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Q22013 Earnings Call – Marathon Oil Corp

Marathon Oil Corp · Aug 7, 2013 · 30 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. Q22013 Earnings Call – Marathon Oil Corp – slide 1
    Second Quarter 2013 Earnings Conference Call and Web Cast August 7, 2013
  2. Q22013 Earnings Call – Marathon Oil Corp – slide 2
    Total Company Cash Flow 2013 YTD 4,000 3,046 (650) Cash-adjusted debt-to-capital ratio 25% 3,500 (2,676) 3,000 2,500 MM 2,000 1,500 1,000 684 333 (241) (348) 500 98 246 0 12/31/12 Op Cash Flow Working Cash…
  3. Q22013 Earnings Call – Marathon Oil Corp – slide 3
    Adjusted Net Income 2Q-13 vs. 1Q-13 Variance Analysis 700 280 (71) 600 (18) (12) 18 (80) 500 478 400 361 MM 300 200 100 0 1Q 2013 N.A. E&P Int'l E&P OSM Corp & Other Unallocated 2Q 2013 (After-tax) (After-tax)…
  4. Q22013 Earnings Call – Marathon Oil Corp – slide 4
    North America E&P Segment Earnings 2Q-13 vs. 1Q-13 Variance Analysis 400 42 (159) 359 300 221 200 MM 100 63 (13) (12) 0 -100 (59) -200 1Q 2013 Volume Price DD&A Exploration Other Income 2Q 2013 Variance Variance…
  5. Q22013 Earnings Call – Marathon Oil Corp – slide 5
    International E&P Segment Earnings 2Q-13 vs. 1Q-13 Variance Analysis 500 453 (23) 450 (133) 400 138 382 350 18 (41) 300 (27) (3) MM 250 200 150 100 50 0 1Q 2013 Volume Price DD&A Equity Exploration Other Income 2Q…
  6. Q22013 Earnings Call – Marathon Oil Corp – slide 6
    International E&P Net Methanol and LNG Sales Volumes 8,000 7,065 6,787 6,291 6,327 6,000 5,820 5,467 Methanol MTD 4,000 LNG 2,000 1,312 1,268 1,465 1,410 1,146 973 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q…
  7. Q22013 Earnings Call – Marathon Oil Corp – slide 7
    Oil Sands Mining Segment Earnings 2Q-13 vs. 1Q-13 Variance Analysis 60 40 38 (61) (7) 6 20 20 4 5 35 MM 0 -20 -40 1Q 2013 Volume Price Variance DD&A Operating Other Income 2Q 2013 Variance (Pre-tax) (Pre-tax)…
  8. Q22013 Earnings Call – Marathon Oil Corp – slide 8
    2Q 2013 Highlights Continued solid execution E&P production available for sale excluding Libya at upper end of guidance Quarter on quarter production growth in the U.S. Lower 48 onshore approaching 6% Operated base business…
  9. Q22013 Earnings Call – Marathon Oil Corp – slide 9
    2Q 2013 U.S. Unconventional Resource Play Progress Eagle Ford Production up 11% over prior quarter to 80,000 net BOED Reached TD on 82 gross wells, turned 70 gross wells to sales Spud-to-TD reduced to 12 days in 2Q 2013…
  10. Q22013 Earnings Call – Marathon Oil Corp – slide 10
    Global Exploration Drilling Schedule 2013 2013 J F M A M J 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. Q22013 Earnings Call – Marathon Oil Corp – slide 11
    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…
  12. Q22013 Earnings Call – Marathon Oil Corp – slide 12
    Lower 48 Onshore Forecast Production Available for Sale 250 P90 200 +6% P10 Production (MBOED) +9% +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. Q22013 Earnings Call – Marathon Oil Corp – slide 13
    North America & International E&P Segments Volumes, including Libya & Alaska Production available for sale decreased 2% from 1Q 2013 Turnaround in Equatorial Guinea Sale of Alaska in 1Q 2013 Sales volumes were lower at 463 MBOED…
  14. Q22013 Earnings Call – Marathon Oil Corp – slide 14
    Total Company LHC Sales Volumes Excluding Libya 2Q 2012 Actual Sales Volumes 1Q 2013 Actual Sales Volumes 271 MBOD 338 MBOD Angola 3% Norway Canada Norway 23% U.K. 6% 16% 29% Canada 15% E.G. 11% U.S. 34% U.K. 8% U.S. 42% E.G.…
  15. Q22013 Earnings Call – Marathon Oil Corp – slide 15
    Total Company LHC Sales Volumes Excluding Libya 2Q-13 Actual vs. 3Q-13 Estimate 2Q 2013 Actual Sales Volumes 3Q 2013 Estimated Sales Volumes 323 MBOD 310 - 330 MBOD Angola Canada Angola 3% 3% Canada 13% 16% Norway U.S. 46%…
  16. Q22013 Earnings Call – Marathon Oil Corp – slide 16
    MRO Production Profile Value in Liquids Focused Growth with Gas Upside 750 Libya Unrest EF, Bakken, Woodford 7% All Other 5% P90 500 P10 MBOED 250 - 2010 2011 2012 2013 2014 2015 2016 2017 Alaska removed from all…
  17. Q22013 Earnings Call – Marathon Oil Corp – slide 17
    International E&P Cost per BOE Trend* Includes Libya 20 18 16 14 12 /BOE 10 8 6 4 2 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. Q22013 Earnings Call – Marathon Oil Corp – slide 18
    International E&P Cost per BOE Trend* Excludes Libya 25 20 15 /BOE 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 *In 2013,…
  19. Q22013 Earnings Call – Marathon Oil Corp – slide 19
    International E&P Cost Data Annual Operating Costs per BOE 2013 Estimates International E&P * Production Operating 6.75 7.50 DD&A 8.00 9.00 Other** 2.25 3.00 * Excludes Libya ** Other includes shipping and handling, other…
  20. Q22013 Earnings Call – Marathon Oil Corp – slide 20
    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…
  21. Q22013 Earnings Call – Marathon Oil Corp – slide 21
    North America E&P Cost Data Annual Operating Costs per BOE 2013 Estimates North America E&P (includes Eagle Ford) Production Operating 10.25 11.25 DD&A 26.75 28.25 Other* 5.00 6.00 Eagle Ford Production Operating 7.75 8.25…
  22. Q22013 Earnings Call – Marathon Oil Corp – slide 22
    Appendix
  23. Q22013 Earnings Call – Marathon Oil Corp – slide 23
    Volumes, Exploration Expenses & Effective Tax Rate 2013 Estimates (excluding Libya) 2013 1QA 2QA 3QE* 4QE Year Est* North America E&P Net Sales Volumes*: Liquid Hydrocarbons (MBD) 141 148 147 156 Natural Gas (MMCFD) 340 316 295 305…
  24. Q22013 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 Adjustments for special items (net of taxes): Unrealized (gain)/loss on…
  25. Q22013 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 International E&P Segment Income 407 373 403 446 453 382 Oil Sands Mining Segment Income 38 50 66 17 38 20 Total Segment…
  26. Q22013 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 Total debt 4.8 5.3 6.5 6.9 6.5 6.5 Cash-adjusted total debt 4.3 4.8 5.9 6.2 5.8…
  27. Q22013 Earnings Call – Marathon Oil Corp – slide 27
    Capital, Investment & Exploration Spending Reconciliation MM 2013 2013 Forecast YTD Capital expenditures 4,920 2,527 M&S Inventory 0 32 Investments in equity method investees 1 0 & others Exploration costs other than 262…
  28. Q22013 Earnings Call – Marathon Oil Corp – slide 28
    Estimated 2013 Production & Tax Rates by Jurisdiction Jurisdiction Approximate Production % Statutory Tax Rate U.S. 42 36%* Norway 21 78%** EG 30 25%** Angola 1 50% U.K. 6 62%** Total E&P 100 (exc Libya) Libya 93%**…
  29. Q22013 Earnings Call – Marathon Oil Corp – slide 29
    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…
  30. Q22013 Earnings Call – Marathon Oil Corp – slide 30

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