Fourth Quarter 2013 Earnings Review February 5, 2014
2013 Key Highlights 11% Profitable volume growth over 2012, excluding Alaska & Libya U.S. resource play net production increased 86% over 2012 Eagle Ford production averaged over 100,000 BOED for final two weeks of 2013 97%…
2013 Key Highlights Rigorous portfolio management, exceeded 3-year 1.5 - 3B divestiture target Pending sale of interest in Angola Block 31 Angola Block 32 sale expected to close in Q1 Marketing U.K. & Norway businesses…
4Q 2013 Highlights Continuous Improvement in Operating and Capital Efficiency Operated base business reliability was 98% in 4Q 2013 2013 F&D per BOE of 16 Profitable and Sustainable Growth NA & Intl. E&P segments combined…
Total Company Cash Flow* 2013 6,500 5,446 (355) 179 (4,993) 6,000 Cash-adjusted debt-to-capital ratio 25% 5,500 5,000 4,500 4,000 3,500 MM 3,000 2,500 2,000 1,500 450 (508) (74) 1,000 684 (247) (500) 500 182…
Adjusted Net Income* 4Q-13 vs. 3Q-13 Variance Analysis 700 617 (117) 600 82 (64) 28 (44) 4 (88) 500 418 400 MM 300 200 100 0 3Q 2013 N.A. E&P Int'l E&P OSM Discontinued Corp & Other Unallocated 4Q 2013…
North America E&P Segment Earnings 4Q-13 vs. 3Q-13 Variance Analysis 350 300 49 (145) 250 242 200 22 (118) MM 21 150 61 125 100 (7) 50 0 3Q 2013 Volume Price DD&A Realized Exploration Other Income 4Q 2013…
N.A. E&P & OSM Crude Oil & Condensate Realizations Price USD/BBL Asset 3Q 2013 4Q 2013 Difference Bakken 97.76 83.70 (14.06) Eagle Ford 104.08 92.84 (11.24) Oklahoma Resource Basins 101.82 94.97 (6.85) All other North America 99.93…
International E&P Segment Earnings* 4Q-13 vs. 3Q-13 Variance Analysis 400 250 350 350 300 268 (214) 250 MM 200 150 28 (31) 77 100 (28) 50 0 3Q 2013 Volume Price Variance DD&A Exploration Other Income 4Q 2013…
Oil Sands Mining Segment Earnings 4Q-13 vs. 3Q-13 Variance Analysis 140 18 (111) 120 106 100 80 MM 60 21 42 40 6 20 12 (10) 0 3Q 2013 Volume Price DD&A Operating Other Income 4Q 2013 Variance Variance (Pre-tax)…
4Q 2013 U.S. Unconventional Resource Play Progress Eagle Ford Production increased 10% over prior quarter; up 53% over 4Q 2012 Reached TD on 71 gross wells and turned 86 gross wells to sales, a record for the asset Spud to TD was…
Worldwide Production Including Oil Sands Mining Production Available for Sale Volumes, excluding Alaska and Libya 500 400 300 MBOED 200 100 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2011 2011 2011 2011 2012 2012 2012…
Lower 48 Onshore Forecast Production Available for Sale 250 200 P90 +4% +6% 0% P10 Production (MBOED) +9% +17% 150 +25% +7% +12% 100 +20% 50 0 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2011A 2011A 2012A 2012A 2012A…
North America & International E&P Segments Volumes, including Libya, Alaska & Angola Production available for sale increased 1% from 3Q 2013 Third party labor strikes in Libya 3Q 2013 Turnaround in Norway Sales volumes were lower at…
Total Company LHC Sales Volumes Excluding Libya 4Q-13 Actual vs. 1Q-14 Estimate 4Q 2013 Actual Sales Volumes 1Q 2014 Estimated Sales Volumes 324 MBOD 320 - 340 MBOD Canada 16% Angola 3% Canada 15% Norway Norway 20% U.S. 50%…
North America E&P Cost per BOE Trend 80 70 60 50 /BOE 40 30 20 10 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Production operating Other Taxes other than income DD&A Exploration Eagle Ford…
International E&P Cost per BOE Trend* Includes Libya & excludes Angola 30 25 20 /BOE 15 10 5 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Production operating Other Taxes other than income DD&A…
International E&P Cost per BOE Trend* Excludes Libya and Angola 30 25 20 /BOE 15 10 5 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Production operating Other Taxes other than income DD&A…
2014 Program Tests Significant Oil Potential Target 8 to 10 impact wells 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…
Reserve Replacement Estimated Net Proved Reserves Disc. N.A. & Intl. E&P OSM TOTAL Ops Natural Synthetic LHC % Proved LHC Total Category Gas Crude Oil (MMBBL) (MMBOE) Developed (MMBBL) (MMBOE) (BCF) (MMBBL) of Total As of Dec…
2014 Priorities Accelerating Eagle Ford and Bakken rig activity 20% each; 100% rig activity increase planned for Oklahoma Woodford 28-Rig program underpinned by 2.4 BBOE of 2P unconventional resource, doubled since 2011, and over…
Investment Case for MRO Living our Values Differentiated safety performance promotes MRO as partner / operator of choice Safety and integrity focus captures business value through high reliability Growing and maintaining our…
Appendix Marathon Oil Corporation
Volumes, Exploration Expenses & Effective Tax Rate 2013 (excluding Libya & Angola) 1Q 2Q 3Q 4Q Year North America E&P Net Sales Volumes: - Liquid Hydrocarbons (MBD) 141 148 150 156 149 - Natural Gas (MMCFD) 340 316 297 297 312 -…
Volumes & Tax Rates by Jurisdiction 2014 Estimates (excluding Libya & Angola) Available for Sale Available for Sale Estimated LHC Approximate Statutory Tax 1QE Sales Volumes Annual Rate Year Estimate 1QE Production % North America…
Estimated 2014 Exploration Expenses & Annual Production Operating Costs per BOE 1QE Year Estimate Exploration Expenses (Pre-tax): North America E&P ( millions) 50 100 International E&P ( millions) 50 100 Effective Consolidated Tax…
Reconciliation Net Income to Adjusted Net Income (MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2012 2012 2012 2012 2013 2013 2013 2013 Net Income 417 393 450 322 383 426 569 375 Adjustments for special items (net of taxes): Unrealized (gain)/loss…
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