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 ...

Marathon Oil Corporation (NYSE:MRO) Q3 2019 Earnings Conference Call November 7, 2019 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 Mitch Little - Executive Vice President, Operations Pat Wagner - Executive Vice President, Corporate Development and Strategy Conference Call Participants Arun Jayaram - JPMorgan Scott Hanold - RBC Capital Markets Dou ...

Marathon Oil Corporation (NYSE:MRO) Barclays CEO Energy-Power Conference September 4, 2019 7:45 AM ET Company Participants Lee Tillman - Chairman, President & CEO Conference Call Participants Andrew Pocius - Barclays Andrew Pocius Hi good morning everyone. My name is Andrew Pocius and on behalf of Barclays it is my pleasure to introduce Lee Tillman. Lee Tillman is the Chairman, President and CEO of Marathon Oil Corporation and is a member of Marathon Oil Corporation's Board of Directors. He joined the compa ...

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 June 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 _____ Commissio ...

Marathon Oil Corporation (NYSE:MRO) Q2 2019 Earnings Conference Call August 8, 2019 9:00 AM ET Company Participants Guy Baber - VP, IR Lee Tillman - Chairman, President & CEO Dane Whitehead - EVP & CFO Mitch Little - EVP, Operations Conference Call Participants Arun Jayaram - JPMorgan Brian Singer - Goldman Sachs Scott Hanold - RBC Capital Markets Doug Leggate - Bank of America Neal Dingmann - SunTrust David Heikkinen - Heikkinen Energy Advisors Jamaal Tudor - Tudor Pickering Jeanine Wai - Barclays Pavel Mo ...

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) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 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 ...