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Q3 2013 Earnings Call – Marathon Oil Corp

Marathon Oil Corp · Nov 5, 2013 · 28 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. Q3 2013 Earnings Call – Marathon Oil Corp – slide 1
    Third Quarter 2013 Earnings Conference Call and Web Cast November 5, 2013
  2. Q3 2013 Earnings Call – Marathon Oil Corp – slide 2
    Total Company Cash Flow 2013 YTD 5,500 4,486 (445) 5,000 Cash-adjusted debt-to-capital ratio 25% (3,818) 4,500 4,000 3,500 MM 3,000 2,500 2,000 1,500 402 (376) 1,000 (74) (148) 684 (500) 500 143 354 0 12/31/12…
  3. Q3 2013 Earnings Call – Marathon Oil Corp – slide 3
    Adjusted Net Income* 3Q-13 vs. 2Q-13 Variance Analysis 700 44 617 600 53 (4) 21 86 (61) 500 478 400 MM 300 200 100 0 2Q 2013 N.A. E&P Int'l E&P OSM Corp & Other Unallocated 3Q 2013 (After-tax) (After-tax)…
  4. Q3 2013 Earnings Call – Marathon Oil Corp – slide 4
    North America E&P Segment Earnings 3Q-13 vs. 2Q-13 Variance Analysis 350 64 (40) 300 28 (36) (14) 250 19 242 221 200 MM 150 100 50 0 2Q 2013 Volume Price Realized Exploration Other Income 3Q 2013 Variance…
  5. Q3 2013 Earnings Call – Marathon Oil Corp – slide 5
    International E&P Segment Earnings 3Q-13 vs. 2Q-13 Variance Analysis 450 400 382 (331) 350 290 321 300 250 MM 200 150 100 37 (48) (1) 10 (18) 50 0 2Q 2013 Volume Price Variance DD&A Equity Method Exploration Other…
  6. Q3 2013 Earnings Call – Marathon Oil Corp – slide 6
    International E&P Net Methanol and LNG Sales Volumes* 8,000 7,302 7,065 6,787 6,291 6,327 6,000 5,820 5,467 MTD 4,000 Methanol LNG 2,000 1,312 1,268 1,465 1,410 1,364 1,146 973 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q…
  7. Q3 2013 Earnings Call – Marathon Oil Corp – slide 7
    Oil Sands Mining Segment Earnings 3Q-13 vs. 2Q-13 Variance Analysis 160 63 (6) 6 (15) 140 (28) 120 106 100 66 MM 80 60 40 20 20 0 2Q 2013 Volume Price DD&A Operating Other Income 3Q 2013 Variance Variance Costs…
  8. Q3 2013 Earnings Call – Marathon Oil Corp – slide 8
    3Q 2013 Highlights Strong financial results Delivered 1.44B in operating cash flow before working capital Adjusted net income* of 617MM, 29% higher than 2Q 2013 Adjusted net income per share increased to 0.87, up 30% vs 2Q 2013…
  9. Q3 2013 Earnings Call – Marathon Oil Corp – slide 9
    3Q 2013 U.S. Unconventional Resource Play Progress Eagle Ford Production up 1,200 net BOED over prior quarter; up 100% over year ago quarter Reached TD on 70 gross wells, turned 71 gross wells to sales Spud-to-TD remains at 12 days…
  10. Q3 2013 Earnings Call – Marathon Oil Corp – slide 10
    Global Exploration Drilling Schedule 2013 J F M A M J 2013 J A S O N D Country Well Q1 Q2 Q3 Q4 Kurdistan **Harir-1 45% WI Kurdistan Mangesh - 1 25% WI TD Testing Kurdistan Gara - 1 25% WI TD Testing Ethiopia Sabisa - 1 20%…
  11. Q3 2013 Earnings Call – Marathon Oil Corp – slide 11
    Worldwide Production Including Oil Sands Mining Production Available for Sale Volumes excluding Alaska and Libya 500 P90 P10 400 300 MBOED 200 100 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QE 2011 2011 2011 2011 2012…
  12. Q3 2013 Earnings Call – Marathon Oil Corp – slide 12
    Lower 48 Onshore Forecast Production Available for Sale 250 200 P90 +6% 0% Production (MBOED) +9% P10 +17% 150 +25% +7% +12% 100 +20% 50 0 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2011A 2011A 2012A 2012A 2012A 2012A 2013A…
  13. Q3 2013 Earnings Call – Marathon Oil Corp – slide 13
    North America & International E&P Segments Volumes, including Libya & Alaska Production available for sale decreased 9% from 2Q 2013 Turnaround in Norway Labor strikes in Libya Sales volumes were lower at 431 MBOED compared to 463…
  14. Q3 2013 Earnings Call – Marathon Oil Corp – slide 14
    Total Company LHC Sales Volumes Excluding Libya 3Q-13 Actual vs. 4Q-13 Estimate 3Q 2013 Actual Sales Volumes 4Q 2013 Estimated Sales Volumes 321 MBOD 310 - 330 MBOD Angola Canada 15% Angola 3% Canada 16% 3% Norway Norway U.S.…
  15. Q3 2013 Earnings Call – Marathon Oil Corp – slide 15
    North America E&P Cost per BOE Trend 80 70 Eagle Ford Non-Core Impairment 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…
  16. Q3 2013 Earnings Call – Marathon Oil Corp – slide 16
    International E&P Cost per BOE Trend Includes Libya 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 Exploration…
  17. Q3 2013 Earnings Call – Marathon Oil Corp – slide 17
    International E&P Cost per BOE Trend Excludes Libya 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 Exploration…
  18. Q3 2013 Earnings Call – Marathon Oil Corp – slide 18
    3Q 2013 Highlights Solid execution / Strong financial results 3Q net income increased to 569 million, up 34% from 2Q 2013 Adjusted net income per share increased to 0.87, up 30% from 2Q 2013 Eagle Ford production doubled compared to 3Q…
  19. Q3 2013 Earnings Call – Marathon Oil Corp – slide 19
    Appendix Marathon Oil Corporation
  20. Q3 2013 Earnings Call – Marathon Oil Corp – slide 20
    Volumes, Exploration Expenses & Effective Tax Rate 2013 (excluding Libya) 1Q 2Q 3Q 4Q Year North America E&P Net Sales Volumes: - Liquid Hydrocarbons (MBD) 141 148 150 - Natural Gas (MMCFD) 340 316 297 - North America E&P Total…
  21. Q3 2013 Earnings Call – Marathon Oil Corp – slide 21
    Volumes & Tax Rates by Jurisdiction 2013 Estimates (excluding Libya) Available for Sale Available for Sale Estimated LHC Approximate Statutory Tax 4QE Sales Volumes Annual Rate Year Estimate 4QE Production % North America E&P Total…
  22. Q3 2013 Earnings Call – Marathon Oil Corp – slide 22
    Estimated 2013 Exploration Expenses & Production & Annual Operating Costs per BOE 4QE Year Estimate Exploration Expenses (Pre-tax): North America E&P ( millions) 50 150 International E&P ( millions) 75 200 Effective Consolidated Tax…
  23. Q3 2013 Earnings Call – Marathon Oil Corp – slide 23
    2012-2013 North America E&P Crude Oil Derivatives Term Bbls per day Weighted Average Benchmark Price per Bbl Swaps Oct 2012 Dec 2013 20,000 96.29 WTI Oct 2012 Dec 2013 25,000 109.19 Brent Option Collars Oct 2012 Dec 2013 15,000 90.00…
  24. Q3 2013 Earnings Call – Marathon Oil Corp – slide 24
    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 Adjustments for special items (net of taxes): Unrealized (gain)/loss on…
  25. Q3 2013 Earnings Call – Marathon Oil Corp – slide 25
    Net Income (MM) 2012 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q North America E&P Segment Income 104 70 107 101 (59) 221 242 International E&P Segment Income 407 373 403 446 453 382 321 Oil Sands Mining Segment Income 38 50 66 17 38 20 106…
  26. Q3 2013 Earnings Call – Marathon Oil Corp – slide 26
    Select Balance Sheet / Cash Flow Data (B) 2012 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q As of quarter ended: Cash and cash equivalents 0.5 0.5 0.7 0.7 0.8 0.2 0.4 Total debt 4.8 5.3 6.5 6.9 6.5 6.5 6.7 Cash-adjusted total debt 4.3 4.8 5.9…
  27. Q3 2013 Earnings Call – Marathon Oil Corp – slide 27
    Capital, Investment & Exploration Spending Reconciliation MM 2013 2013 Budget YTD Capital expenditures 4,920 3,764 M&S Inventory 0 27 Investments in equity method investees 1 0 & others Exploration costs other than 262…
  28. Q3 2013 Earnings Call – Marathon Oil Corp – slide 28
    Marathon Oil Corporation

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