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Q3 2011 Earnings Call – Marathon Oil Corp

Marathon Oil Corp · Nov 1, 2011 · 23 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 2011 Earnings Call – Marathon Oil Corp – slide 1
    Third Quarter 2011 Earnings Conference Call and Web Cast November 1, 2011 Marathon Oil Corporation
  2. Q3 2011 Earnings Call – Marathon Oil Corp – slide 2
    3Q-11 Earnings (39)% 3Q 2011 2Q 2011 3Q 2010 Net Income 405 MM 996 MM 696 MM Adjusted Income from Continuing Ops. 421 MM 689 MM 482 MM Net Income per Diluted Share 0.57 1.39 0.98 Adj. Income from Cont. Ops. per Diluted Share 0.59…
  3. Q3 2011 Earnings Call – Marathon Oil Corp – slide 3
    Adjusted Income From Continuing Operations 3Q-11 vs. 2Q-11 Variance Analysis 800 14 31 689 21 700 (103) 600 (227) Non-cash charge for excess foreign tax credits 500 ons ((4)) 421 Millio 400 300 200 100 0 2Q…
  4. Q3 2011 Earnings Call – Marathon Oil Corp – slide 4
    E&P Earnings 3Q-11 vs. 2Q-11 Variance Analysis 800 47 16 (45) (292) 601 (141) 144 600 Millions 400 330 200 0 2Q 2011 Price Volume DD&A Exploration Other Income 3Q 2011 Variance Variance (Pre-tax) Expenses…
  5. Q3 2011 Earnings Call – Marathon Oil Corp – slide 5
    E&P 3Q-11 Realizations Average realizations down 3.05/BOE Liquid hydrocarbon average realizations down 5.69/BBL Natural gas average realizations down 0.40/MCF MRO Realized Prices 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q…
  6. Q3 2011 Earnings Call – Marathon Oil Corp – slide 6
    E&P Segment 3Q-11 E&P Production Volumes Sales volumes up 4% vs 2Q-11 Overlifted in UK and Norway offset by underlift in Equatorial Guinea and Alaska (gas storage) during 3Q Production available for sale up 1% vs 2Q-11 Higher 3Q…
  7. Q3 2011 Earnings Call – Marathon Oil Corp – slide 7
    E&P Segment E&P Production Available for Sale Volumes without Libya 400 370 359 374 341 343 328 317 300 MBOED 200 100 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 Marathon Oil Corporation 8
  8. Q3 2011 Earnings Call – Marathon Oil Corp – slide 8
    E&P Cost per BOE Trend 40 35 30 25 per BOEE 20 15 10 5 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 DD&A Field level controllable cost Exploration expense Other Marathon Oil Corporation 9
  9. Q3 2011 Earnings Call – Marathon Oil Corp – slide 9
    3Q-11 E&P Expenses and Profitability 3Q-11 income per BOE down 48% from 2Q-11, 10.27/BOE vs 19.59/BOE Decrease primarily due to higher taxes and lower per BOE realizations partially offset by lower expenses Total expenses lower 2.01…
  10. Q3 2011 Earnings Call – Marathon Oil Corp – slide 10
    Oil Sands Mining Earnings 3Q-11 vs. 2Q-11 Variance Analysis 120 9 1 (8) 100 86 92 80 69 (65) Millions 60 40 20 0 2Q Q 2011 0 Price ce Variance a a ce Volume o u e Variance a a ce Ope Operating a g&…
  11. Q3 2011 Earnings Call – Marathon Oil Corp – slide 11
    3Q-11 Integrated Gas Results Segment income: 3Q-11 55 MM, 2Q-11 43 MM Increase due to sale of interest in Alaska LNG facility and higher methanol sales volumes Net LNG sales volumes MTPD : 3Q-11 6,935 vs. 2Q-11 6,614 Net methanol…
  12. Q3 2011 Earnings Call – Marathon Oil Corp – slide 12
    Total Company Preliminary Cash Flow Q3 2011 From continuing operations 8,000 1,342 (262) (735) 6 000 6,000 14 (106) (300) Millions 4,711 (31) 4,633 4,000 2,000 0 06/3 09/3 Sto Div Exp Dis Wo Oth…
  13. Q3 2011 Earnings Call – Marathon Oil Corp – slide 13
    14 4,633 09/30/11 Cash Ba alance 3,513 Discontinued Ope erations (1,622) Distribution to MP PC 48 Other (300) Stock Repurchas se Total Company Preliminary Cash Flow (2 843) (2,843) From continuing…
  14. Q3 2011 Earnings Call – Marathon Oil Corp – slide 14
    3Q-11 Select Financial Data 3Q-11 Net debt-to-total cap ratio 2% Quarter end cash and cash equivalents: 4.6B 3Q-11 Effective tax rate: 69% 4Q-11 Effective tax rate from continuing operations estimated at 55-62% Full year 2011…
  15. Q3 2011 Earnings Call – Marathon Oil Corp – slide 15
    Upstream Volumes & Exploration Expense 2011 Estimates 2011 2012 1Q 2Q 3Q 4QE Year Est* Year Est* Domestic E&P Net Sales Volumes*: Liquid Hydrocarbons (MBD) 78 72 69 80 - 84 Natural Gas (MMCFD) 368 315 296 315 - 325 Domestic Total…
  16. Q3 2011 Earnings Call – Marathon Oil Corp – slide 16
    Lower 48 Production Forecast Available for Sale (Excludes Alaska and GOM) 150 P90 125 P10 100 MBOED 75 50 25 0 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 Marathon Oil Corporation 17
  17. Q3 2011 Earnings Call – Marathon Oil Corp – slide 17
    Estimated 2012 Production & Tax Rates by Jurisdiction Approximate Effective Tax Statutory Tax Jurisdiction Production MBOED Rate Rate US 155 30% - 40% 35% Norway 76 68% - 78%* 78% EG 102 23% - 33%* 25% Angola 7 45% - 55%…
  18. Q3 2011 Earnings Call – Marathon Oil Corp – slide 18
    Appendix Marathon Oil Corporation
  19. Q3 2011 Earnings Call – Marathon Oil Corp – slide 19
    Reconciliation Income to Adjusted Income (MM) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2010 2010 2010 2010 2011 2011 2011 2011 Net Income 457 709 696 706 996 996 405 EExclude l d discontinued di ti d operations 160 (335) (229) (282) (541) (698) 0…
  20. Q3 2011 Earnings Call – Marathon Oil Corp – slide 20
    Net Income (MM unless otherwise noted) 2010 2011 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q E&P Segment Income 502 432 509 498 668 601 330 Oil Sands Mining Segment Income (Loss) (17) (60) 18 9 32 69 92 Integrated Gas Segment Income 44 24 41 33 60 43…
  21. Q3 2011 Earnings Call – Marathon Oil Corp – slide 21
    Select Balance Sheet / Cash Flow Data Preliminary (B unless otherwise noted) 2010 2011 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q As of quarter ended: Cash and cash equivalents 2.7 2.1 1.6 4.0 5.7 4.7 4.6 Total debt 8.5 7.9 7.9 7.9 8.3 5.0 5.0…
  22. Q3 2011 Earnings Call – Marathon Oil Corp – slide 22
    Capital, Investment & Exploration Spending Reconciliation MM 2011 3Q 2011 Budget YTD Capital expenditures 3,473 2,376 Investments in equity method investees 0 0 & others Exploration costs other than 420 193 well costs…
  23. Q3 2011 Earnings Call – Marathon Oil Corp – slide 23
    Marathon Oil Corporation

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