2014 Barclays CEO Energy-Power Conference September 3, 2014 Lee M. Tillman President and CEO
Greater Than 20% Growth in U.S. Unconventional Resource Organic Investment Driving Growth & Shareholder Value Unconventional resource plays grow to 3 BBOE 2P resource Up 520 MMBOE from YE2013 driven by well performance, downspacing,…
Roadmap to be Recognized as Premier Independent E&P Marathon Oils Seven Strategic Imperatives (SI7) Living Our Values Long-term Investing Shareholder in our Value People Quality Operating and Material and Capital…
More Resource, More Inventory, More Activity U.S. Resource Plays Continue to Grow in Scale Bakken Shifting up a Gear Oklahoma Resource Basins Moving to Scale Eagle Ford Current 2P Resource Executing with Confidence 3 BBOE 520…
Moving to Scale With a 1 BBOE Resource Business Oklahoma Resource Basins Current 2P Resource 300,000 net acres in Oklahoma unconventional plays 1,110 MMBOE STACK S. Miss Trend Cana Woodford Forward well inventory of 1,250…
SCOOP Outperforming & Competing for Capital Oklahoma Resource Basins SCOOP Play 140,000 net acres Continue to increase acreage position and Legend delineate SCOOP Active Lease LegendOil MRO Dunn 1-14XL Added 22,000 acres YTD…
STACK Offers Ground-floor Acreage Growth Oklahoma Resource Basins STACK Play 100,000 net acres Continuing to grow acreage position Osage S. Miss Trend Added 16,500 acres YTD Producer 4 producing Southern Miss Trend operated wells…
Exploring New Horizons Oklahoma Resource Basins Springer Granite Wash Marlow Legend MRO Granite Wash Woodford Wells Granite Wash SCOOP Exploring further horizons within existing Testing horizontal redevelopment of…
Moving to Scale Oklahoma Resource Basins Position strengthened to greater than 300,000 net acres and 1,110 MMBOE 2P resource Fast start on acceleration initial 2 incremental rigs by YE2014 Forward program focused on SCOOP…
Downspacing Driving Resource Growth Bakken Current 2P Resource 310,000 net acres in Bakken unconventional play Rates shown are 24-hour IPs 730 MMBOE Ostlund Spacing Unit Myrmidon Wolding Spacing Unit 8 wells producing IP 1500 - 3500…
Rapid Transition to Higher Density Pilots Bakken 4 operated high density pilots Brodahl Pilot planned in three major areas 6 x MB 6 x TF 1st Bench Myrmidon Initial results expected in 1H 4Q 2014 spud 2015 TAT USA 34 Pilot 6 x MB…
Shifting Up a Gear in Completion Designs Bakken Over 50% of remaining wells in 2H 2014 involved in completion pilots Myrmidon 3 2014/15 Completion Pilots Varied fluid/sand volumes: 22 5 wells also reduce stage spacing or trial…
Strong Refrac Returns Bakken Recomplete open hole Middle Bakken wells to current best practice Myrmidon 70 wells remaining in program supports 2+ year inventory Per well incremental recovery estimates of 280 MBOE to 400 MBOE Myrmidon…
Shifting Up a Gear Bakken Increased to 730 MMBOE 2P resource Rapid transition from 4x4 to 6x6 well spacing Accelerating activity to integrate high density and completion pilot data into full field development Fast start with…
More Than Doubled Resource Since Acquisition Eagle Ford Current 2P Resource 180,000 net acres in Eagle Ford unconventional play 1,120 MMBOE 1 2 3 Forward well inventory of 1,900 net (2,800 gross) 5 4 2P Resource growth of 110 MMBOE…
Tighter Stage Spacing Capturing Value Eagle Ford Stage Spacing Evolution Early 250 stage spacing wells delivering on average 25% improvement over 350 type curve Stage Spacing Incremental capital yields IRR 100% Testing stage…
On Plan to Delineate Austin Chalk Co-development Eagle Ford Austin Chalk Co-Development Delineation Hartman 600 BOEPD Encouraging early results from 7 wells Includes 3 wells brought Childrens Weston online in 1H 2014 1,600 BOEPD 30-day…
Stack and Frac Targeting Upper Eagle Ford Eagle Ford Stack and Frac Pilot Upper Eagle Ford prospective across Karnes and Atascosa acreage Pilot testing extends Austin Chalk / Lower Austin Chalk Eagle Ford success Avg. thickness…
Executing with Confidence Eagle Ford Increased to 1,120 MMBOE 2P resource Aggressive stage spacing improving economics Ongoing delineation of Austin Chalk co-development has delivered an initial 18,000 net acres and 280 net (450…
Resource and Inventory - Foundation for Future Growth Capital allocation driven by compelling single well economics EF Condensate Myrmidon SCOOP XL Double digit CAGR EF Oil 2015 - 2017 SCOOP Hector Marathon Oil Corporation 21
Focused Exploration Creating Optionality Key Largo to spud 3Q, EG near term oil potential, Gabon position strengthened S WR622 WR578 N Salt Key Largo Key Largo Salt 25,000 Middle Miocene MRO operated, 60% WI Lower Miocene In-board…
More Resource, More Inventory, More Activity Allocating Capital to Highest Return Investments U.S. resource plays - more resource, more inventory 3 BBOE 2P resource 4,650 net well locations Capital allocation concentrated on organic…
Appendix
Single Well Economics for Resource Plays Excluding acreage acquisition costs OKLAHOMA RESOURCE BASINS BAKKEN EAGLE FORD SCOOP SL SCOOP XL Myrmidon Hector Condensate High GOR Oil Condensate Condensate MB & TF MB Gross IP 30-day…
Testing Near Term Oil Potential 2014 Exploration Drilling Schedule 2014 J F M A M J J A S O N D Country Well Q1 Q2 Q3 Q4 Kurdistan1 Mangesh-1 20%WI Testing Kurdistan1 East Swara Tika-1 20%WI TD Testing Kurdistan1 Jisik-12 45%…
Key Largo Leveraging Superior Properties of Inboard Paleogene Trend Gulf of Mexico Play characteristics Large structures Shenandoah Bigfoot TLP Laterally extensive, thick sandstones High net to gross sand thickness Solomon…
Near-Field, Oil-Prone Exploration Opportunity Equatorial Guinea block A12, Sub Area B amplitude driven play Total gross resource potential 200 to 500 MMBOE Within multiple prospects MRO operated (80% to 100% WI) 2014 Program…
Emerging Offshore Pre-salt Play Gabon Gabon emerging pre-salt play 100 miles 12 BBOE gross resource potential Diaba block (MRO 21.25% WI, TOTAL operator) Rabi Kounga Field 3 BBOE unrisked gross resource potential (900 MMBOE)…
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