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4Q 2010 Earnings Call – Marathon Oil Corp

Marathon Oil Corp · Feb 2, 2011 · 27 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. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 1
    Fourth Quarter 2010 Earnings Conference Call and Web Cast February 2, 2011
  2. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 2
    4Q-10 Earnings 241% 4Q 2010 3Q 2010 4Q 2009 Net e Income co e 706 06 MM 696 MM 355 MM Adjusted Net Income 780 MM 711 MM 229 MM Net Income per Diluted Share 0.99 0.98 0.50 Adjusted Net Income per Diluted Share 1 09 1.09 1 00…
  3. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 3
    Adjusted Net Income 4Q-10 vs. 3Q-10 Variance Analysis 900 242 (15) 800 780 711 (68) 700 (8) (12) (70) 600 Millionss 500 400 300 200 100 0 4
  4. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 4
    2010 Earnings 125% 2010 2009 Net Income 2 568 MM 2,568 1 463 MM 1,463 Adjusted Net Income 2,598 MM 1,156 MM Net Income per Diluted Share 3.61 2.06 Adjusted Net Income per Diluted Share 3.65 1.63 Weighted Average Diluted…
  5. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 5
    Adjusted Net Income 2010 vs. 2009 Variance Analysis 3,500 430 (270) 3 000 3,000 (36) (78) 1,422 (112) 2,598 86 2,500 Millionss 2,000 1,500 1,156 1,000 500 0 6
  6. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 6
    E&P Earnings 4Q-10 vs. 3Q-10 Variance Analysis 1 000 1,000 80 (141) 236 750 (157) Millions 510 (86) 55 496 500 250 0 3Q 2010 Price Variance Volume Variance DD&A Exploration Other (Pre-tax) Income Taxes 4Q 2010…
  7. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 7
    E&P 4Q-10 Results Average realizations up 6.01/BOE Liquid hydrocarbon average realizations up 8.55/BBL Natural gas average realizations up 0.38/MCF MRO Realized Prices 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 Liquid hydrocarbons…
  8. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 8
    E&P Earnings 4Q-10 E&P Production Volumes Sales volumes up 5% vs 3Q-10 Underlifted in Norway Norway, EG & Libya offset by overlift in the UK during 4Q Production available for sale up 4% vs 3Q-10 P d ti Volumes Production V l…
  9. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 9
    4Q-10 E&P Expenses and Profitability 4Q-10 income per BOE down 7% from 3Q-10, 12.95/BOE vs 13.90/BOE Decrease p primarilyy due to higher g per p BOE expenses p partially p y offset byy higher g realizations and volumes Total…
  10. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 10
    E&P Cost per BOE Trend 6 5 4 OE per BO 3 2 1 0 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Field e d level e e co controllable t o ab e cost Exploration p o at o expense e pe se 11
  11. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 11
    Oil Sands Mining Earnings 4Q-10 vs. 3Q-10 Variance Analysis 100 30 (76) 90 80 70 41 60 Millions 50 40 30 59 18 20 ( ) (10) 6 9 10 18 13 0 3Q 2010 Price Variance Volume Operating p g& DD&A Other 4Q 2010 (Pre-tax)…
  12. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 12
    2010 Upstream Highlights Positioned Company for continued growth Expanded unconventional liquids-rich resource plays at year end North Dakota Bakken, 391,000 acres Oklahoma Anadarko Woodford, Marathon holds 86,000 acres with pending…
  13. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 13
    RM&T Earnings 4Q-10 vs. 4Q-09 Variance Analysis 600 16 6 (66) 548 500 (267) 400 Millions 300 213 200 100 (18) 0 -100 4Q 2009 R&M Gross Margin SSA Product & Merch Other Income Taxes 4Q 2010 (Pre-tax) Gross…
  14. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 14
    4Q-10 Downstream Results Throu ughput / Refined Products Sold (mbp Segment Income Total Throughputs Refined Products Sold ncome / (Loss) 1,000 1,800 771 1,600 800 1,400 600 421 1,200 Segment In 400 325 285 1,000 165…
  15. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 15
    2010 Downstream Highlights Improved Downstream scale efficiencies & feedstock flexibility Completed full integration of Garyville Major Expansion Detroit Heavy Oil Upgrading Project 50% complete at year-end Strengthened Retail /…
  16. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 16
    Total Company Preliminary Cash Flow 2010 9,000 750 (4,788) 8 000 8,000 5,150 7,000 6,000 2,131 (704) Millions 5,000 (665) 20 3,951 4,000 3,000 , 2,057 2,000 1,000 0 12/31/09 Cash Operating Cash Working Cash…
  17. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 17
    4Q-10 Select Financial Data 4Q-10 Net debt-to-total cap ratio 14% Qtr end cash and cash equivalents: 4.0B 4Q Q-10 10 Effective tax rate: 42% Full year 2010 effective tax rate: 50% Net Debt-to-Cap Ratio & Cash + Cash Equivalents…
  18. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 18
    2011 Priorities Corporation Successfully spin off Downstream assets effective June 30, 2011 Upstream Base Continue focus on controlling costs Maintain high reliability on all company operated facilities Growth Continue to add to…
  19. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 19
    2011 Priorities (Cont'd) Impact Exploration Complete drilling and testing of two exploration wells in Kurdistan region of Iraq; b i seismic begin i i activity ti it on ttwo operated t d bl blocks k Downstream Progress g…
  20. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 20
    Appendix
  21. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 21
    Reconciliation Net Income to Adjusted Net Income (MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2009 2009 2009 2009 2010 2010 2010 2010 Net Income 282 413 413 355 457 709 696 706 UK Gas Contracts (42) (2) 7 Loss/(Gain) On Sale (160) 16 (171) (449)…
  22. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 22
    Net Income (MM unless otherwise noted) 2009 2010 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q E&P Segment Income 83 208 491 439 502 432 510 496 Oil Sands Mining Segment Income (Loss) (24) 2 25 41 (17) (60) 18 9 Integrated Gas Segment Income 27 13 13 37 44…
  23. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 23
    Select Balance Sheet / Cash Flow Data Preliminary (B unless otherwise noted) 2009 2010 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q As of quarter ended: Cash and cash equivalents 1.9 1.5 1.4 2.1 2.7 2.1 1.6 4.0 Total Debt 8.7 8.6 8.7 8.5 8.5 7.9 7.9 7.9…
  24. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 24
    Capital, Investment & Exploration Spending Reconciliation MM 2010 2010 Budget Preliminary Capital expenditures 4,863 4,571 Investments in equity method investees 8 7 & others Exploration costs other 277 273 than well…
  25. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 25
    Upstream Volumes & Exploration Expense 2010 Actuals 2010 1QA 2QA 3QA 4QA 2010A Domestic E&P Net Sales Volumes*: Liquid Hydrocarbons (MBD) 58 57 80 86 70 Natural Gas (MMCFD) 351 334 363 406 364 Domestic Total (MBOED) 116 112 140 154…
  26. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 26
    Upstream Volumes & Exploration Expense 2011 Estimates 2011 1QE 2QE 3QE 4QE Year Est* Domestic E&P Net Sales Volumes*: Liquid Hydrocarbons (MBD) 75-81 Natural Gas (MMCFD) 350-360 Domestic Total (MBOED) 133-141 International E&P Net…
  27. 4Q 2010 Earnings Call – Marathon Oil Corp – slide 27

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