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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Fiscal Year Ended
December 31, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____ to _____
 
Commission file number
1-1513
mro_logob20.jpg
Marathon Oil Corporation
(Exact name of registrant as specified in its charter)
Delaware
 
25-0996816
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
5555 San Felipe Street, Houston, Texas 77056-2723
(Address of principal executive offices)
(713) 629-6600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, par value $1.00
 
MRO
 
New York Stock Exchange
 Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes þ No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  o No  þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
þ
Accelerated filer
o  
Non-accelerated filer
o   
 
 
Smaller reporting company
Emerging growth company
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes  No   þ
The aggregate market value of Common Stock held by non-affiliates as of June 30, 2019: $11,398 million. This amount is based on the closing price of the registrant’s Common Stock on the New York Stock Exchange on that date. Shares of Common Stock held by executive officers and directors of the registrant are not included in the computation. The registrant, solely for the purpose of this required presentation, has deemed its directors and executive officers to be affiliates.
There were 795,849,999 shares of Marathon Oil Corporation Common Stock outstanding as of February 14, 2020.
Documents Incorporated By Reference:
Portions of the registrant’s proxy statement relating to its 2020 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934, are incorporated by reference to the extent set forth in Part III, Items 10-14 of this report.



MARATHON OIL CORPORATION
Unless the context otherwise indicates, references to “Marathon Oil,” “we,” “our” or “us” in this Annual Report on Form 10-K are references to Marathon Oil Corporation, including its wholly owned and majority-owned subsidiaries, and its ownership interests in equity method investees (corporate entities, partnerships, limited liability companies and other ventures over which Marathon Oil exerts significant influence by virtue of its ownership interest).
Table of Contents
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Definitions
Throughout this report, the following company or industry specific terms and abbreviations are used.
AMPCO – Atlantic Methanol Production Company LLC, a company located in Equatorial Guinea in which we own a 45% equity interest.
AMT – Alternative minimum tax.
AOSP – Athabasca Oil Sands Project, an oil sands mining, transportation and upgrading joint venture located in Alberta, Canada, in which we held a 20% non-operated working interest.
bbl – One stock tank barrel, which is 42 United States gallons liquid volume.
boe – Barrels of oil equivalent.
btu – British thermal unit, an energy equivalence measure.
BLM – Bureau of Land Management.
Capital Budget – Includes capital expenditures, cash investments in equity method investees and other investments, exploration costs that are expensed as incurred rather than capitalized, such as geological and geophysical costs and certain staff costs, and other miscellaneous investment expenditures.
CWA – Clean Water Act.
Development Capital Budget – Includes expenditures, investments and costs associated with the Capital Budget excluding resource play exploration (“REx”).
DD&A – Depreciation, depletion and amortization.
Development well – A well drilled within the proved area of an oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.
Dry well – A well found to be incapable of producing either oil or natural gas in sufficient quantities to justify completion as an oil or gas well.
E.G. – Equatorial Guinea.
EGHoldings – Equatorial Guinea LNG Holdings Limited, a liquefied natural gas production company located in E.G. in which we own a 60% equity interest.
EPA – United States Environmental Protection Agency.
Exploratory well – A well drilled to find oil or natural gas in an unproved area or find a new reservoir in a field previously found to be productive in another reservoir.
FASB – Financial Accounting Standards Board.
Henry Hub – a natural gas benchmark price quoted at settlement date average.
IRS – United States Internal Revenue Service.
Kurdistan – Kurdistan Region of Iraq.
LIBOR – London Interbank Offered Rate.
LNG – Liquefied natural gas.
LPG – Liquefied petroleum gas.
Liquid hydrocarbons or liquids – Collectively, crude oil, condensate and natural gas liquids.
LLS – Louisiana Light Sweet crude oil, an oil index benchmark price as per Bloomberg Finance LLP: LLS St. James.
MEH – Magellan East Houston, an oil index benchmark price of WTI at Magellan East Houston.
Marathon Oil – Marathon Oil Corporation, including wholly owned and majority-owned subsidiaries, and ownership interests in equity method investees (corporate entities, partnerships, limited liability companies and other ventures over which Marathon Oil exerts significant influence by virtue of its ownership interest). The company as it exists following the June 30, 2011 spin-off of the refining, marketing and transportation operations.
mbbld – Thousand barrels per day.

1


mboed – Thousand barrels of oil equivalent per day.
mcf – Thousand cubic feet.
mmbbl – Million barrels.
mmboe – Million barrels of oil equivalent. Natural gas is converted on the basis of six mcf of gas per one barrel of crude oil equivalent.
mmbtu – Million British thermal units.
mmcfd – Million stabilized cubic feet per day.
mmta – Million metric tonnes per annum.
mt – Metric tonnes.
mtd – Metric tonnes per day.
NAAQS – National Ambient Air Quality Standard.
Net acres or Net wells – The sum of the fractional working interests owned by us in gross acres or gross wells.
NGL or NGLs – Natural gas liquid or natural gas liquids, which are naturally occurring substances found in natural gas, including ethane, butane, isobutane, propane and natural gasoline, which can be collectively removed from produced natural gas, separated into these substances and sold.
NYMEX – New York Mercantile Exchange.
OPEC – Organization of Petroleum Exporting Countries.
Operational availability A term used to measure the ability of an asset to produce to its maximum capacity over a specified period of time, after consideration of internal losses.
Productive well – A well that is not a dry well. Productive wells include producing wells and wells that are mechanically capable of production.
Proved developed reserves – Proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods or for which the cost of the required equipment is relatively minor compared to the cost of a new well.
Proved reserves – Proved crude oil and condensate, NGLs, natural gas and our historical synthetic crude oil reserves are those quantities of crude oil and condensate, NGLs, natural gas and synthetic crude oil, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations-prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
Proved undeveloped reserves – Proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Undrilled locations can be classified as having proved undeveloped reserves if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time. Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic viability at greater distances.
Reserve replacement ratio – A ratio which measures the amount of proved reserves added to our reserve base during the year relative to the amount of liquid hydrocarbons and natural gas produced.
REx – Resource play exploration.
Royalty interest – An interest in an oil or natural gas property entitling the owner to a share of oil or natural gas production free of costs of production.
SAR or SARs – Stock appreciation right or stock appreciation rights.
SCOOP – South Central Oklahoma Oil Province.
SEC – United States Securities and Exchange Commission.

2


Seismic – An exploration method of sending energy waves or sound waves into the earth and recording the wave reflections to indicate the type, size, shape and depth of subsurface rock formation (3-D seismic provides three-dimensional pictures and 4-D factors in changes that occurred over time).
STACK – Sooner Trend (oil field), Anadarko (basin), Canadian (and) Kingfisher (counties) in Oklahoma.
Total proved reserves – The summation of proved developed reserves and proved undeveloped reserves.
Turnaround – A planned major maintenance program the costs for which are expensed in the period incurred and can include the costs of contractor repair services, materials and supplies, equipment rentals and our labor costs.
U.K. – United Kingdom.
U.S. – United States of America.
U.S. resource plays – Consists of our unconventional properties in the Eagle Ford in Texas, the Bakken in North Dakota, STACK and SCOOP in Oklahoma and Northern Delaware in New Mexico.
U.S. GAAP – U.S. Generally Accepted Accounting Principles.
Working interest – The interest in a mineral property, which gives the owner that share of production from the property. A working interest owner bears that share of the costs of exploration, development and production in return for a share of production. Working interests are sometimes burdened by overriding royalty interests or other interests.
WOTUS – Waters of the United States.
WTI – West Texas Intermediate crude oil, an oil index benchmark price as quoted by NYMEX.


3


Disclosures Regarding Forward-Looking Statements
This Annual Report on Form 10-K 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: our operational, financial and growth strategies, including drilling plans and projects, planned wells, rig count, inventory, seismic, exploration plans, maintenance activities, drilling and completion improvements, cost reductions, and financial flexibility; our ability to successfully effect those strategies and the expected timing and results thereof; our 2020 Capital Budget and the planned allocation thereof; planned capital expenditures and the impact thereof; expectations regarding future economic and market conditions and their effects on us; our financial and operational outlook, and ability to fulfill that outlook; our financial position, balance sheet, liquidity and capital resources, and the benefits thereof; resource and asset potential; reserve estimates; growth expectations; and future production and sales expectations, and the drivers thereof. In addition, many forward-looking statements may be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “estimates,” “expects,” “targets,” “plans,” “projects,” “could,” “may,” “should,” “would” or similar words indicating that future outcomes are uncertain. While we believe that our assumptions concerning future events are reasonable, these expectations may not prove to be correct. A number of factors could cause results to differ materially from those indicated by such forward-looking statements including, but not limited to:
conditions in the oil and gas industry, including supply and 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 E.G., including changes in foreign currency exchange rates, interest rates, inflation rates, and global and domestic market conditions;
risks related to our hedging activities;
liability resulting from litigation;
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;
drilling and operating risks;
lack of, or disruption in, access to 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 their contractual obligations;
unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto;
cyber-attacks;
changes in safety, health, environmental, tax and other regulations, or requirements or initiatives including those addressing the impact of global climate change, air emissions or water management;
other geological, operating and economic considerations; and
other factors discussed in Item 1. Business, Item 1A. Risk Factors, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, and elsewhere in this report.
All forward-looking statements included in this report are based on information available to us on the date of this report. Except as required by law, we undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained throughout this report.




4


PART I
Items 1. and 2. Business and Properties
General
Marathon Oil Corporation (NYSE: MRO) is an independent exploration and production company incorporated in 2001, focused on U.S. resource plays: the Eagle Ford in Texas, the Bakken in North Dakota, STACK and SCOOP in Oklahoma and Northern Delaware in New Mexico. We also have international operations in E.G. Our corporate headquarters is located at 5555 San Felipe Street, Houston, Texas 77056-2723 and our telephone number is (713) 629-6600. Each of our two reportable operating segments are organized by geographic location and managed according to the nature of the products and services offered. The two segments are:
United States – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States;
International – explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in E.G.
Our strategy is to deliver competitive and improving corporate level returns by focusing our capital investment in the lower cost, higher margin U.S. resource plays while maintaining a strong balance sheet, prioritizing sustainable cash flow generation over a wide range of commodity prices, and returning capital to shareholders. See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, for a more detailed discussion of our operating results, cash flows and liquidity.
Our portfolio is concentrated in our core operations in the U.S. resource plays and E.G. The map below shows the locations of our U.S. operations:
a201910kmapa01.jpg

5


Segment Information
In the following discussion regarding our United States and International segments, references to net wells, acres, sales or investment indicate our ownership interest or share, as the context requires.
United States Segment
We are engaged in oil and gas exploration, development and production activities in the U.S. Our primary focus in the United States segment is concentrated within our four high-quality resource plays. See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for further detail on current year results.
United States – U.S. Resource Plays
Eagle Ford – We have been operating in the South Texas Eagle Ford play since 2011, where our acreage is located in the high-return Karnes, Atascosa, Gonzales and Lavaca Counties. Our focus is capital efficient development with a goal of maximizing returns and cash flow generation while extending our core acreage. During 2019, we acquired 18,000 net acres adjacent to our existing acreage in the Eagle Ford, which included production of approximately 7,000 net boed and associated midstream infrastructure. Additionally, we operate 32 central gathering and treating facilities across the play that support more than 1,600 producing wells as well as own and operate the Sugarloaf gathering system, a 42-mile natural gas pipeline through the heart of our acreage in Karnes and Atascosa Counties.
Bakken – We have been operating in the Williston Basin since 2006. The majority of our core acreage is within McKenzie, Mountrail, and Dunn Counties in North Dakota targeting the Middle Bakken and Three Forks reservoirs. We continue focusing our investment in our high-return Myrmidon and Hector areas, while also delineating and extending our core acreage across the rest of our position.
Oklahoma – With a history in Oklahoma that dates back more than 100 years, our primary focus has recently been early infill development in the STACK Meramec and SCOOP Woodford, while progressing delineation of other plays across our footprint. We primarily hold net acreage with rights to the Woodford, Springer, Meramec, Osage and other prospect intervals, with a majority of this in the SCOOP and STACK, with our recent activity in these plays being directed towards the more advantaged overpressured oil areas.
Northern Delaware – We have been operating in the Northern Delaware basin, which is located within the greater Permian area, since closing on two major acquisitions in 2017. Our focus has been to strategically advance our position and prepare for future development by further coring up our footprint, progressing early delineation of our acreage, improving our cost structure and securing midstream solutions. We have the majority of our acreage in Eddy and Lea counties primarily in the Wolfcamp and Bone Spring New Mexico plays.
United States – Resource Exploration
Our resource exploration properties in the United States include our acquired acreage in the emerging Louisiana Austin Chalk play, with an acreage position focused in the Western Fairway. Our first exploration well is on flowback and well clean-up and we have recently spud on our second exploration well. We also closed on approximately 40,000 net acres in the Texas Delaware oil play in West Texas for $106 million in 2019.
International Segment
We are engaged in oil and gas development and production activities in E.G. We include the results of our investments in the LPG processing plant, gas liquefaction operations and methanol production operations in E.G. in our International segment.
International
Equatorial Guinea – We own a 63% operated working interest under a production sharing contract in the Alba field and an 80% operated working interest in Block D, both of which are offshore E.G. Operational availability from our company-operated facilities averaged approximately 97% in 2019.
Equatorial Guinea – Gas Processing We own a 52% interest in Alba Plant LLC, accounted for as an equity method investment, which operates an onshore LPG processing plant located on Bioko Island. Alba field natural gas is processed by the LPG plant under a fixed-price long term contract. The LPG plant extracts secondary condensate and LPG from the natural gas stream and uses some of the remaining dry natural gas in its operations.

6


We also own 60% of EGHoldings and 45% of AMPCO, both accounted for as equity method investments. EGHoldings operates a 3.7 mmta LNG production facility and AMPCO operates a methanol plant, both located on Bioko Island. These facilities allow us to further monetize natural gas production from the Alba field. The LNG production facility sells LNG under a 3.4 mmta sales and purchase agreement. Under the current agreement, which runs through 2023, the purchaser takes delivery of the LNG on Bioko Island, with pricing linked principally to the Henry Hub index. Gross sales of LNG from this production facility totaled approximately 3 mmta in 2019. AMPCO had gross sales totaling approximately 878 mt in 2019. Methanol production is sold to customers in Europe and the U.S.
During 2019, we executed agreements for third-party gas through existing E.G. infrastructure, the initial step in creating an E.G. gas hub. Natural gas from the Alen field will be processed through the existing Alba Plant LLC LPG processing plant and the EGHoldings LNG production facility. First gas sales are expected in early 2021.
United Kingdom In the third quarter of 2019, we closed on the sale of our U.K. business, which represents a complete country exit. See Item 8. Financial Statements and Supplementary Data – Note 5 to the consolidated financial statements for further detail.
Other International
Kurdistan Region of Iraq – In the second quarter of 2019, we closed on the sale of our 15% non-operated interest in the Atrush block in Kurdistan which represents a complete country exit. See Item 8. Financial Statements and Supplementary Data – Note 5 to the consolidated financial statements for further detail.
Reserves
Proved reserves are required to be disclosed by continent and by country if the proved reserves related to any geographic area, on an oil equivalent barrel basis, represent 15% or more of our total proved reserves. A geographic area can be an individual country, group of countries within a continent or a continent. For additional detail on reserves, see Item 8. Financial Statements and Supplementary Data - Supplementary Information on Oil and Gas Producing Activities.
The following tables set forth estimated quantities of our total proved crude oil and condensate, NGLs and natural gas reserves based upon SEC pricing for period ended December 31, 2019.
 
Crude Oil and Condensate
(mmbbl)
 
Natural Gas Liquids
(mmbbl)
 
Natural Gas
(bcf)
 
Total
(mmboe)
 
Total (%)
Proved Developed Reserves
 
 
 
 
 
 
 
 
 
U.S.
304

 
122

 
825

 
563

 
47
%
E.G.
30

 
19

 
649

 
158

 
13
%
Total proved developed reserves (mmboe)
334

 
141

 
1,474

 
721

 
60
%
Proved Undeveloped Reserves
 
 
 
 
 
 
 
 
 
U.S.
315

 
82

 
453

 
473

 
39
%
E.G.
3

 
2

 
41

 
11

 
1
%
Total proved undeveloped reserves (mmboe)
318

 
84

 
494

 
484

 
40
%
Total Proved Reserves
 
 
 
 
 
 
 
 
 
U.S.
619

 
204

 
1,278

 
1,036

 
86
%
E.G.
33

 
21

 
690

 
169

 
14
%
Total proved reserves (mmboe)
652

 
225

 
1,968

 
1,205

 
100
%
Total proved reserves (%)
54
%
 
19
%
 
27
%
 
100
%
 
 


7


Productive and Drilling Wells
For our United States and International segments, the following table sets forth gross and net productive wells, service wells and drilling wells as of December 31 for the years presented.
 
Productive Wells
 
 
 
 
 
 
 
 
 
Oil
 
Natural Gas
 
Service Wells
 
Drilling Wells
  
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S.
4,984

 
2,195

 
1,550

 
615

 
204

 
20

 
30

 
15

E.G.

 

 
19

 
12

 

 

 

 

Total (a)
4,984

 
2,195

 
1,569

 
627

 
204

 
20

 
30

 
15

2018

 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. (b)
4,630

 
2,056

 
1,703

 
655

 
209

 
21

 
 
 
 
E.G.

 

 
19

 
12

 

 

 
 
 
 
Other International
62

 
22

 
11

 
4

 
24

 
8

 
 
 
 
Total (c)
4,692

 
2,078

 
1,733

 
671

 
233

 
29

 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S.
5,132

 
1,905

 
1,690

 
676

 
799

 
70

 
 
 
 
E.G.

 

 
19

 
12

 

 

 
 
 
 
Libya
1,071

 
175

 
7

 
2

 
94

 
16

 
 
 
 
Total Africa
1,071

 
175

 
26

 
14

 
94

 
16

 
 
 
 
Other International
61

 
22

 
19

 
7

 
23

 
8

 
 
 
 
Total
6,264

 
2,102

 
1,735

 
697

 
916

 
94

 
 
 
 
(a) 
Other International was removed from 2019 due to the sale of our U.K. business and our 15% non-operated interest in the Atrush block in Kurdistan. See Item 8. Financial Statements and Supplementary Data - Note 5 to the consolidated financial statements for further information.
(b) 
The 2018 decrease in gross productive oil wells and gross service wells is a result of the sale of non-core, non-operated conventional properties in the United States segment during the third quarter of 2018. See Item 8. Financial Statements and Supplementary Data - Note 5 to the consolidated financial statements for information about these dispositions.
(c) 
Libya was removed from 2018 due to the sale of our subsidiary in Libya. See Item 8. Financial Statements and Supplementary Data - Note 5 to the consolidated financial statements for further information.

8


Drilling Activity
For our United States and International segments, the table below sets forth, by geographic area, the number of net productive and dry development and exploratory wells completed as of December 31 for the years represented.
 
Development
 
Exploratory
 
 
  
Oil
 
Natural
Gas
 
Dry
 
Total
 
Oil
 
Natural
Gas
 
Dry
 
Total
 
Total
2019
 
 
 
 
 
 
 
 
 
 
 
 
U.S.
197

 
28

 

 
225

 
57

 
26

 
2

 
85

 
310

E.G.

 

 

 

 

 

 

 

 

Total (a)
197

 
28

 

 
225

 
57

 
26

 
2

 
85

 
310

2018
 
 
 
 
 
 
 
 
 
 
 
 
U.S.
171

 
25

 

 
196

 
66

 
36

 
2

 
104

 
300

E.G.

 

 

 

 

 

 
1

 
1

 
1

Other International

 

 

 

 

 

 

 

 

Total (b)
171

 
25

 

 
196

 
66

 
36

 
3

 
105

 
301

2017
 
 
 
 
 
 
 
 
 
 
 
 
U.S.
107

 
27

 

 
134

 
88

 
16

 

 
104

 
238

E.G.

 

 

 

 

 

 

 

 

Libya

 

 

 

 

 

 

 

 

Total Africa

 

 

 

 

 

 

 

 

Other International

 

 

 

 

 

 
2

 
2

 
2

Total
107

 
27

 

 
134

 
88

 
16

 
2

 
106

 
240

(a) 
Other International was removed from 2019 due to the sale of our U.K. business and our 15% non-operated interest in the Atrush block in Kurdistan. See Item 8. Financial Statements and Supplementary Data - Note 5 to the consolidated financial statements for further information.
(b) 
Libya was removed from 2018 due to the sale of our subsidiary in Libya. See Item 8. Financial Statements and Supplementary Data - Note 5 to the consolidated financial statements for further information.
Acreage
We believe we have satisfactory title to our United States and International properties in accordance with standards generally accepted in the industry; nevertheless, we can be involved in title disputes from time to time which may result in litigation. In the case of undeveloped properties, an investigation of record title is made at the time of acquisition. Drilling title opinions are usually prepared before commencement of drilling operations. Our title to properties may be subject to burdens such as royalty, overriding royalty, carried, net profits, working and other similar interests and contractual arrangements customary in the industry. In addition, our interests may be subject to obligations or duties under applicable laws or burdens such as net profits interests, liens related to operating agreements, development obligations or capital commitments under international production sharing contracts or exploration licenses.
The following table sets forth, by geographic area, the gross and net developed and undeveloped acreage held as of December 31, 2019.
 
Developed
 
Undeveloped
 
Developed and
Undeveloped
(In thousands)
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
U.S.
1,388

 
993

 
391

 
306

 
1,779

 
1,299

E.G.
82

 
67

 

 

 
82

 
67

Total
1,470

 
1,060

 
391

 
306

 
1,861

 
1,366


9


In the ordinary course of business, based on our evaluations of certain geologic trends and prospective economics, we have allowed certain lease acreage to expire and may allow additional acreage to expire in the future. If production is not established or we take no other action to extend the terms of the leases, undeveloped acreage listed in the table below could expire over the next three years. We plan to continue the terms of certain of these leases through operational or administrative actions. There are no material quantities of net proved undeveloped reserves assigned to expiring undeveloped acreage in the next three years.
 
Net Undeveloped Acres Expiring
 
Year Ended December 31,
(In thousands)
2020
 
2021
 
2022
U.S.
70

 
108

 
31

E.G.

 

 

Total
70

 
108

 
31



10


Net Sales Volumes are presented on a continuing operations basis. At December 31, 2019, 2018 and 2017, the Eagle Ford, Bakken and Oklahoma fields in the United States contained 15% or more of our total proved reserves. Production for these fields along with our production from fields containing less than 15% of our total proved reserves are presented in the table below.
 
December 31,
 
2019
 
2018
 
2017
Net Sales Volumes
 
 
 
 
 
Crude oil and condensate (mbbld) (a)
 
 
 
 
 
United States
 
 
 
 
 
Eagle Ford
63

 
63

 
59

Bakken
86

 
71

 
46

Oklahoma
21

 
18

 
15

Northern Delaware
16

 
12

 
4

 Other U.S.
4

 
7

 
9

Africa
 
 
 
 
 
E.G.
15

 
17

 
21

Libya

 
7

 
19

Other International (b)
5

 
15

 
12

Total
210

 
210

 
185

Natural gas liquids (mbbld)
 
 
 
 
 
United States
 
 
 
 
 
Eagle Ford
22

 
23

 
21

Bakken
9

 
7

 
6

Oklahoma
22

 
20

 
14

Northern Delaware
6

 
4

 
1

 Other U.S.
1

 
1

 
1

Africa
 
 
 
 
 
E.G.
9

 
11

 
11

Other International (b)

 

 
1

Total
69

 
66

 
55

Natural gas (mmcfd) (c)
 
 
 
 
 
United States
 
 
 
 
 
Eagle Ford
130

 
129

 
125

Bakken
46

 
35

 
25

Oklahoma
210

 
213

 
149

Northern Delaware
36

 
26

 
9

 Other U.S.
16

 
26

 
40

Africa
 
 
 
 
 
E.G.
365

 
416

 
459

Libya

 
5

 
4

Other International (b)
6

 
14

 
22

Total
809

 
864

 
833

Total sales volumes (mboed)
 
 
 
 
 
United States
 
 
 
 
 
Eagle Ford
106

 
108

 
101

Bakken
103

 
84

 
56

Oklahoma
78

 
74

 
54

Northern Delaware
28

 
20

 
6

 Other U.S.
8

 
12

 
17

Africa
 
 
 
 
 
E.G.
85

 
97

 
109

Libya

 
8

 
20

Other International (b)
6

 
17

 
16

Total
414

 
420

 
379

(a) 
The amounts correspond with the basis for fiscal settlements with governments, representing equity tanker liftings and direct deliveries of liquid hydrocarbons.
(b) 
Other International sales include sales volumes for the U.K. and the Atrush block in Kurdistan, which were both sold in 2019 and sales volumes for the non-operated Sarsang block in Kurdistan which was sold in 2018. See Item 8. Financial Statements and Supplementary Data - Note 5 to the consolidated financial statements for further information.
(c) 
Includes natural gas acquired for injection and subsequent resale.



11


Average Sales Price and Production Costs per Unit are presented on a continuing operations basis by geographic area.
 
December 31,
(Dollars per unit)
2019
 
2018
 
2017
Average Sales Price per Unit (a)
 
 
 
 
 
Crude oil and condensate (bbl)
 
 
 
 
 
United States
$
55.80

 
$
63.11

 
$
49.35

Africa
 
 
 
 
 
E.G.
48.99

 
55.28

 
46.02

Libya

 
73.75

 
60.72

Total Africa
48.99

 
60.65

 
53.11

Other International (b)
64.71

 
70.39

 
52.66

Total
$
55.54

 
$
63.32

 
$
50.38

 
 
 
 
 
 
Natural gas liquids (bbl)
 
 
 
 
 
United States
$
14.22

 
$
24.54

 
$
20.55

Africa
 
 
 
 
 
E.G. (d)
1.00

 
1.00

 
1.00

Total Africa
1.00

 
1.00

 
1.00

Other International (b)
37.88

 
41.66

 
39.65

Total
$
12.46

 
$
20.85

 
$
16.65

 
 
 
 
 
 
Natural gas (mcf)
 
 
 
 
 
United States
$
2.18

 
$
2.65

 
$
2.84

Africa
 
 
 
 
 
E.G. (c)
0.24

 
0.24

 
0.24

Libya

 
4.57

 
5.03

Total Africa
0.24

 
0.30

 
0.28

Other International (b)
5.67

 
8.03

 
6.28

Total
$
1.33

 
$
1.58

 
$
1.51

 
 
 
 
 
 
Average Production Costs per Unit (d)
 
 
 
 
 
U.S.
$
9.08

 
$
9.83

 
$
9.49

E.G.
2.34

 
1.91

 
2.12

Libya

 
4.35

 
6.08

Other International (b)
30.42

 
30.02

 
26.61

Total
$
8.03

 
$
8.68

 
$
7.90

(a) 
Excludes gains or losses on commodity derivative instruments.
(b) 
Other International sales include sales volumes for the U.K. and the Atrush block in Kurdistan, which were both sold in 2019 and sales volumes for the non-operated Sarsang block in Kurdistan which was sold in 2018. See Item 8. Financial Statements and Supplementary Data - Note 5 to the consolidated financial statements for further information.
(c) 
Primarily represents fixed prices under long-term contracts with Alba Plant LLC, AMPCO and/or EGHoldings, which are equity method investees. We include our share of income from each of these equity method investees in our International segment.
(d) 
Production, severance and property taxes are excluded; however, shipping and handling as well as other operating expenses are included in the production costs used in this calculation. See Item 8. Financial Statements and Supplementary Data – Supplementary Information on Oil and Gas Producing Activities - Results of Operations for Oil and Gas Production Activities for more information regarding production costs.

Marketing
Our reportable operating segments include activities related to the marketing and transportation of substantially all of our crude oil and condensate, NGLs and natural gas. These activities include the transportation of production to market centers, the sale of commodities to third parties and the storage of production. We balance our various sales, storage and transportation positions in order to aggregate volumes to satisfy transportation commitments and to achieve flexibility within product types and delivery points. Such activities can include the purchase of commodities from third parties for resale.

12


Major Customers
We are exposed to credit risk in the event of nonpayment by counterparties, a significant portion of which are concentrated in energy-related industries. The creditworthiness of customers and other counterparties is subject to continuing review, including the use of master netting agreements, where appropriate. In 2019, sales to Marathon Petroleum Corporation, Flint Hills Resources, Valero Marketing and Supply, and Shell Trading and each of their respective affiliates, accounted for approximately 13%, 13%, 11% and 10% of our total revenues. In 2018, sales to Valero Marketing and Supply and Flint Hills Resources and their respective affiliates, each accounted for approximately 11% of our total revenues. In 2017, sales to Vitol and their respective affiliates accounted for approximately 10% of our total revenues.
Gross Delivery Commitments
We have committed to deliver gross quantities of crude oil and condensate, NGLs and natural gas to customers under a variety of contracts. As of December 31, 2019, the contracts for fixed and determinable quantities were at variable, market-based pricing and related primarily to the following commitments:
 
 
2020
 
2021
 
2022
 
Thereafter
 
Commitment Period Through
Eagle Ford
 
 
 
 
 
 
 
 
 
 
Crude and condensate (mbbld)
 
51

 

 

 

 
2020
Natural gas (mmcfd)
 
120

 
56

 
36

 

 
2022
Bakken
 
 
 
 
 
 
 
 
 
 
Crude and condensate (mbbld)
 
10

 
10

 
10

 
5 - 10

 
2027
Natural gas (mmcfd)
 
3

 
3

 
3

 
3 - 25

 
2028
Other United States
 
 
 
 
 
 
 
 
 
 
Natural gas (mmcfd)
 
4

 
4

 
1

 

 
2022
All of these contracts provide the option of delivering third-party volumes or paying a monetary shortfall penalty if production is inadequate to satisfy our commitment. In addition to the contracts discussed above, we have entered into numerous agreements for transportation and processing of our equity production. Some of these contracts have volumetric requirements which could require monetary shortfall penalties if our production is inadequate to meet the terms.
Competition
Competition exists in all sectors of the oil and gas industry and we compete with major integrated and independent oil and gas companies, national oil companies, and to a lesser extent, companies that supply alternative sources of energy. We compete, in particular, in the exploration for and development of new reserves, acquisition of oil and natural gas leases and other properties, the marketing and delivery of our production into worldwide commodity markets and for the labor and equipment required for exploration and development of those properties. Principal methods of competing include geological, geophysical, and engineering research and technology, experience and expertise, economic analysis in connection with portfolio management, and safely operating oil and gas producing properties. See Item 1A. Risk Factors for discussion of specific areas in which we compete and related risks.
Environmental, Health and Safety Matters
The Health, Environmental, Safety and Corporate Responsibility Committee of our Board of Directors is responsible for overseeing our position on public issues, including environmental, health and safety matters. Our Corporate Health, Environment, Safety and Security organization has the responsibility to ensure that our operating organizations maintain environmental compliance systems that support and foster our compliance with applicable laws and regulations. Committees comprised of certain of our officers review our overall performance associated with various environmental compliance programs. We also have a Corporate Emergency Response Team which oversees our response to any major environmental or other emergency incident involving us or any of our properties.
Our businesses are subject to numerous laws and regulations relating to the protection of the environment, health and safety at the national, state and local levels. These laws and their implementing regulations and other similar state and local laws and rules can impose certain operational controls for minimization of pollution or recordkeeping, monitoring and reporting requirements or other operational or siting constraints on our business, result in costs to remediate releases of regulated substances, including crude oil and produced water, into the environment, or require costs to remediate sites to which we sent regulated substances for disposal. In some cases, these laws can impose strict liability for the entire cost of clean-up on any responsible party without regard to negligence or fault and impose liability on us for the conduct of others (such as prior owners

13


or operators of our assets) or conditions others have caused, or for our acts that complied with all applicable requirements when we performed them. We have incurred and will continue to incur capital, operating and maintenance, and remediation expenditures as a result of environmental laws and regulations.
New laws have been enacted or are otherwise being considered and regulations are being adopted by various regulatory agencies on a continuing basis and the costs of compliance with these new laws and regulations can only be broadly appraised until their implementation becomes more defined.
For a discussion of environmental capital expenditures and costs of compliance for air, water, solid waste and remediation, see Item 3. Legal Proceedings and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Management’s Discussion and Analysis of Environmental Matters, Litigation and Contingencies.
Air and Climate Change
Environmental advocacy groups and regulatory agencies in the United States and other countries have focused considerable attention on the emissions of carbon dioxide, methane and other greenhouse gases and their role in climate change. Developments in greenhouse gas initiatives may affect us and other similarly situated companies operating in the oil and gas industry. As part of our commitment to environmental stewardship and as required by law, we estimate and publicly report greenhouse gas emissions from our operations. We are working to continuously improve the accuracy and completeness of these estimates. In addition, we continuously strive to improve operational and energy efficiencies through resource and energy conservation where practicable and cost effective.
Government entities and other groups have filed lawsuits in several states and other jurisdictions seeking to hold a wide variety of companies that produce fossil fuels liable for the alleged impacts of the greenhouse gas emissions attributable to those fuels. The lawsuits allege damages as a result of global warming and the plaintiffs are seeking unspecified damages and abatement under various tort theories. Marathon Oil has been named as a defendant in several of these lawsuits, along with numerous other companies. Similar lawsuits may be filed in other jurisdictions. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe that the claims made against us are without merit and will not have a material adverse effect on our consolidated financial position, results of operations or cash flow.
The EPA finalized a more stringent NAAQS for ozone in October 2015. States that contain any areas designated as non-attainment, and any tribes that choose to do so, will be required to complete development of implementation plans in the 2020-2022 time frame. The EPA may in the future designate additional areas as non-attainment, including areas in which we operate. The EPA is also in the process of reviewing the ozone NAAQS to determine whether to maintain the 2015 standard or to promulgate a more stringent standard. This review is expected to be complete by December 2020. The implementation of the 2015 standard, or the promulgation of a future more stringent standard, may result in an increase in costs for emission controls and requirements for additional monitoring and testing, as well as a more cumbersome permitting process. Although there may be an adverse financial impact (including compliance costs, potential permitting delays and increased regulatory requirements) associated with this revised regulation, the extent and magnitude of that impact cannot be reliably or accurately estimated due to the present uncertainty regarding any additional measures and how they will be implemented. The United States Court of Appeals for the District of Columbia largely upheld EPA’s 2015 standard in August 2019. No party has sought review of this decision and, therefore, it is final.
In November 2016, the BLM issued a final rule to further restrict venting and/or flaring of gas from facilities subject to BLM jurisdiction, and to modify certain royalty requirements. BLM issued a two-year stay of these requirements in December 2017. In September 2018, BLM published a final rule to rescind substantial portions of the rule. The rescission was challenged by multiple parties in the U.S. District Court for the Northern District of California. If the judicial challenges to the rule are successful and the rule were to come back into effect, the requirements would result in additional costs of compliance as well as increased monitoring, recordkeeping and recording for some of our facilities.
Hydraulic Fracturing
Hydraulic fracturing is a commonly used process that involves injecting water, sand and small volumes of chemicals into the wellbore to fracture the hydrocarbon-bearing rock thousands of feet below the surface to facilitate higher flow of hydrocarbons into the wellbore. Our business uses this technique extensively throughout our operations. Hydraulic fracturing has been regulated at the state and local level through permitting and compliance requirements. Various state and local-level initiatives in regions with substantial shale resources have been or may be proposed or implemented to further regulate hydraulic fracturing practices, limit water withdrawals and water use, require disclosure of fracturing fluid constituents, restrict which additives may be used, or implement temporary or permanent bans on hydraulic fracturing. Although there may be an adverse financial impact (including compliance costs, potential permitting delays and increased regulatory requirements) associated with these initiatives, the extent and magnitude of that impact cannot be reliably or accurately estimated due to the present uncertainty regarding any additional measures and how they will be implemented.

14


Water
In 2014, the EPA and the U.S. Army Corps of Engineers published proposed regulations which expand the surface waters that are regulated under the federal CWA and its various programs. While these regulations were finalized largely as proposed in 2015, the rule was stayed by the courts pending a substantive decision on the merits. In October 2019, EPA and the Army Corps of Engineers issued a final rule that repealed the 2015 regulations and reinstated the agencies’ narrower pre-2015 scope of federal CWA jurisdiction. In January 2020, EPA and the Army Corp of Engineers promulgated a new WOTUS definition that continues to provide a narrower scope of federal CWA jurisdiction than contemplated under the 2015 WOTUS definition, while also providing for greater predictability and consistency of federal CWA jurisdiction. Judicial challenges to EPA’s October 2019 final rule are currently before multiple federal district courts and challenges to EPA’s January 2020 final rule are anticipated. If the October 2019 final rule is vacated and the 2015 rule is ultimately implemented, the expansion of CWA jurisdiction will result in additional costs of compliance as well as increased monitoring, recordkeeping and recording for some of our facilities.
For additional information, see Item 1A. Risk Factors.
Trademarks, Patents and Licenses
We currently hold U.S. and foreign patents. Although in the aggregate our trademarks and patents are important to us, we do not regard any single trademark, patent, or group of related trademarks or patents as critical or essential to our business as a whole.
Employees
We had approximately 2,000 active, full-time employees as of December 31, 2019.
Information About our Executive Officers
The executive officers of Marathon Oil and their ages as of February 1, 2020, are as follows:
Lee M. Tillman
 
58
 
Chairman, President and Chief Executive Officer
Dane E. Whitehead
 
58
 
Executive Vice President and Chief Financial Officer
T. Mitch Little
 
56
 
Executive Vice President—Operations
Reginald D. Hedgebeth
 
52
 
Executive Vice President, General Counsel and Chief Administrative Officer
Patrick J. Wagner
 
55
 
Executive Vice President—Corporate Development and Strategy
Gary E. Wilson
 
58
 
Vice President, Controller and Chief Accounting Officer
Mr. Tillman was appointed by the board of directors as chairman of the board effective February 1, 2019. In August 2013, he was appointed as president and chief executive officer. Prior to this appointment, Mr. Tillman served as vice president of engineering for ExxonMobil Development Company (a project design and execution company), where he was responsible for all global engineering staff engaged in major project concept selection, front-end design and engineering.  Between 2007 and 2010, Mr. Tillman served as North Sea production manager and lead country manager for subsidiaries of ExxonMobil in Stavanger, Norway.  Mr. Tillman began his career in the oil and gas industry at Exxon Corporation in 1989 as a research engineer and has extensive operations management and leadership experience.
Mr. Whitehead was appointed executive vice president and chief financial officer in March 2017. Prior to this appointment, Mr. Whitehead served as executive vice president and chief financial officer of both EP Energy Corp. and EP Energy LLC (oil and natural gas producer) since May 2012. Between 2009 and 2012, Mr. Whitehead served as senior vice president of strategy and enterprise business development and a member of El Paso Corporation’s executive committee. He joined El Paso Exploration & Production Company as senior vice president and chief financial officer in 2006. Before joining El Paso, Mr. Whitehead was vice president, controller and chief accounting officer of Burlington Resources Inc. (oil and natural gas producer), and formerly senior vice president and CFO of Burlington Resources Canada.
Mr. Little was appointed executive vice president of operations in August 2016 after having served as vice president, conventional since December 2015, vice president international and offshore exploration and production operations since September 2013, and as vice president, international production operations since September 2012. Prior to that, Mr. Little was resident manager of our Norway operations and served as general manager, worldwide drilling and completions. Mr. Little joined Marathon Oil in 1986 and has since held a number of engineering and management positions of increasing responsibility.
Mr. Hedgebeth was appointed executive vice president, general counsel and chief administrative officer in August 2019 after having served as senior vice president, general counsel and secretary since April 2017. Between 2009 and 2017, Mr. Hedgebeth served as general counsel, corporate secretary and chief compliance officer for Spectra Energy Corp (oil and natural gas pipeline company) and general counsel for Spectra Energy Partners, LP. Before joining Spectra Energy, Mr. Hedgebeth

15


served as senior vice president, general counsel and secretary with Circuit City Stores, Inc. (consumer electronics retail company), and vice president of legal for The Home Depot, Inc. (home improvement retail company).
Mr. Wagner was appointed executive vice president of corporate development and strategy in November 2017 after having served as senior vice president of corporate development and strategy since March 2017, vice president of corporate development and interim chief financial officer since August 2016 and vice president of corporate development since April 2014. Prior to this appointment, he served as senior vice president, western business unit, for QR Energy LP (an oil and natural gas producer) and the affiliated Quantum Resources Management, which he joined in early 2012 as vice president, exploitation. Prior to that, Mr. Wagner was managing director in Houston for Scotia Waterous, the oil and gas arm of Scotiabank (an international banking services provider), from 2010 to 2012. Before joining Scotia, Mr. Wagner was vice president, Gulf of Mexico, for Devon Energy Corp. (an oil and natural gas producer), having joined Devon in 2003 as manager, international exploitation.
Mr. Wilson was appointed vice president, controller and chief accounting officer in October 2014. Prior to joining Marathon Oil, he served in various finance and accounting positions of increasing responsibility at Noble Energy, Inc. (a global exploration and production company) since 2001, including as director corporate accounting from February 2014 through September 2014, director global operations services finance from October 2012 through February 2014, director controls and reporting from April 2011 through September 2012, and international finance manager from September 2009 through March 2011.
Available Information
Our website is www.marathonoil.com. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports and filings with the SEC are available free of charge on our website as soon as reasonably practicable after the reports are filed or furnished with the SEC. Information contained on our website is not incorporated into this Annual Report on Form 10-K or our other securities filings. Our filings are also available in hard copy, free of charge, by contacting us at 5555 San Felipe Street, Houston, Texas, 77056-2723, Attention: Investor Relations Office, telephone: (713) 629-6600. Additionally, the SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.
Additionally, we make available free of charge on our website:
our Code of Business Conduct and Code of Ethics for Senior Financial Officers;
our Corporate Governance Principles; and
the charters of our Audit and Finance Committee, Compensation Committee, Corporate Governance and Nominating Committee and Health, Environmental, Safety and Corporate Responsibility Committee.

16



Item 1A. Risk Factors
We are subject to various risks and uncertainties in the course of our business. The following summarizes significant risks and uncertainties that may adversely affect our business, financial condition or results of operations. When considering an investment in our securities, you should carefully consider the risk factors included below as well as those matters referenced in the foregoing pages under “Disclosures Regarding Forward-Looking Statements” and other information included and incorporated by reference into this Annual Report on Form 10-K.
A substantial decline in crude oil and condensate, NGLs and natural gas prices would reduce our operating results and cash flows and could adversely impact our future rate of growth and the carrying value of our assets.
The markets for crude oil and condensate, NGLs and natural gas have been volatile and are likely to continue to be volatile in the future, causing prices to fluctuate widely. Our revenues, operating results and future rate of growth are highly dependent on the prices we receive for our crude oil and condensate, NGLs and natural gas. Many of the factors influencing prices of crude oil and condensate, NGLs and natural gas are beyond our control. These factors include:
worldwide and domestic supplies of and demand for crude oil and condensate, NGLs and natural gas;
the cost of exploring for, developing and producing crude oil and condensate, NGLs and natural gas;
the ability of the members of OPEC and certain non-OPEC members, such as Russia, to agree to and maintain production controls;