☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ 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, 2023 Commission file number 1-1513 Marathon Oil Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or org ...

[Executive Summary & 2023 Performance Highlights](index=1&type=section&id=Executive%20Summary%20%26%202023%20Performance%20Highlights) Marathon Oil delivered strong 2023 financial results, reduced debt, and returned significant capital to shareholders [Full-Year and Fourth Quarter 2023 Financial Results](index=1&type=section&id=Full-Year%20and%20Fourth%20Quarter%202023%20Financial%20Results) Marathon Oil reported strong full-year and Q4 2023 financial results, including significant net income, adjusted net income, and free cash flow Full-Year and Fourth Quarter 2023 Financial Highlights | Metric | Full-Year 2023 (million $) | Q4 2023 (million $) | | :-------------------------- | :-------------------------- | :------------------- | | Net income | 1,554 | 397 | | Adjusted net income | 1,587 | 406 | | Net operating cash flow | 4,087 | 1,080 | | Adjusted CFO | 4,187 | 980 | | Free cash flow | 2,029 | 681 | | Adjusted FCF | 2,182 | 624 | | Net income per diluted share | $2.56 | $0.68 | | Adjusted net income per diluted share | $2.61 | $0.69 | - Full-year 2023 adjusted FCF was **$2.2 billion**, including **$624 million** during the fourth quarter[4](index=4&type=chunk) [Key Achievements and Strategic Priorities](index=1&type=section&id=Key%20Achievements%20and%20Strategic%20Priorities) In 2023, Marathon Oil returned 41% of adjusted CFO to shareholders, reduced gross debt, and achieved strong operational and ESG performance - Returned **41% of adjusted CFO** to shareholders in 2023, distributing **$1.7 billion** and executing **$1.5 billion** of share repurchases, driving a **9% reduction** to outstanding share count[4](index=4&type=chunk)[5](index=5&type=chunk) - Reduced gross debt by **$500 million** in 2023, further strengthening the investment grade balance sheet[4](index=4&type=chunk)[5](index=5&type=chunk) - Achieved record annual safety performance (TRIR of **0.21**) and met the 2025 GHG Intensity reduction goal of **50%** two years ahead of schedule, improving total Company gas capture rate to **99.5%**[4](index=4&type=chunk)[5](index=5&type=chunk) - Announced a 2024 capital budget of **$2.0 billion**, expected to deliver **190,000 net bopd** and return at least **40% of adjusted CFO** to shareholders[4](index=4&type=chunk)[5](index=5&type=chunk) [2024 Capital Budget and Guidance](index=2&type=section&id=2024%20Capital%20Budget%20and%20Guidance) Marathon Oil's 2024 plan focuses on capital efficiency, stable production, and maximizing free cash flow [Capital Expenditure Plan](index=2&type=section&id=Capital%20Expenditure%20Plan) Marathon Oil's 2024 capital budget of $1.9-$2.1 billion prioritizes corporate returns and free cash flow generation - 2024 capital expenditure budget is set between **$1.9 billion to $2.1 billion**, prioritizing corporate returns and FCF generation[6](index=6&type=chunk) - The 2024 program is expected to deliver approximately **$1.9 billion of FCF**, assuming **$75/bbl WTI**, **$2.50/MMBtu Henry Hub**, and **$10/MMBtu TTF**[6](index=6&type=chunk)[42](index=42&type=chunk) - 2024 financial guidance assumes Alternative Minimum Tax (AMT) cash tax payments at **15% of pre-tax income**, partially offset by approximately **$150 million** of expected R&D tax credits[7](index=7&type=chunk) [Production Outlook](index=2&type=section&id=Production%20Outlook) The company expects 190,000 net bopd in 2024, maintaining flat year-on-year production despite Q1 weather impacts - Marathon Oil expects to deliver total Company oil production of **190,000 net bopd** at the midpoint of its 2024 guidance range[8](index=8&type=chunk) - Winter weather is expected to lower first quarter production by about **4,000 net bopd**, primarily in the Bakken, but with no impact to full-year flat oil production guidance[8](index=8&type=chunk) [Operational Efficiency and Well Optimization](index=2&type=section&id=Operational%20Efficiency%20and%20Well%20Optimization) Marathon Oil plans to optimize its 2024 well mix for flat oil production, maximizing returns and free cash flow - Expects **5% to 10% fewer net wells to sales** in 2024 to deliver flat year-on-year total oil production by optimizing well mix to maximize corporate returns and FCF generation[9](index=9&type=chunk) - Capital spending is approximately **60% weighted to the first half of the year**, driving higher production during the second half[14](index=14&type=chunk) - Approximately **70% of total capital** is allocated to the Eagle Ford and Bakken, with higher year-on-year spending in the Permian[14](index=14&type=chunk) [Return of Capital and Balance Sheet](index=3&type=section&id=Return%20of%20Capital%20Overview) Marathon Oil prioritizes shareholder returns and maintains a strong investment-grade balance sheet [Shareholder Return Framework and 2023 Performance](index=3&type=section&id=Shareholder%20Return%20Framework%20and%202023%20Performance) Marathon Oil exceeded its 40% adjusted CFO return target in 2023, distributing $1.7 billion and reducing outstanding shares - The Company targets returning a minimum of **40% of adjusted CFO** to equity investors in a **$60/bbl WTI** or higher price environment[10](index=10&type=chunk) - During 2023, Marathon Oil returned **41% of adjusted CFO**, or **$1,724 million**, to equity holders, representing a total shareholder distribution yield of **>12%**[11](index=11&type=chunk) - Executed **$1,473 million of share repurchases** during 2023, driving a **9% reduction** to outstanding share count; since October 2021, outstanding share count reduced by more than **27%**[11](index=11&type=chunk) - For 2024, expects to return at least **40% of adjusted CFO**, equating to a minimum shareholder return of **$1.6 billion** and providing shareholders visibility to a double-digit distribution yield[13](index=13&type=chunk) [Debt Reduction and Liquidity](index=3&type=section&id=Debt%20Reduction%20and%20Liquidity) Marathon Oil reduced gross debt by $500 million in 2023, ending Q4 with $2.3 billion in total liquidity - Reduced gross debt by **$500 million** in 2023, including a **$300 million prepayment** on its Term Loan Facility during fourth quarter[12](index=12&type=chunk) - Ended fourth quarter with total liquidity of **$2.3 billion**, including **$155 million of cash and cash equivalents** and **$2.1 billion of available borrowings** on the Company's revolving credit facility[19](index=19&type=chunk) - All three primary credit rating agencies continue to rate Marathon Oil investment grade[19](index=19&type=chunk) [Fourth Quarter 2023 Operations Review](index=3&type=section&id=4Q23%20Operations) Q4 2023 operations saw stable U.S. production, optimized well activity, and a shift in international LNG pricing [United States Operations](index=3&type=section&id=United%20States%20Operations) U.S. production averaged 352,000 net boed in Q4 2023, with 32 Company-operated wells brought to sales Q4 2023 U.S. Production and Costs | Metric | Q4 2023 | | :-------------------------- | :------ | | U.S. Production (net boed) | 352,000 | | U.S. Oil Production (net bopd) | 180,000 | | U.S. Unit Production Costs ($ per boe) | $6.51 | - Brought a total of **32 gross Company-operated wells** and **10 joint venture wells** to sales during fourth quarter[15](index=15&type=chunk) - Eagle Ford production averaged **144,000 net boed** (**71,000 net bopd**) with **4 Company-operated wells**; Bakken averaged **118,000 net boed** (**76,000 net bopd**) with **23 Company-operated wells**[16](index=16&type=chunk) [International Operations (Equatorial Guinea)](index=4&type=section&id=International%20Operations) E.G. production averaged 52,000 net boed in Q4 2023, with LNG sales contract pricing shifting to global LNG-linked terms Q4 2023 E.G. Production and Financials | Metric | Q4 2023 | | :-------------------------- | :------ | | E.G. Production (net boed) | 52,000 | | E.G. Oil Production (net bopd) | 9,000 | | Unit Production Costs ($ per boe) | $2.30 | | Net income from equity method investees | $45 million | | Total cash distributions from equity method companies | $33 million | - Effective Jan. 1, 2024, pricing for the LNG sales contract shifted from Henry Hub-linked to global LNG-linked, and all 2024 LNG cargoes have been successfully contracted under these new terms[17](index=17&type=chunk) [Corporate Information](index=4&type=section&id=Corporate%20Overview) Marathon Oil maintains strong proved reserves, liquidity, and commitment to ESG excellence [Proved Reserves](index=4&type=section&id=Proved%20Reserves) Year-end 2023 proved reserves totaled 1,320 mmboe, effectively replacing produced volumes despite lower commodity pricing - Year-end 2023 proved reserves totaled **1,320 million barrels of oil equivalent (mmboe)**, comparable to year-end 2022 despite lower SEC commodity pricing[18](index=18&type=chunk) - Reserve additions effectively replaced produced volumes, with reserve replacement totaling over **120%** excluding SEC commodity pricing impacts[18](index=18&type=chunk) - Oil and liquids accounted for **49%** and **73%** of the Company's year-end 2023 proved reserves, respectively[18](index=18&type=chunk) [Balance Sheet and Liquidity](index=4&type=section&id=Balance%20Sheet%20and%20Liquidity) Marathon Oil ended Q4 2023 with $2.3 billion in total liquidity and maintained investment-grade credit ratings - Total liquidity at the end of Q4 2023 was **$2.3 billion**, comprising **$155 million of cash and cash equivalents** and **$2.1 billion of available borrowings** on the revolving credit facility[19](index=19&type=chunk) - All three primary credit rating agencies continue to rate Marathon Oil investment grade[19](index=19&type=chunk) [Safety, Environmental, Social, and Governance Excellence](index=4&type=section&id=Safety,%20Environmental,%20Social,%20and%20Governance%20Excellence) Marathon Oil achieved record safety, met GHG reduction goals early, and enhanced board governance in 2023 [Safety Performance](index=4&type=section&id=Safety) Marathon Oil achieved a record-low annual Total Recordable Incident Rate (TRIR) of 0.21 in 2023 - Achieved a record-low annual Total Recordable Incident Rate (TRIR) of **0.21** for employees and contractors during 2023[20](index=20&type=chunk) - Safety performance remains a key element of its executive compensation scorecard[20](index=20&type=chunk) [Environmental Performance](index=5&type=section&id=Environmental) Preliminary calculations indicate Marathon Oil met its 2025 GHG intensity reduction goal two years early - Preliminary calculations indicate achievement of the 2025 GHG intensity reduction goal of **50%** two years ahead of schedule[21](index=21&type=chunk) - Improved total Company 2023 gas capture to **99.5%** and continues progress toward World Bank Zero Routine Flaring by 2030 commitment[21](index=21&type=chunk) [Social Initiatives](index=5&type=section&id=Social) Marathon Oil made key strategic social investments in 2023, supporting health, conservation, and education - Key strategic social investments during 2023 included ongoing support of Equatorial Guinea's Bioko Island Malaria Elimination Project and partnership with the National Fish and Wildlife Foundation on grassland restoration projects[21](index=21&type=chunk) - Awarded grants to teachers through the Unconventional Thinking in Teaching Program and continued support of the Barbara Bush Houston Literacy Foundation My Home Library Program[21](index=21&type=chunk) [Governance Practices](index=5&type=section&id=Governance) Marathon Oil enhanced board oversight in 2023 through focus on refreshment, independence, and diversity - Continued to enhance board of director oversight through focus on refreshment, independence, and diversity, electing one new board member in 2023[22](index=22&type=chunk) - Seven of eight directors are independent, three directors are female (including the lead director), and two directors are ethnically/racially diverse[22](index=22&type=chunk) [About Marathon Oil](index=6&type=section&id=About%20Marathon%20Oil) Marathon Oil is an independent E&P company focused on competitive U.S. resource plays and an integrated E.G. gas business - Marathon Oil Corporation is an independent oil and gas exploration and production (E&P) company[25](index=25&type=chunk) - Focuses on four competitive U.S. resource plays (Eagle Ford, Bakken, STACK and SCOOP in Oklahoma, and Permian) complemented by an integrated gas business in Equatorial Guinea[25](index=25&type=chunk) - The Company's Framework for Success is founded on a strong balance sheet, ESG excellence, and the competitive advantages of a high-quality multi-basin portfolio[25](index=25&type=chunk) [Non-GAAP Measures and Forward-Looking Statements](index=6&type=section&id=Non-GAAP%20Measures%20and%20Forward-Looking%20Statements) This section defines non-GAAP financial measures and provides a disclaimer for forward-looking statements [Non-GAAP Financial Measures Definitions](index=6&type=section&id=Non-GAAP%20Measures) Marathon Oil uses non-GAAP measures like adjusted net income and free cash flow to supplement GAAP results for investor understanding - Marathon Oil uses non-GAAP financial measures such as adjusted net income, adjusted CFO, free cash flow, adjusted free cash flow, and reinvestment rate to supplement GAAP results[26](index=26&type=chunk)[32](index=32&type=chunk) - These measures are considered useful to investors for understanding operating performance, cash generation, and ability to fund capital programs, service debt, and make distributions to stockholders[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Non-GAAP measures should not be considered in isolation or as an alternative to, or more meaningful than, their most directly comparable GAAP financial measures[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) [Forward-Looking Statements Disclaimer](index=8&type=section&id=Forward-looking%20Statements) This disclaimer identifies forward-looking statements and cautions that actual results may differ materially due to various factors - The release contains forward-looking statements regarding future capital budgets, performance, free cash flow, returns to investors, production, and business strategy[34](index=34&type=chunk) - Actual results could differ materially from projections due to various factors, including conditions in the oil and gas industry, political or economic changes, capital availability, and regulatory shifts[34](index=34&type=chunk) - The Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise[34](index=34&type=chunk) [Financial Statements and Supplemental Data](index=9&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This section presents Marathon Oil's consolidated financial statements and supplemental operational data [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) Full-year 2023 net income was $1,554 million, down from 2022, primarily due to lower revenues Consolidated Statements of Income (Unaudited) | Metric | Q4 2023 (million $) | Q4 2022 (million $) | FY 2023 (million $) | FY 2022 (million $) | | :-------------------------------- | :------------------- | :------------------- | :------------------- | :------------------- | | Revenues from contracts with customers | 1,585 | 1,603 | 6,407 | 7,540 | | Total revenues and other income | 1,691 | 1,733 | 6,697 | 8,036 | | Total costs and expenses | 1,171 | 985 | 4,449 | 4,085 | | Income from operations | 520 | 748 | 2,248 | 3,951 | | Net income | 397 | 525 | 1,554 | 3,612 | | Adjusted net income | 406 | 563 | 1,587 | 3,078 | | Net income per diluted share | $0.68 | $0.82 | $2.56 | $5.26 | | Adjusted net income per diluted share | $0.69 | $0.88 | $2.61 | $4.48 | [Adjusted Net Income Per Diluted Share](index=10&type=section&id=Adjusted%20Net%20Income%20Per%20Diluted%20Share) This section reconciles net income per diluted share to adjusted net income per diluted share, detailing special item impacts Adjusted Net Income Per Diluted Share (Unaudited) | Metric | Q4 2023 ($) | Q4 2022 ($) | FY 2023 ($) | FY 2022 ($) | | :------------------------------------------------ | :---------- | :---------- | :---------- | :---------- | | Net income per diluted share | 0.68 | 0.82 | 2.56 | 5.26 | | Adjustments for special items (pre-tax): | | | | | | Net (gain) loss on disposal of assets | (0.02) | 0.06 | (0.03) | 0.06 | | Exploratory dry well costs, unproved property impairments and other | 0.01 | 0.02 | 0.05 | 0.11 | | Unrealized (gain) loss on derivative instruments | (0.03) | (0.03) | (0.02) | (0.03) | | Valuation allowance | — | — | — | (1.00) | | Total Adjustments for special items | 0.01 | 0.06 | 0.05 | (0.78) | | Adjusted net income per share | 0.69 | 0.88 | 2.61 | 4.48 | [Cash Flow and Reinvestment Rate](index=11&type=section&id=Cash%20Flow%20and%20Reinvestment%20Rate) Marathon Oil generated $4,087 million in net operating cash flow and $2,029 million in free cash flow for full-year 2023 Cash Flow and Reinvestment Rate (Unaudited) | Metric | Q4 2023 (million $) | Q4 2022 (million $) | FY 2023 (million $) | FY 2022 (million $) | | :------------------------------------ | :------------------- | :------------------- | :------------------- | :------------------- | | Net cash provided by operating activities | 1,080 | 1,127 | 4,087 | 5,428 | | Adjusted CFO | 980 | 1,104 | 4,187 | 5,410 | | Free cash flow | 681 | 794 | 2,029 | 3,978 | | Adjusted free cash flow | 624 | 763 | 2,182 | 3,947 | | Reinvestment rate | 37 % | 31 % | 48 % | 27 % | [2024 Free Cash Flow Outlook](index=11&type=section&id=2024%20Free%20Cash%20Flow%20Outlook) For 2024, Marathon Oil projects $1.9 billion in free cash flow based on estimated operating activities and capital expenditures 2024 Free Cash Flow Outlook (Unaudited) | Metric | 2024 Outlook (million $) | | :------------------------------------ | :------------------------ | | Expected net cash provided by operating activities | 3,900 | | Less: Capital expenditures | (2,000) | | Expected free cash flow | 1,900 | - Outlook is based upon an **$75/bbl WTI**, **$2.50/MMBtu Henry Hub** and **$10/MMBtu TTF** price assumption[42](index=42&type=chunk) [Production and Sales Volumes](index=12&type=section&id=Production%20and%20Sales%20Volumes) Total net production for full-year 2023 was 405,000 boed, with U.S. operations as the primary contributor Net Production and Sales Volumes (Unaudited) | Metric | Q4 2023 | FY 2023 | Q4 2022 | FY 2022 | | :-------------------------------- | :------ | :------ | :------ | :------ | | **Total Net Production (mboed)** | 404 | 405 | 333 | 343 | | United States | 352 | 355 | 278 | 284 | | International | 52 | 50 | 55 | 59 | | **Total Oil Production (mbbld)** | 189 | 190 | 166 | 169 | | United States | 180 | 182 | 156 | 159 | | International | 9 | 8 | 10 | 10 | | **U.S. Net Sales Volumes (mboed)** | 352 | 355 | 277 | 284 | | Crude oil and condensate (mbbld) | 179 | 181 | 156 | 159 | | Natural gas liquids (mbbld) | 86 | 87 | 59 | 64 | | Natural gas (mmcfd) | 520 | 521 | 371 | 363 | | **International Net Sales Volumes (mboed)** | 48 | 50 | 56 | 59 | | Crude oil and condensate (mbbld) | 5 | 9 | 11 | 10 | | Natural gas liquids (mbbld) | 6 | 5 | 6 | 7 | | Natural gas (mmcfd) | 219 | 214 | 235 | 252 | [Average Price Realizations](index=13&type=section&id=Average%20Price%20Realizations) Average price realizations for crude oil, NGLs, and natural gas declined in 2023 across U.S. and International segments Average Price Realizations and Benchmarks (Unaudited) | Metric | Q4 2023 | FY 2023 | Q4 2022 | FY 2022 | | :------------------------------------ | :------ | :------ | :------ | :------ | | **U.S. Average Price Realizations** | | | | | | Crude oil and condensate ($ per bbl) | $77.28 | $76.42 | $84.29 | $95.58 | | Natural gas liquids ($ per bbl) | $20.92 | $21.20 | $26.02 | $34.55 | | Natural gas ($ per mcf) | $2.32 | $2.36 | $4.93 | $6.11 | | **International Average Price Realizations** | | | | | | Crude oil and condensate ($ per bbl) | $47.43 | $57.50 | $59.27 | $68.67 | | Natural gas liquids ($ per bbl) | $1.00 | $1.00 | $1.00 | $1.00 | | Natural gas ($ per mcf) | $0.24 | $0.24 | $0.24 | $0.24 | | **Benchmark Prices** | | | | | | WTI crude oil (per bbl) | $78.53 | $77.60 | $82.64 | $94.33 | | Brent (Europe) crude oil (per bbl) | $83.72 | $82.47 | $88.56 | $100.78 | | Henry Hub natural gas (per mmbtu) | $2.88 | $2.74 | $6.26 | $6.64 | | TTF natural gas (per mmbtu) | $13.61 | $13.10 | $37.18 | $40.85 | [Derivative Contracts](index=14&type=section&id=Derivative%20Contracts) As of February 19, 2024, Marathon Oil had NYMEX WTI Three-Way Collars in place for 2024, covering specific volumes and price ranges Outstanding Derivative Contracts as of February 19, 2024 | Contract Type | Volume (barrels/day) | Weighted Average Price per Barrel (Ceiling) | Weighted Average Price per Barrel (Floor) | Weighted Average Price per Barrel (Sold put) | | :---------------------- | :---------------- | :--------------------------------------- | :------------------------------------- | :---------------------------------------- | | NYMEX WTI Three-Way Collars (Q1 2024) | 40,000 | $101.01 | $66.25 | $51.25 | | NYMEX WTI Three-Way Collars (Q2 2024) | 40,000 | $101.01 | $66.25 | $51.25 | | NYMEX WTI Three-Way Collars (Q3 2024) | 20,000 | $101.95 | $65.00 | $50.00 | | NYMEX WTI Three-Way Collars (Q4 2024) | 20,000 | $101.95 | $65.00 | $50.00 |

Marathon Oil Corporation (NYSE:MRO) Q3 2023 Results Conference Call November 2, 2023 9:00 AM ET Company Participants Guy Baber - VP, IR Lee Tillman - Chairman, President & CEO Dane Whitehead - EVP, CFO Pat Wagner - EVP, Corporate Development & Strategy Mike Henderson - EVP, Operations Conference Call Participants Arun Jayaram - JP Morgan Scott Gruber - Citi Umang Choudhary - Goldman Sachs Josh Silverstein - UBS Doug Leggate - Bank of America Neal Dingmann - Truist Phillips Johnston - Capital One Operator Go ...

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 September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ | Title of each class | Trading Symbol | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, par value $1.00 | ...

SECOND QUARTER 2023 RESULTS Forward-Looking Statements and Other Matters This presentation (and oral statements made regarding the subjects of this presentation) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These are statements, other than statements of historical fact, that give current expectations or forecasts of future events, including, without limitation: the Company’s future capital budgets ...

Marathon Oil Corporation (NYSE:MRO) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET Company Participants Guy Baber - Head of IR Lee Tillman - CEO Dane Whitehead - CFO Michael Henderson - COO Patrick Wagner - Head, Corporate Development Conference Call Participants Arun Jayaram - JPMorgan Chase & Co Joshua Silverstein - UBS Scott Hanold - RBC Capital Markets Neal Dingmann - Truist Securities Matt Portillo - Tudor, Pickering, Holt & Co. Doug Leggate - Bank of America Merrill Lynch Paul Cheng - Scot ...

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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) For the transition period from _____ to _____ Commission file number 1-1513 Delaware 25-09 ...

Financial Data and Key Metrics Changes - The company reported strong financial performance in Q1 2023, exceeding guidance and consensus expectations, with adjusted earnings per share surpassing consensus estimates [6][7] - Free cash flow for Q1 was $330 million, with a commitment to return at least 40% of cash flow from operations to shareholders, achieving 42% in Q1 [12][16] - The company expects to receive over $200 million in cash distributions from E.G. in Q2, which will offset the lack of cash dividends received in Q1 [7][16] Business Line Data and Key Metrics Changes - Oil production in Q1 was 186,000 barrels per day, consistent with guidance, with expectations for an improving trend in production in Q2 and Q3 due to capital program timing [8][16] - The Ensign acquisition has been successfully integrated ahead of schedule, contributing to increased production and capital efficiency [9][23] Market Data and Key Metrics Changes - The company anticipates a significant uplift in earnings and cash flow in 2024 due to changes in global LNG pricing, moving away from Henry Hub linkage [30] - E.G. cash distributions are expected to exceed equity income for the full year 2023, indicating strong cash flow resilience [28] Company Strategy and Development Direction - The company is focused on a cash flow-driven return of capital framework, emphasizing shareholder returns while maintaining an investment-grade balance sheet [12][14] - Continuous portfolio enhancements are being pursued to improve competitive positioning and long-term sustainability, particularly in the Permian Basin and E.G. [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong free cash flow across various commodity price environments, maintaining a low free cash flow breakeven of around $40 per barrel WTI [20][19] - The company is well-positioned to lead its peer group in financial and operational metrics, with a focus on sustainable free cash flow yield and attractive valuation [35] Other Important Information - The company has reduced its share count by 22% over the last six quarters through a disciplined buyback program, enhancing per-share growth [15][22] - A comprehensive turnaround in E.G. has been completed, aimed at improving uptime and operational efficiency [28][62] Q&A Session Summary Question: Insights on dividend expectations for Q2 from E.G. - Management confirmed that the math regarding expected cash dividends is accurate, with a significant cash dividend payment anticipated in Q2 [39] Question: Discussion on Alba volumes and decline rates - Management acknowledged the nominal decline rate of about 10% per year and indicated that infill drilling could help mitigate this decline [62] Question: Depth of inventory and sustainability in the Permian - Management indicated a potential inventory of up to two decades, primarily consisting of extended laterals, with ongoing efforts to convert smaller laterals to longer ones [48][53] Question: Positioning for E.G. contract rollover in 2024 - Management is preparing to market for global LNG providers, expecting to tie contracts to global LNG prices, which should provide significant financial uplift [55][58]

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, 2023 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) (State or other jurisdiction of i ...

FOURTH QUARTER 2022 RESULTS AND 2023 OUTLOOK Forward-Looking Statements and Other Matters This presentation (and oral statements made regarding the subjects of this presentation) contains forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These are statements, other than statements of historical fact, that give current expectations or forecasts of future events, including, without limitation: the Company’s future ...