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 ...

Marathon Oil Corporation (NYSE:MRO) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Guy Baber - VP of IR Lee Tillman - Chairman, President and CEO Dane Whitehead - EVP and CFO Pat Wagner - EVP, Corporate Development and Strategy Mike Henderson - EVP, Operations Conference Call Participants Arun Jayaram - JPMorgan Scott Hanold - RBC Neal Dingmann - Truist Matt Portillo - TPH Scott Gruber - Citigroup Umang Choudhary - Goldman Sachs Operator Good morning, everyone, and welcome to t ...

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 ...

Marathon Oil Corporation (NYSE:MRO) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET Company Participants Guy Baber - VP of IR Lee Tillman - Chairman, President and CEO Dane Whitehead - EVP and CFO Pat Wagner - EVP, Corporate Development and Strategy Michael Henderson - EVP, Operations Conference Call Participants Jeanine Wai - Barclays Neal Dingmann - Truist Securities Douglas Leggate - Bank of America Merrill Lynch Matthew Portillo - TPH Subhasish Chandra - Benchmark Company Nitin Kumar - Miz ...

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, 2022 ☐ 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 incorporation or org ...

Financial Data and Key Metrics Changes - The company reported total shareholder distributions of $1.2 billion for Q3 2022, achieving an annual distribution yield of approximately 24%, which is among the highest in the S&P 500 [8][10]. - The return of capital framework is based on operating cash flow, with over 80% of cash flow from operations (CFO) returned to shareholders, marking a significant commitment to shareholder returns [7][8]. - Free cash generation exceeded $1 billion in Q3 2022, with a reinvestment rate of just 29% [13]. Business Line Data and Key Metrics Changes - Oil and oil equivalent production increased to 176,000 barrels of oil per day and 352,000 barrels of oil equivalent per day, surpassing previous guidance [13]. - The company achieved strong performance in the Permian Basin, bringing 13 wells to sales, including eight 2-mile laterals, which are expected to drive future production [13][14]. Market Data and Key Metrics Changes - The company raised its equity income guidance for the year by $70 million to over $600 million, reflecting strong operational performance and favorable pricing, particularly in European natural gas [14][15]. - Capital spending guidance for 2022 was increased to $1.4 billion, up by $100 million, due to inflation and efforts to maintain operational momentum [15][16]. Company Strategy and Development Direction - The acquisition of Ensign Natural Resources' Eagle Ford assets is seen as a strategic move that aligns with the company's core objectives, providing immediate cash flow accretion and future development opportunities [5][18]. - The company aims to maintain a strong return on capital profile, committing to return at least 40% of CFO to shareholders in 2023 and beyond, supported by the cash flow from the Ensign acquisition [20][29]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of financial performance, emphasizing the importance of delivering competitive returns and free cash flow generation [31][32]. - The company is focused on integrating the Ensign assets while maintaining an investment-grade balance sheet and continuing to deliver shareholder returns [30][29]. Other Important Information - The company has repurchased $3.4 billion of its stock since initiating the buyback program, resulting in a 20% reduction in outstanding shares [9]. - The board approved an increase in the base dividend, funded entirely through share repurchases, demonstrating the synergy between dividends and buybacks [11]. Q&A Session Summary Question: How do you value the Ensign deal between PDP and undrilled inventory? - Management views the valuation as roughly 50-50 between PDP and future undrilled development opportunities, highlighting the balance between immediate cash flow and inventory life [35]. Question: What are the expectations for the Delaware play? - Recent results have been impressive, with strong well performance and a focus on extended laterals, indicating a positive outlook for future production [38][40]. Question: How will the Ensign acquisition impact the overall hydrocarbon mix? - The focus remains on economic returns, with the Ensign inventory being competitive within the portfolio, maintaining a balance of oil and gas production [45][46]. Question: What is the plan for debt repayment post-acquisition? - The company models a comfortable pace for debt repayment over a 24-month period, with flexibility to adjust based on commodity prices [72]. Question: How will the acquisition affect cash tax positions? - The acquisition may help defer AMT taxes until 2024, with tangible assets eligible for expensing contributing positively to cash tax positions [66].

Financial Data and Key Metrics Changes - The second quarter of 2022 saw record financial results, including adjusted net income of $934 million or $1.32 per share and adjusted free cash flow exceeding $1.2 billion with a 24% reinvestment rate [16][12][9] - The company returned $816 million of capital to equity holders during the second quarter, representing 51% of adjusted cash flow from operations (CFO) [18][19] - For the full year 2022, the company expects to generate around $4.5 billion of free cash flow, translating to a free cash flow yield of over 25% [12][21] Business Line Data and Key Metrics Changes - The company is focused on maintaining a disciplined capital program, prioritizing free cash flow generation and operational efficiency [22] - The U.S. production expense guidance was increased by $0.25 per barrel, but this was offset by a reduction in U.S. depreciation, depletion, and amortization (DD&A) guidance [22] - The company expects third-quarter oil production to increase sequentially from 167,000 barrels per day to over 172,000 barrels per day [23] Market Data and Key Metrics Changes - Global demand for oil and gas continues to recover, while supply remains constrained due to years of underinvestment and geopolitical factors, particularly the ongoing situation in Ukraine [5][6] - The U.S. Energy Renaissance is providing some protection against inflationary pressures faced by consumers [6][7] Company Strategy and Development Direction - The company aims to responsibly meet global energy demand while prioritizing safety, environmental, social, and governance performance [8] - The strategy includes a focus on returning capital to shareholders through a framework based on operating cash flow rather than free cash flow, which is designed to provide a competitive edge in an inflationary environment [10][11] - The company is committed to maintaining a high-quality portfolio of U.S. unconventional resources complemented by global LNG exposure [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of financial results, supported by a high-quality asset base and disciplined capital allocation [14][25] - The company is preparing for potential macroeconomic uncertainties and is focused on maintaining a robust balance sheet [25][66] - Management highlighted the importance of delivering competitive financial performance to attract investor interest [26] Other Important Information - The company has returned approximately $2.5 billion of capital to shareholders since achieving its leverage objective in October 2021 [11][20] - The base dividend has been raised by 167% since the beginning of the previous year, reflecting a commitment to returning capital to shareholders [20] Q&A Session Summary Question: Thoughts on capital allocation for 2023 - Management indicated that it is too early to provide specifics on capital allocation for 2023 but noted a shift in focus among U.S. basins [30][31] Question: Impact of AMT proposal on cash tax position - Management expressed uncertainty regarding the AMT proposal's impact on cash taxes but noted that current tax attributes would shield from cash taxes until the second half of the decade [38][42] Question: M&A strategy and requirements - Management stated that the criteria for evaluating M&A opportunities remain high, focusing on financial accretion and maintaining capital discipline [52][58]