Marathon Oil : 4Q and Full-Year 2021 Earnings Presentation

FOURTH QUARTER 2021

RESULTS

AND 2022 OUTLOOK

February 16, 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 (including relative to peers), expected free cash flow, debt levels, returns to investors (including dividends and share repurchases, and the timing thereof), reinvestment rates, business strategy, capital expenditure guidance, production guidance and trends, ESG performance, GHG emissions and methane intensity reduction initiatives, targets or goals, natural gas capture targets and goals, flaring reduction initiatives, tax rates, 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 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, free cash flow or FCF, operating cash flow before working capital, reinvestment rate, capital expenditures, and net debt to EBITDAX. Free cash flow, which is free cash flow before dividend, is defined as net cash provided by operating activities adjusted for working capital, capital expenditures, 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. The reinvestment rate is defined as total capital expenditures divided by operating cash flow before working

capital. 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 operating working capital. Management believes operating cash flow before 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. Capital expenditures is defined as cash additions to property, plant and equipment adjusted for the change in working capital associated with property, plant and equipment, 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 certain working capital 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; 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; 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 2020 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 4Q21 Investor Packet.

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Compelling Return of Capital, Sustainable FCF, ESG Excellence

Executed $1 billion of share repurchases and raised base dividend for fourth consecutive quarter

"2021 was a year of comprehensive delivery against our framework for success, as evidenced by bottom line financial results and ESG excellence that compete not only with the best companies in energy, but with the best in the S&P 500. We stayed disciplined and did not waver from our reinvestment rate driven capital allocation priorities, generating over $2.2 billion of free cash flow…We dramatically enhanced our balance sheet quality by

accelerating gross debt reduction initiatives."

"We then successfully transitioned to market leading return of capital to our equity investors, consistent with our differentiated percentage of cash flow framework…"

"We are demonstrating that investors will get the first call on cash flow generation, as evidenced by $1 billion of share repurchases since October and four consecutive increases to our quarterly base dividend. These repurchases have reduced our share count by 8% in just four and a half months, driving strong underlying growth to our per share financial metrics."

"As we look ahead to 2022, you can expect more of the same from our Company: peer leading capital efficiency and operational execution, significant free cash flow generation, and market leading return of capital to shareholders. Additionally, we will remain just as focused on continuing to deliver comprehensive ESG excellence, driven by our mission to help provide the responsible, reliable, and affordable energy that the world

needs."

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 4Q21 Earnings Release

Sustainable return of capital and per share growth

Compelling Return of Capital

• $1B of buybacks in 4.5 months drives significant per share growth - through 8% share count reduction
• Fourth consecutive quarterly base dividend raise - 133% cumulative increase

Differentiated Financial &

Operational Delivery

• 4Q21 FCF of ~$900MM at 22% reinvestment rate; FY21 FCF of $2.2B at 32% reinvestment rate
• 4Q21 oil production of 181 mbopd; FY21 oil production of 173 mbopd

Sector Leading, Sustainable Outlook

• 2022 capital budget of $1.2B to deliver >$3B of FCF at <30% reinvestment rate1 ($80/bbl WTI / $4.00/MMBtu HH)
• Sustainability of financial/operational performance underpinned by over a decade of high-returninventory

ESG Excellence

• Second best safety performance2, >30% GHG intensity reduction3, 98.8% gas capture in 20214
• New short, medium, and long-term objectives for GHG intensity, methane intensity, and gas capture

See Appendix for definitions and footnotes and the 4Q21 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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