Consistently Executing on our Framework for Success Returned over 475MM to shareholders, raised base dividend, and increased buyback authorization Third quarter results are a continuation of our track record of consistent operational…
Framework for Success Committed to delivering financial and ESG excellence Corporate Returns Disciplined reinvestment in strongest rate-of-return opportunities Committed Free Cash Flow Sustainable free cash flow across wide range…
Comprehensive Delivery Against Our Framework Market-leading return of capital and FCF; 26% reduction in share count over trailing 8 quarters Return of Capital Framework provides shareholders first call on cash flow and protects investors…
Key Takeaways from 3Q23 Earnings Release Adjusted FCF up 35% sequentially driving peer-leading shareholder returns AND gross debt reduction Strong 3Q and YTD Financial Market-Leading Return of Compelling Outlook, No Capital, Continued…
3Q23 Cash Flow Waterfall Generated 718MM of adjusted FCF and returned 476MM to shareholders 3Q23 Cash Flow Waterfall (MM) 1,500 449 1,000 23 122 1,144 61 500 415 933 131 215 30 174 0 6/30/23 Operating Capital EG…
Sequential FCF Growth Expected Each Quarter in 2023 2023 Business Plan leads sector on metrics that matter most; expect more of the same in 2024 2023 Business Plan Overview Sequential Increases to FCF Each Quarter of 2023 2.0B 2023…
Return of Capital Leadership & Continued Balance Sheet Enhancement Returning at least 40% of CFO to shareholders while reducing gross debt Differentiated Return of Capital Framework Peer-leading Shareholder Distribution Yield and…
2023 Production Per-Share Growth Leadership On track to realize 40% growth in production per-share from 2021 to 2023 Production per Share Growth (2022 to 2023) 40% Expect 30% production per-share growth from 2022 to Oil 2023, due to…
2023 & 2024 Free Cash Flow Breakeven Leadership Low FCF breakeven critical to business model resilience through commodity price cycle FCF Breakeven (2023 and 2024) 100 MRO has lowest 2023 & 2024 FCF breakeven (BE) on pre- and…
Strong 2023 U.S. Multi-Basin Portfolio Productivity AND Efficiency Durable well productivity year-over-year with improving drilling and completion efficiencies MRO 180-Day Oil Productivity Per Lateral Foot MRO 365-Day Oil Productivity…
E.G. Integrated Gas Business Set for Material 2024 Uplift World-class operation provides differentiated and increasing exposure to global LNG market 2023 Update Total E.G. EBITDAX (Consolidated & Equity Affiliate) 3Q23 production of 52…
2023 FCF Generation and Capital Efficiency Leadership Differentiated combination of FCF yield, FCF efficiency, reinvestment rate, and capex per BOE 2023e FCF Yield (Adjusted FCF / Mkt Cap) 2023e FCF per BOE of Production 20 16% 12%…
More S&P, Less E&P Competing on the Metrics that Matter Most Market-leading FCF yield and return of capital at attractive valuation Competing with the Best in the S&P 2023e FCF Yield vs. S&P 500 40% MRO Top Tier FCF Yield in S&P 500…
APPENDIX 16
Clear Priorities for Capital Allocation Percentage of CFO framework provides shareholders first call on cash flow Significant Price Support Return at least 40% of CFO to equity investors 60/bbl WTI Reduce gross debt and maintain…
Competitively Advantaged Multi-Basin Portfolio High quality U.S. assets complemented by world-class integrated gas business with global LNG exposure Bakken Oklahoma 240k net acres 260k net acres Eagle Ford Permian 290k net…
2023 Capital Program Details Disciplined, high confidence program to deliver strong financial and operational outcomes U.S. Resource Plays International 3 rig program; 85 wells to sales (WTS) Bakken Activity focused in…
U.S. Resource Play Update Continued efficiency gains across multi-basin portfolio 3Q23 production of 158 MBOED (80 MBOPD) on 38 gross 3Q23 production of 121 MBOED (77 MBOPD) on 25 operated wells to sales (WTS) gross operated WTS Eagle…
3Q23 U.S. Resource Play Production and Wells to Sales Eagle Ford Bakken 180 60 150 40 Operated Wells to Sales Operated Wells to Sales 150 50 120 30 120 40 MBOED MBOED 90 90 30 20 60 60 20 30 10 30 10 0 0 0 0…
Track Record of E&P-Leading Capital Efficiency History of delivering more barrels with less capital, per third party data E&P Sector Leading Capital Efficiency (6-month cumulative production / total well cost) 20 15 Average 6 mon…
Progressing Next Phases of E.G. Regional Gas Mega Hub Leveraging world-class infrastructure to enhance longer-term FCF capacity Maximizing Value of World-Class Gas Assets Alba Oil (producing) MRO 64% WI Gas/Cond (producing) Phase I…
Unique Integrated Gas Position with Increasing LNG Exposure E.G. process flow overview Differentiated Global LNG Equity Volumes(a) Third Party Volumes(b) Exposure Upstream Primary Condensate Global LNG price exposure to further…
Corporate Sustainability Report 2022 Corporate Sustainability Report (CSR) published 3Q23 Long-term Track Record of Comprehensive Reporting: Corporate Sustainability Report remains one-stop-shop for all non-financial disclosure 17…
Marathon Oil 2022 ESG Report Card Another year of comprehensive ESG delivery Meeting the worlds energy needs while prioritizing all elements of ESG performance Achieved 0.30 TRIR2 in 2022 for employees and contractors Safety Safety…
Delivering Comprehensive ESG Excellence Prioritizing every element of the E, S, and G Rystad Energy 2023 ESG Scorecard 250 ESG Ranking Methodology - Key Metrics Environmental: Spills, GHG intensity, Targets, Water Management,…
Meeting Global Energy Demand with Top Decile GHG Intensity Driving significant improvement and delivering strong absolute and relative performance 2030 Implied GHG Emissions Intensity Reduction Goals* 2030 Implied GHG Emissions Intensity…
2023 Production and Capital Budget Guidance Oil Production Equivalent Production Net Production (MBOPD) (MBOED) 2023 3Q23 2Q23 1Q23 4Q22 2023 3Q23 2Q23 1Q23 4Q22 United States 177 185 189 181 176 156 340 350 369 356 341 278…
2023 Cost, Tax Rate, and Equity Method Guidance 2023 Guidance United States Cost Data ( per BOE) Production Operating 5.00 6.00 DD&A 16.00 17.00 S&H and Other8 4.50 5.50 International Cost Data ( per BOE) Production Operating…
U.S. Commodity Derivative Contracts as of October 31, 2023 Crude Oil 4Q23 1Q24 2Q24 3Q24 4Q24 NYMEX WTI Three-Way Collars Volume (Bbls/day) 10,000 40,000 40,000 20,000 20,000 Weighted average price per Bbl: Ceiling 97.59 101.01…
Definitions and Footnotes 1) Includes (78)MM of changes in operating working 6) 2030 Implied GHG Emissions Intensity Goals based capital and (44)MM of working capital changes on most recent peer disclosures. 2030 targets associated…
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