614 M&S…

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