Financial Performance & Capital Allocation - Marathon Oil expects greater than $2 billion of free cash flow (FCF) in 2021 based on strip pricing[6, 21] - The company is targeting approximately $500 million of share repurchases during the fourth quarter of 2021, with $200 million already executed[5, 17] - Marathon Oil anticipates returning around 50% of its fourth-quarter cash flow from operations to equity holders through increased base dividend and share repurchases[5, 7, 29] - The board increased the share repurchase authorization to $2.5 billion[5, 7, 17] - The company reduced total 2021 gross debt by $1.4 billion, contributing to approximately $50 million of annualized interest savings[17, 23, 24] Sustainability & Operational Efficiency - Marathon Oil is working toward a 2021 greenhouse gas (GHG) emissions intensity target of at least a 30% reduction and a 2025 goal of at least a 50% reduction, both versus a 2019 baseline[15, 17] - The company achieved a 3Q21 company-wide gas capture rate of greater than 99%[15] - The company's 2021 reinvestment rate is tracking below 35%[17, 21] Production & Exploration - 4Q21 total oil production is expected to increase to 176-180 MBOPD compared to 3Q21 production of 168 MBOPD[21, 69] - Initial productivity from the Texas Delaware Oil Play multi-well pad is exceeding expectations[6, 38] - 3Q21 equity earnings from Equatorial Guinea were $86 million, compared to cash dividends of $47 million[39] 2022 Outlook - Marathon Oil is positioned for continued top-tier FCF generation and a leading return of capital profile in 2022[7, 44] - The company targets to return at least 40% of CFO to equity investors at $60/bbl or higher WTI, providing a peer-leading return of capital profile, with a minimum return to equity holders of ~$1.6B at recent strip and ~$1.1B at $60/bbl WTI[16, 44]

Marathon Oil Corporation (NYSE:MRO) Q3 2021 Earnings Conference Call November 4, 2021 9:00 AM ET Company Participants Lee Tillman – Chairman, President, and CEO Guy Baber – Vice President Investor Relations Dane Whitehead – Executive VP and CFO Pat Wagner – Executive VP of Corporate Development strategy Mike Henderson – Executive VP of Operations Conference Call Participants Jeanine Way – Barclays Arun Jayaram – JP Morgan Scott Hanold – RBC Capital Market Doug Leggate – Bank of America Neal Dingmann – tours ...

Marathon Oil Corporation (NYSE:MRO) Q2 2021 Earnings Conference Call August 5, 2021 9:00 AM ET Company Participants Lee Tillman - Chairman, President, Chief Executive Officer Dane Whitehead - Executive Vice President, Chief Financial Officer Mike Henderson - Executive Vice President, Operations Guy Baber - Vice President, Investor Relations Conference Call Participants Scott Hanold - RBC Capital Markets Neal Dingmann - Truist Securities Doug Leggate - Bank of America David Heikkinen - Pickering Energy Paul ...

Financial Performance & Capital Allocation - The company generated just under $450 million in free cash flow [5] - The company is targeting at least $1 billion of gross debt reduction in 2021 [5, 16] - The company raised its quarterly base dividend by 33% [5, 16] - The company expects to return >30% of operating cash flow to investors [6, 17] - The company anticipates $1.6 billion of free cash flow with a $1 billion capital budget, assuming $60/bbl WTI [14, 31] - The company's corporate free cash flow breakeven is less than $35/bbl WTI [14, 31] Sustainability & ESG - The company achieved a 25% reduction in GHG emissions intensity in 2020 compared to 2019 [13, 14, 31, 66] - The company is working toward a 2021 GHG emissions intensity target of ~30% reduction and a 2025 intensity goal of at least a 50% reduction, both relative to 2019 [13, 14, 31] - CEO and Board compensation was reduced by 25% [14, 31, 64] Production & Cost Structure - The company's 1Q21 oil production was 172 mbopd [16] - The company realized over a 20% reduction to both production and G&A costs in 2020 vs 2019 [14, 23, 31] - The company is targeting a ~30% reduction to production and G&A costs vs 2019 [14, 23, 31]

Marathon Oil Corporation (NYSE:MRO) Q1 2021 Earnings Conference Call May 6, 2021 9:00 AM ET Company Participants Guy Baber – Vice President of Investor Relations Lee Tillman – Chairman, President and Chief Executive Officer Dane Whitehead – Executive Vice President and Chief Financial Officer Pat Wagner – Executive Vice President-Corporate Development and Strategy Mike Henderson – Senior Vice President-Operations Conference Call Participants Jeanine Wai – Barclays Arun Jayaram – JPMorgan Chase Doug Leggate ...