U.S. Resource Play
Focused E&P

MRO is focused on execution and we've made significant progress across every element of our playbook. We ended 2017 with a stronger balance sheet, a lower cost structure, a more concentrated portfolio, and an outstanding track record of consistent execution across all our assets.

Our 2018 capital allocation philosophy is fully consistent with how we managed the business in 2017, which is to deliver a returns-focused program that balances cash flow with our CapEx and dividend, and achieves that at a moderate oil price of $50 WTI while generating meaningful free cash flow at $60.

With over 90% of our 2018 development capital allocation associated with the U.S. resource plays, our margins will naturally expand as a greater percentage of our production is sourced from these high quality assets. This margin expansion story, coupled with outstanding financial flexibility, will help drive improvements in corporate cash returns and cash flow per debt-adjusted share.

Strengthened

Balance Sheet

Our strong financial position is the foundation of our business and enables MRO to confidently execute on our strategy.

Relentless

Focus on Costs

At MRO, we've focused on lowering the cost structure across our entire business, and have continued to make significant progress.

Simplifying

And Concentrating Portfolio

We've transformed our portfolio as fast and as dramatically as anyone. Over 90% of our 2018 development capital is allocated to the U.S. resource plays.

Profitable

Growth Within Cash Flows

Production growth for MRO is an outcome of our disciplined capital allocation to the highest risk-adjusted return opportunities while living within our means.

U.S. Resource Play Focused E&P

Investors

2Q 2018 Earnings

INVESTOR RELATIONS

Guy Baber

MEDIA RELATIONS

Lee Warren

U.S. Resource Play
Focused E&P