ABOUT THIS REPORT
As we produce the energy the world needs, being responsible, safe and ethical enables Marathon Oil to earn and keep our license to operate.
We seek to further the environmental, social and governance (ESG) progress of our business and the sustainability of the communities where we live and work. This Marathon Oil 2018 Sustainability Report demonstrates our accountability for addressing challenges and risks affecting our business.
In this report, we provide information about our nonfinancial and financial performance, supported by quantitative metrics and qualitative examples. We’ve designed it to be a one-stop resource providing accurate information for a wide range of stakeholders, including ESG rating and ranking services, which we believe is consistent with our strategy to be the lowest-cost, highest-margin independent exploration and production company.
We select ESG performance indicators using the Oil & Gas Industry Guidance on Voluntary Sustainability Reporting. This joint publication of IPIECA, the American Petroleum Institute (API) and the International Association of Oil & Gas Producers (IOGP) provides a reporting framework for the petroleum industry. Our approach is informed by the Global Reporting Initiative (GRI) Standard.
All information and performance data in this report relate to Marathon Oil operations, unless otherwise stated. We include certain information on non-operated assets, such as Equatorial Guinea LNG Holdings Limited (EG LNG).
This report was reviewed by Marathon Oil subject-matter experts, legal and accounting staff, executives, the board of directors and a third-party ESG consultant. The financial highlights were excerpted from the 2018 Annual Report on Form 10-K filed with the SEC.
What We Report On
We identified risks and opportunities to include in this report by considering new and emerging issues, regulations, and standards and practices. Information included in this report was determined based on a review of risks and issues identified during our Enterprise Risk Management process and in discussions with Marathon Oil managers and subject-matter experts; investors; business partners, industry associations and nongovernmental organizations; and nonprofit and community partners. We also benchmarked reporting practices of peer companies, and reviewed investment reports and media coverage.
Based on shareholder feedback, Marathon Oil will publish a report on how we assess and manage the potential risks of climate change to our business. We expect to release the report by year-end 2019.
This report contains forward-looking statements. 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 performance, business strategy, air emissions mitigation strategies, asset quality, drilling plans, production, oil growth, cost and expense estimates, leasing and exploration activities, future financial position, tax rates and other plans and objectives for future operations. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “outlook,” “plan,” “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 our assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, without limitation: conditions in the oil and gas industry, including supply/demand levels and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in the jurisdictions in which the company operates, including changes in foreign currency exchange rates, interest rates, inflation rates, and global and domestic market conditions; capital available for exploration and development; risks related to our hedging activities; well production timing; drilling and operating risks; 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 obligations; unforeseen hazards such as weather conditions; acts of war or terrorism, and the governmental or military response to them; cyberattacks; changes in safety, health, environmental, tax and other regulations; other geological, operating and economic considerations; and the risk factors, forward-looking statements, and challenges and uncertainties described in the company’s 2018 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases, available at www.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.
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