UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 1-1513 Marathon Oil Corporation (Exact name of registrant as specified in its charter) Delaware 25-0996816 (State or othe ...

Financial Data and Key Metrics Changes - The company limited its capital expenditures (CapEx) to $137 million in Q2 2020, a significant reduction in response to the downturn in commodity prices [11] - Total oil production was reported at 197,000 barrels per day, despite voluntary curtailments of 11,000 barrels per day [11][12] - U.S. unit production costs decreased to $4.09 per barrel, marking a nearly 20% reduction compared to the 2019 average [12][18] - The full-year 2020 capital spending guidance was reduced from $1.3 billion to $1.2 billion, while the oil production outlook was raised to 190,000 barrels per day [13][14] Business Line Data and Key Metrics Changes - The company focused on capital allocation to the Eagle Ford and Bakken regions, expecting well costs per lateral foot to decrease by more than 20% in the second half of 2020 compared to 2019 [13][14] - The company successfully transitioned back to work in July, running three rigs and two frac crews across the Eagle Ford and Bakken [15] Market Data and Key Metrics Changes - Global oil demand has improved from the lows experienced during the COVID-19 pandemic, although macroeconomic uncertainty remains high [10] - The corporate free cash flow breakeven is projected to be in the low $30 per barrel range for the second half of 2020, indicating strong free cash flow generation potential at current pricing [21] Company Strategy and Development Direction - The company aims to prioritize financial strength, protecting its balance sheet, liquidity, and cash flow generation [20] - A focus on capital efficiency and cost reduction is emphasized, with a target reinvestment rate below 80% of cash flow generation [24] - The company is not pursuing large-scale mergers and acquisitions but remains open to opportunities that meet strict financial criteria [42][45] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the COVID-19 pandemic but highlighted the company's resilience and commitment to operational excellence [7][8] - The company expects to generate significant free cash flow in 2021, with a benchmark maintenance case breakeven of approximately $35 per barrel [21][22] - Management expressed confidence in the long-term value of its assets, particularly in the context of improving commodity prices [36] Other Important Information - The company has implemented cash cost reduction efforts, expecting to realize $260 million in total cash cost savings for the year [18] - Total liquidity remained substantial at over $3.5 billion at the end of the quarter, maintaining investment-grade ratings from credit agencies [20] Q&A Session Summary Question: Thoughts on free cash flow under a maintenance scenario for 2021 - Management confirmed that estimates for free cash flow are in the right range, with a focus on prioritizing debt reduction and returning capital to shareholders [28][31] Question: Outlook for Equatorial Guinea (EG) in 2021 - Management highlighted the long-life, low decline nature of EG assets and the potential for cash flow stabilization despite commodity price fluctuations [35][36] Question: Clarification on updated 2021 maintenance commentary - The updated breakeven of $35 reflects improved capital efficiency and greater certainty around maintenance scenarios [40] Question: Portfolio approach and potential for adding scale - Management reiterated a focus on balance sheet strength and shareholder returns rather than large-scale acquisitions [41][42] Question: Impact of recent legal decisions on Bakken strategy - Management viewed the recent ruling as a net positive, with resilient economics in the Bakken and limited direct exposure to the pipeline [48][49] Question: Hedging philosophy for 2021 - Management indicated a cautious approach to hedging, preferring to protect upside leverage while being opportunistic in the market [61][64] Question: Clarification on the REx program and reinvestment rates - The REx program is included in the broader capital allocation discussion and will compete within the reinvestment percentage [66][67] Question: CapEx and cash flow expectations for 2021 - Management confirmed that the focus is on generating positive free cash flow while maintaining capital efficiency [76]

Marathon Oil Corporation (NYSE:MRO) Q1 2020 Earnings Conference Call May 7, 2020 9:00 AM ET Company Participants Guy Baber - Vice President of Investor Relations Lee Tillman - Chairman, President & Chief Executive Officer Dane Whitehead - Executive Vice President & Chief Financial Officer Pat Wagner - Executive Vice President of Corporate Development and Strategy Mitch Little - Executive Vice President Adviser to CEO Mike Henderson - Senior Vice President of Operations Conference Call Participants Arun Jaya ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 1-1513 Marathon Oil Corporation (Exact name of registrant as specified in its charter) Delaware 25-0996816 (State or oth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 1-1513 Marathon Oil Corporation (Exact name of registrant as specified in its charter) Delaware 25-0996816 (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - The company reported a normalized cash return on invested capital over 50% higher than in 2017, indicating robust financial performance [9] - Approximately $1.3 billion of post-dividend organic free cash flow generated since the beginning of 2018, with over $400 million delivered during 2019 [10] - The forecast for post-dividend organic free cash flow is around $600 million over the next two years at a flat WTI oil price of $50 per barrel [10][12] Business Line Data and Key Metrics Changes - The capital budget for 2020 is set at $2.4 billion, down 11% from 2019, with $2.2 billion allocated for development capital [17] - Approximately 70% of development capital will be directed to the Eagle Ford and Bakken, reflecting a strategic shift towards higher return assets [19] - The Bakken development program is expected to pay out in 11 months at actual 2019 costs and pricing, with completed well costs averaging below $5 million [21] Market Data and Key Metrics Changes - The company expects a post-dividend organic free cash flow breakeven oil price of $47 per barrel WTI in 2020, with an even lower breakeven in 2021 [10] - The company has a conservative balance sheet that insulates it from temporary downside price volatility [11] - The Eagle Ford is anticipated to deliver strong returns and free cash flow, contributing to oil growth despite a reduction in wells to sell [20] Company Strategy and Development Direction - The company prioritizes corporate returns improvement and sustainable free cash flow generation across a wide range of commodity prices [8] - The strategy includes a focus on disciplined reinvestment across a high-quality multi-basin portfolio to drive corporate returns higher [9] - The company aims to return capital to shareholders through a competitive dividend and share repurchase program, having returned approximately $1.4 billion since 2018 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and sustainability to continue delivering results despite ongoing market volatility [8] - The outlook for 2020 and 2021 includes expectations for continued improvement in capital efficiency and free cash flow generation [12] - Management emphasized that outspending cash flow in 2020 is not an option, and the company will adjust its plans as necessary to protect free cash flow [11] Other Important Information - The company has successfully distinguished itself as one of the few E&P companies generating meaningful free cash flow while returning a significant portion to investors [14] - The company has added over 1000 locations through organic enhancement and acquisitions, representing approximately three years of inventory [16] - The company is transitioning its Oklahoma asset to positive free cash flow generation, benefiting from reduced spending and efficient operations [22] Q&A Session Summary Question: How does the market view Marathon's free cash flow numbers? - Management stated that the company is committed to capital allocation that balances returns improvement with sustainable free cash flow generation, emphasizing a strong track record [33] Question: What are the expectations for the Northern Delaware basin? - Management indicated that while capital allocation to Northern Delaware is slightly down, the area still receives a similar mix of capital, driven by confidence in generating high returns [35] Question: How is capital efficiency expected to improve in 2021? - Management noted that improvements in well productivity and completed well costs are contributing to capital efficiency gains in both 2020 and 2021 [42] Question: What are the expectations for the Louisiana Austin Chalk? - Management confirmed that the Western fairway of the Louisiana Austin Chalk is expected to have strong wellhead pressure, consistent with initial expectations [44] Question: How does the company view inorganic opportunities relative to the REx program? - Management explained that the resource capture framework includes organic enhancement, small bolt-ons, and the REx program, with a focus on generating success across all three dimensions [49] Question: What is the outlook for the Equatorial Guinea business unit? - Management expressed confidence that the Equatorial Guinea asset will continue to generate strong free cash flow, with minimal reinvestment required [63] Question: How does the company balance shareholder returns with exploration capital spend? - Management emphasized the importance of striking a balance between short-term returns and longer-term value creation through the resource capture framework [83]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $1.00 MRO New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Comm ...