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About This Report

Introduction
As we produce the affordable energy the world needs, we believe being responsible, safe and ethical is necessary to preserve our ability to operate.

Recognizing the importance of transparency, we’re committed to providing an annual account of our performance on environmental, social and governance (ESG) issues. The content and data included in our 2020 Sustainability Report were determined based on an assessment of risks and impacts identified during our annual Enterprise Risk Management process and through discussions with our stakeholders. These stakeholders include Marathon Oil managers and subject-matter experts; investors; business partners, industry associations and nongovernmental organizations; and nonprofit and community partners. We also benchmark reporting practices of peer companies and review investment reports and media coverage.

In this 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 ESG rating and ranking services. This single-source disclosure is consistent with our strategy to be the lowest-cost, highest-margin independent exploration and production company.

We select ESG performance indicators using the Sustainability Reporting Guidance for the Oil & Gas Industry. 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 also informed by the Task Force on Climate-related Financial Disclosures (TCFD), the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI). We recognize that ESG performance reporting is a rapidly evolving area and we’ll continue to enhance our reporting as best practices are identified.

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 2020.

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 2020 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC). ESG data is non-GAAP and not audited.

For more information on this report, please contact the Marathon Oil Sustainability Manager at: ESGReport@marathonoil.com.

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: the company’s future performance, business strategy, air emissions targets and mitigation strategies, our projected performance in a lower-carbon future, our actions to manage and reduce future emissions, asset quality, drilling plans, production, oil growth, cost and expense estimates, future capital budgets and allocations, returns of capital to investors (and the focus of such returns), reinvestment rates, free cash flow breakeven, leverage targets, 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,” “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 and 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; 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 resulting from litigation; 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 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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