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Ƶ Oil logo

Risk Management

Focusing on Accountability
Ƶ Oil’s systems help identify enterprise, business unit and operational risks, enabling our employees to mitigate issues, leverage opportunities, drive improvement and promote sustainability.

Our board of directors and its committees oversee corporate risk management, and each board committee has specific risk oversight responsibilities. The reviews executive compensation to prevent excessive risk-taking; the oversees operational risks, including those related to climate change and HES&S; the reviews governance policies and procedures to confirm legal compliance; and the reviews risks associated with financial, accounting, cyber security and compliance matters and reviews our Enterprise Risk Management (ERM) process.

Ƶ Oil executive and senior management are responsible for day-to-day risk management at the enterprise level through the ERM process. Our risk management structure and specific roles are described in more detail below.

Identified ERM Risks for 2022Identified ERM Risks for 2022

Ƶ Oil employs the ERM process to identify and manage risk based on impact to the organization from multiple perspectives. Led by treasury and internal audit, the process includes group interviews with senior leaders and key personnel in their organizations, biannual internal risk assessments and risk-owner meetings, in addition to an annual board update and discussion. Each identified enterprise risk has an owner and an assessor to promote accountability and transparency.

Ƶ Oil provides additional information on risk oversight and our material risks in our forward-looking statement disclosures in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, other public filings and press releases. These resources are available at www.marathonoil.com.

Responsible Ƶ Management System

The Responsible Ƶ Management System (ROMS) is the framework we use to drive continuous improvement and regulatory compliance and reduce operational risk across Ƶ Oil. Business units must meet the minimum expectations for HES&S performance set within ROMS.

The ROMS ownership structure assures accountability and transparency and promotes knowledge sharing across the enterprise. An executive steering committee oversees ROMS implementation, with business unit-level ROMS committees further driving accountability. Each ROMS element has an executive owner, technical advisors and subject-matter experts who drive progress. See the to learn about a specific element’s owner or advisor.

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