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U.S. Resource Play
Focused E&P

1

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P: 1.866.984.7755

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Lee Warren

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MARATHON OIL PLAYBOOK

2018 was a year of differentiated execution for Marathon Oil. While many in our industry talked about capital discipline, we delivered.

In 2018, we budgeted conservatively and never wavered, getting more for every dollar of capital we invested. We drove significant improvement to our corporate returns and cash flow per debt adjusted share. Through improving capital efficiency we delivered more oil growth, generated positive free cash flow post-dividend, and continued to return cash back to our shareholders via our dividend and share repurchases.

As we turn to 2019 and beyond, we remain committed to this same framework for success. With the foundation of a peer leading balance sheet and the competitive advantages of our multi-basin portfolio, our 2019 capital program will drive improving corporate returns and generate organic free cash flow above $45 WTI, as we continue to prioritize return of cash to our shareholders.

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.
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