About Marathon Oil

Marathon Oil Corporation is an independent exploration and production company. The company focuses on U.S. resource plays: Eagle Ford in Texas, Bakken in North Dakota, STACK and SCOOP in Oklahoma and Permian in New Mexico and Texas. The company's U.S. assets are complemented by its international operations in E.G. Each of the company's two operating segments are organized by geographic location and managed according to the nature of the products and services offered. The two segments are: United States - explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States; and International - explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in E.G. Business Strategy The company is proud to responsibly produce the oil and gas the world needs while helping maintain the U.S. energy security. The company's overall business strategy is to responsibly deliver leading cash returns to shareholders which are sustainable long-term and resilient through all commodity price cycles. The company's portfolio is concentrated in its core operations in the U.S. resource plays and E.G. Segment Information United States segment This segment engages in oil and gas exploration, development and production activities in the U.S. The company's primary focus in the United States segment is concentrated within its four high-quality resource plays. United States - U.S. Resource Plays Eagle Ford - The company operates in the South Texas Eagle Ford play. The company operates more than 2,900 producing wells with core acreage in Karnes, Atascosa, Gonzales and Lavaca Counties. The company also owns and operates the Sugarloaf gathering system, a natural gas pipeline through the heart of its acreage in Karnes and Atascosa Counties. In the fourth quarter of 2022, the company acquired from Ensign approximately 130,000 net proved and unproved acres with an average 97% working interest. Bakken - The company has been operating in the Williston Basin since 2006, targeting the Middle Bakken and Three Forks reservoir with its core acreage in McKenzie, Mountrail and Dunn Counties in North Dakota. The company continues focusing investment in its high-return Myrmidon and Hector areas, while also delineating and extending its core acreage across the rest of its position. Permian - The company has been operating in the Northern Delaware basin since 2017, with the majority of its acreage in Eddy and Lea counties, primarily in the Wolfcamp and Bone Spring New Mexico plays. The company's focus has been to advance its position through execution of strategic acreage trades, progress early delineation and development of its acreage. Oklahoma - The company's primary focus is in the SCOOP Woodford and STACK Meramec plays, with net acreage rights to the Woodford, Springer, Meramec, Osage and other prospect intervals. International segment This segment engages in oil and gas exploration, development and production activities in E.G. The company includes the results of its investments in a LPG processing plant and LNG and methanol production operations in E.G. in its International segment. International E.G. - The company owns a 63% and an 80% operated working interest in two separate production sharing contracts (Alba PSC and Block D PSC, respectively), which it produces from the Alba field, located offshore E.G. These production sharing contracts were unitized in 2017 resulting in the Alba Unit in which the company owns a 64% operated working interest. E.G. - Gas Processing - The following facilities located on Bioko Island, all accounted for as equity method investments, allow the company to further monetize natural gas production from the Alba field. The company owns a 52% interest in Alba Plant LLC, which operates an onshore LPG processing plant. Alba field natural gas is processed by the LPG plant under a fixed-price long-term contract. The LPG plant extracts condensate and LPG from the natural gas stream and uses some of the remaining dry natural gas in its operations. The company also owns 56% of EGHoldings, which operates a 3.7 mmta LNG production facility. Under EGHoldings' sales and purchase agreement that ended on December 31, 2023, the purchaser took delivery of the LNG on Bioko Island, with pricing linked principally to the Henry Hub index. In 2023, the company announced the signing of a 5-year firm LNG sales agreement for a portion of its equity gas from the Alba Field liquefied at EG LNG. The contract took effect on January 1, 2024, and features a pricing structure linked to the Dutch TTF index, providing it with significant incremental exposure to the European LNG market. EGHoldings' gross sales of LNG from this production facility totaled approximately 1.2 mmta in 2023. Additionally, Alba Plant LLC and EGHoldings process the third-party gas from the Alen field under a combination of a tolling fee and profit-sharing arrangement, the benefits of which are included in the company's respective share of income from equity method investments. Efforts are in progress to secure additional regional third-party gas volumes to be processed by Alba Plant LLC and EGHoldings thereby creating the E.G. Regional Gas Mega Hub. The company also owns 45% of AMPCO, which operates a methanol plant. AMPCO had gross sales totaling 2,783 mtd in 2023. Marketing The company's operating segments include activities related to the marketing and transportation of substantially all of its crude oil and condensate, NGLs and natural gas. These activities include the transportation of production to market centers, the sale of commodities to third parties and the storage of production. Major Customers In 2023, the company's customers included Marathon Petroleum Corporation; Trafigura Groupe Pte. Ltd.; and Valero Marketing and Supply. Government Regulations The Health, Environmental, Safety and Corporate Responsibility Committee of the company's Board of Directors is responsible for overseeing its position on public issues, including environmental, health and safety matters. Its Corporate Health, Environment, Safety and Security organization is responsible for ensuring that its operating organizations maintain environmental compliance systems that support and foster its compliance with applicable laws and regulations. History Marathon Oil Corporation was founded in 1887. The company was incorporated in 2001.