Marathon Oil : 2Q 2022 Earnings Presentation

SECOND QUARTER 2022

RESULTS

August 3, 2022

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 and allocations, future performance (both absolute and relative), expected free cash flow, future debt retirement and the timing thereof, absolute and relative returns to investors (including dividends and share repurchases, and the timing thereof), reinvestment rates, business strategy, capital expenditure guidance, production guidance and trends, safety performance, ESG performance, GHG emissions and methane intensity reduction initiatives, targets or goals, natural gas capture targets and goals, flaring reduction initiatives, tax rates and cash tax impact, E.G. equity method income guidance, capital efficiency, impacts from hedging, inventory levels, future costs and cost reductions, leasing and exploration activities, production, break-evens, free cash flow yields, distribution yields, expected EV/EBITDA and other statements regarding management's plans and objectives for future operations. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "goal," "guidance," "intend," "may," "outlook," "plan," "positioned," "project," "seek," "should," "target," "will," "would,", or similar words may be used to identify forward-lookingstatements; however, the absence of these words does not mean that the statements are not forward-looking.This presentation includes certain forward‐looking, non‐GAAP financial measures, including, adjusted free cash flow or FCF, net cash provided by operating activities before changes in working capital, reinvestment rate, cash flow from operations (CFO), capital expenditures (accrued), and net debt to EBITDAX. Adjusted free cash flow, which is free cash flow before dividend, is defined as net cash provided by operating activities before changes in working capital, capital expenditures (accrued), and EG return of capital and other. Management believes this is useful to investors as a measure of the Company's ability to fund its capital expenditure programs, service debt, and other distributions to stockholders. Net cash provided by operating activities before changes in working capital is defined as net cash provided by operations adjusted for changes in working capital. Management believes net cash provided by operating activities before changes in working capital is useful to demonstrate the Company's ability to generate cash quarterly or year-to-date by eliminating differences caused by the timing of certain working capital items. The reinvestment rate in the context of adjusted free cash flow is defined as capital expenditures (accrued) divided by adjusted CFO. The reinvestment rate in the context of free cash flow is defined as cash additions to property, plant and equipment divided by net cash provided by operating activities. Management believes the reinvestment rate is useful to investors to demonstrate the Company's commitment to generating cash for use towards investor-friendly purposes (which includes balance sheet enhancement, base dividend and other return of capital). Cash flow from operations (CFO) is defined as net cash provided by operations adjusted for working capital. Management believes cash flow from operations is useful to demonstrate the Company's ability to generate cash quarterly or year-to-date by eliminating differences caused by the timing of certain working capital items. Capital expenditures (accrued) is defined as cash additions to property, plant and equipment adjusted for the change in capital accrual, and additions to other assets. Management believes this is useful to investors as an indicator of Marathon's commitment to capital expenditure discipline by eliminating differences caused by the timing of capital accrual and other items. Net debt to EBITDAX is defined as long-term debt less cash and cash equivalents divided by Adjusted EBITDAX (net income excluding net interest expense, taxes, DD&A, and exploration, further adjusted for gains/losses on dispositions, impairments of proved property, goodwill, and equity method investments, unrealized derivative gain/loss on commodity instruments, effects of pension settlement losses and curtailments and other items that could be considered "non-operating" or "non-core" in nature). Management believes net debt to EBITDAX is useful to show the Company's ability to pay off long-term debt. Any such forward‐looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that the Company will necessarily achieve for the period(s) presented; the Company's actual results may differ materially from such measures and estimates.

While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: conditions in the oil and gas industry, including supply/demand levels for crude oil and condensate, NGLs and natural gas and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in the U.S. and Equatorial Guinea, including changes in foreign currency exchange rates, interest rates, inflation rates and global and domestic market conditions; actions taken by the members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia affecting the production and pricing of crude oil; and other global and domestic political, economic or diplomatic developments; risks related to the Company's hedging activities; voluntary or involuntary curtailments, delays or cancellations of certain drilling activities; liabilities or corrective actions resulting from litigation, other proceedings and investigations or alleged violations of law or permits; capital available for exploration and development; drilling and operating risks; lack of, or disruption in, access to storage capacity, pipelines or other transportation methods; well production timing; availability of drilling rigs, materials and labor, including the costs associated therewith; difficulty in obtaining necessary approvals and permits; the availability, cost, terms and timing of issuance or execution of, competition for, and challenges to, mineral licenses and leases and governmental and other permits and rights-of-way, and our ability to retain mineral licenses and leases; non-performance by third parties of contractual or legal obligations, including due to bankruptcy; unexpected events that may impact distributions from our equity method investees; changes in our credit ratings; hazards such as weather conditions, a health pandemic (including COVID-19), acts of war or terrorist acts and the government or military response thereto; shortages of key personnel, including employees, contractors and subcontractors; security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business; changes in safety, health, environmental, tax and other regulations, requirements or initiatives, including initiatives addressing the impact of global climate change, air emissions, or water management; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the Company's 2021 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases, available at https://ir.marathonoil.com/. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.

This presentation includes non-GAAP financial measures. Reconciliations of the differences between non-GAAP financial measures used in this presentation and their most directly comparable GAAP financial measures are available at https://ir.marathonoil.com/in the 2Q22 Investor Packet.

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Committed to our Framework & Delivering Compelling Results

Over $2B of adjusted FCF and over $1.7B of shareholder returns YTD

"Second quarter represents another quarter of comprehensive delivery on our Framework for Success, including

strong corporate returns, sustainable free cash flow generation, significant return of capital to shareholders, and ESG excellence."

"Our commitment to providing investors with the first call on cash flow through our unique percentage of operating cash flow framework is delivering truly compelling results, including generating over $2 billion of adjusted free cash flow and returning over $1.7 billion of capital to shareholders year-to-date,while also driving significant

per share growth."

"Despite ongoing macro and equity market volatility, we remain well positioned to continue delivering financial results that compete with the best companies in the S&P 500. "

Lee Tillman

Chairman, President, and CEO

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Framework for Success

Committed to delivering financial and ESG excellence

Committed

to our

Framework

Powered

by our

Foundation

Corporate Returns

Free Cash Flow

Return of Capital

Differentiated Execution

Multi-Basin Portfolio

Balance Sheet Strength

ESG Excellence

Disciplined reinvestment in strongest rate-of-return opportunities

Sustainable free cash flow across wide range of commodity prices

Return meaningful capital to investors

Continuously improve performance, reduce costs, and deliver on commitments

Capital allocation flexibility, broad market access, supplier diversification, rapid sharing of best practices, platform for talent development

Continue improving investment grade balance sheet; maintain financial strength and flexibility to execute business plan

Safety first, responsibly meeting global energy demand with leading environmental performance, trusted partner to local communities, best-in-class governance

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Key Takeaways from 2Q22 Earnings Release

Record financial performance, market-leading return of capital profile, outlook unchanged

Record 2Q22 Financial

Results

• Record adjusted net income of $934MM or $1.32/sh
• Record adjusted FCF of >$1.2B at 24% reinvestment rate
• $816MM of second quarter shareholder distributions
• • $760MM of buybacks; $56MM base dividend
  • 51% of adjusted CFO
• Flat sequential production and in-line capital expenditures
• Raised annual E.G. Equity Income to new range of $520MM - $560MM

Market-Leading Return of Capital Track Record

• $2.5B of shareholder distributions since achieving leverage target in October '21
• • ~55% of adjusted CFO (~75% of adjusted FCF) over trailing three quarters
  • Annualized distribution yield of ~20%1 among best in S&P 500
• Includes $2.3B of share repurchases since October '21
• • 15% reduction to share count in 10 months

Compelling Outlook

• No change to 2022 FCF, volume, or capital spending guidance
• Expect $4.5B of 2022 FCF, assuming $100 WTI and $6 Henry Hub2
• • $1/bbl change in WTI is ~$60MM of annual CFO
  • $1/MMBtu change in Henry Hub is ~$170MM of annual CFO
• >25% 2022E FCF yield3, #2 in S&P 500
• Oil production expected to increase sequentially into 3Q22
• 1H22 capex accounted for 56% of annual budget, consistent with guidance

See Appendix for definitions and footnotes and the 2Q22 Investor Packet at https://ir.marathonoil.com/for non-GAAP reconciliations of free cash flow, operating cash flow before working capital, capital expenditures and working capital

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