Marathon Oil : Meeting Global Energy Demand With ESG Excellence

MEETING GLOBAL ENERGY

DEMAND WITH ESG

EXCELLENCE

January 2022

Forward-Looking Statements and Other Matters

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. All statements, other than statements of historical fact, including without limitation statements regarding the Company's future capital budgets and allocations, GHG emissions and methane intensity reduction initiatives, targets or goals, natural gas capture targets and goals, flaring reduction initiatives, future performance, business strategy and other plans and objectives for future operations, are forward-looking statements. Words such as "anticipate," "believe," "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.

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; capital available for exploration and development; risks related to the Company's hedging activities; voluntary or involuntary curtailments, delays or cancellations of certain drilling activities; well production timing; liability or corrective actions resulting from litigation or other proceedings and investigations; drilling and operating risks; lack of, or disruption in, access to storage capacity, pipelines or other transportation methods; 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; 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; 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.

Methodology and definitions for key environmental performance indicators are based on information from the Company's 2020 Sustainability Report that can be found on the Company's website. Marathon Oil reports direct (Scope 1) and indirect (Scope 2) GHG emissions, with emissions intensity measured by metric tonnes carbon dioxide equivalent (CO2e) emissions per thousand barrels of oil equivalent of hydrocarbons produced from Marathon Oil-operated facilities.

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Meeting Global Energy Demand with ESG Excellence

"The ongoing pursuit of environmental, social, and governance excellence is foundational to our framework for success.

We are committed to putting safety first, serving as a trusted partner to our local communities, and maintaining best-in-class corporate governance standards. Additionally, we know how important it is to deliver reliable and affordable energy to the world while prioritizing all facets of ESG.

To underscore our commitment to meeting the world's energy needs with leading environmental performance, we are announcing a comprehensive set of new objectives intended to drive further improvement to our GHG intensity, methane intensity, and natural gas capture. I am proud of the progress we have made thus far and even more excited about how we are positioned for the road ahead as we maintain our focus on corporate returns, sustainable free cash flow generation, delivering leading cash returns to our shareholders through the commodity price cycle, and comprehensive ESG excellence."

Lee Tillman

Chairman, President & 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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Marathon Oil ESG Progress Report

Recap of 2021 highlights and new forward objectives

Meeting the world's energy needs while prioritizing all elements of ESG performance

		Safety	• 0.29 TRIR1 in 2021, second strongest safety performance since becoming independent E&P
		• Safety performance for employees and contractors remains integrated in executive compensation scorecard
			• Achieved 2021 target to reduce GHG intensity by at least 30%*
		Environmental	• GHG intensity remains integrated in executive compensation scorecard
		• Improved 2021 total Company gas capture to 98.8%
			• Introduced new quantitative objectives covering GHG intensity, methane intensity, and natural gas capture
			• Supported E.G. Malaria Elimination Project, expanded My Home Library program with Barbara Bush Houston
		Social	Literacy Foundation, launched Unconventional Thinking in Teaching program, supported remote learning
			• Increased female and people of color workforce representation to 33% and 30% vs. 25% for both 5 years ago
			• Proactively aligned 2021 compensation scorecards with key drivers of shareholder value
		Governance	• Appointed 2 new Directors and new Lead Director in 2021
			• 3 of 8 Directors are female, including Lead Director and Chairs of both Audit & Finance and Health, Environment,
			Safety, & Corporate Responsibility Committees (HESCR); 2 Directors self-identifyas ethnicity other than white

*Relative to 2019 baseline

See Appendix for definitions and footnotes

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