About This Report

Introduction
Recognizing the importance of transparency, we’re committed to providing an annual account of our performance on environmental, social and governance (ESG) issues.

In our 2021 Sustainability Report, we provide information about our nonfinancial and financial performance, supported by quantitative metrics and qualitative examples. We’ve designed this report to be our definitive ESG source document and a one-stop resource for a variety of stakeholders, including investors and ESG rating and ranking services.

We determine the content and data included in this report based on an assessment of risks and impacts identified during our annual Enterprise Risk Management process and through discussions with our stakeholders. We also benchmark reporting practices of peer companies and review investment reports and media coverage.

We select ESG performance indicators using the Sustainability Reporting Guidance for the Oil & Gas Industry, a joint publication of IPIECA, the American Petroleum Institute (API) and the International Association of Oil & Gas Producers (IOGP). Our approach is also aligned with the Task Force on Climate-related Financial Disclosures (TCFD), the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI).

Information and performance data in this report relate to Marathon Oil operations, unless otherwise stated. We include certain information on non-operated assets and equity method investments, such as Equatorial Guinea LNG Operations, S.A. (EG LNG). Unless specified otherwise, data and information in this report pertain to calendar year 2021.

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 sourced directly from the 2021 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC). ESG data is non-GAAP and not audited.

Forward Looking Statement: 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, statements regarding: the company’s future financial and non-financial performance; business strategy; practices, programs, policies, initiatives, plans, goals, ambitions and targets with respect to environmental, social and governance matters; our projected performance in a lower-carbon future; asset quality; drilling plans; production; oil growth; cost and expense estimates; future capital budgets and allocations; future debt retirement; returns of capital to investors (and the focus of such returns); reinvestment rates; free cash flow breakeven; leverage targets and other plans and objectives for future operations. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “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, but not limited to: conditions in the oil and gas industry, including supply/demand levels for crude oil and condensate, natural gas liquids (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; 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; well production timing; liabilities or corrective actions resulting from litigation, other proceedings and investigations or alleged violations of law or permits; capital available for exploration and development; the inability of any party to satisfy closing conditions or delays in execution with respect to our asset acquisitions and dispositions; well production timing; 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; 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; 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 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.

Committed to Transparency
In this report, we share information relevant to Marathon Oil and our stakeholders.

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