Marathon Oil : 1Q 2022 Earnings Presentation

May 4, 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 adjusted free cash flow, future debt retirement and the timing thereof, 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, adjusted free cash flow yields and other 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-looking statements; 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 is defined as total capital expenditures (accrued) divided by net cash provided by operating activities before changes in working capital and EG return of capital and other. 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 athttps://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 athttps://ir.marathonoil.com/ in the 1Q22 Investor Packet. Please ensure SEC reporting has reviewed Non-GAAP measure language.

Staying Disciplined: Focused on FCF, Return of Capital, ESG Excellence

Expecting >$4.5B of 2022 adjusted FCF at ~20% reinvestment rate; $1.5B FCF uplift vs. original outlook

"Amid tremendous macro volatility, Marathon Oil remains resolutely focused on delivering on all elements of our framework for success, including strong corporate returns, sustainable free cash flow generation, market-leading return of capital to shareholders, and ESG excellence."

"Our constancy of purpose, differentiated execution, and commitment to providing investors with the first call on cash flow through our unique percentage of cash flow framework are all paying off. In the last two quarters, we've returned approximately 60% of our total CFO back to our equity investors, meaningfully exceeding our minimum 40% commitment. We've executed $1.6 billion of share repurchases over the last seven months, driving significant per share growth through an 11% reduction to our outstanding share count, and have announced five consecutive increases to our quarterly base dividend."

With over $4.5 billion of adjusted free cash flow generation expected this year, we remain well positioned to continue delivering financial results and return of capital that are compelling not only relative to the best companies in energy, but relative to the best in the S&P 500."

Lee Tillman

Chairman, President, and CEO

Framework for Success

Committed to delivering financial and ESG excellence

Committed to our Framework

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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 opportunitiesSustainable free cash flow across wide range of commodity pricesReturn meaningful capital to investorsContinuously improve performance, reduce costs, and deliver on commitmentsCapital 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

Key Takeaways from 1Q22 Earnings Release

Market-Leading Return of Capital	Consistent 1Q22 Execution	Compelling Outlook
• ~60% of CFO returned to shareholders over trailing two quarters • >$1.6B of share repurchases since October; 11% share count reduction in 7 months ‒ Includes $900MM of YTD buybacks1 • Share repurchase authorization increased to $2.5B as of May 4th • Five consecutive quarterly base dividend raises ‒ 167% cumulative increase since beginning of 2021	• Strong Financial Delivery ‒ Adjusted FCF of $940MM at 27% reinvestment rate ‒ 50% of CFO to investors through $592MM of share repurchases and $52MM base dividend • Solid Operational Execution ‒ Production of 345 MBOED, including oil production of 168 MBOPD ‒ Capex (accrued) of $348MM	• No Change in Priorities ‒ Remaining disciplined ‒ Prioritizing execution, FCF generation, and return of capital with constructive pricing • Updated 2022 financial outlook ‒ Expect >$4.5B of adjusted FCF at ~20% reinvestment rate on $1.3B of capex ($100 WTI, $6 HH)2 ‒ Adjusted FCF uplift of $1.5B and reduction in reinvestment rate vs. original $1.2B budget ($80 WTI, $4 HH) ‒ Raising annual E.G. equity income guidance by $200MM

See Appendix for definitions and footnotes and the 1Q22 Investor Packet athttps://ir.marathonoil.com/ for non-GAAP reconciliations of free cash flow, operating cash flow before working capital, capital expenditures and working capital