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About This Report

Introduction
Recognizing the importance of transparency, we’re committed to providing an annual account of our sustainability performance.

In our 2022 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 sustainability source document and a one-stop resource for a variety of stakeholders, including investors and environmental, social and governance (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 , 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). Beginning in 2021, we also aligned our data to AXPC and API voluntary reporting templates to provide additional comparability across our industry.

Information and performance data in this report relate to Ƶ Oil operations, unless otherwise stated. We include certain information on non-operated assets and equity method investments, such as Equatorial Guinea LNG Ƶ, S.A. (EG LNG). Unless specified otherwise, data and information in this report pertain to calendar year 2022.

This report was reviewed by Ƶ Oil subject-matter experts, legal and accounting staff, executives, the board of directors and a third-party sustainability consultant. The financial highlights were sourced from the 2022 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 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, statements regarding: the company’s future financial and non-financial performance; business strategy; practices, programs, policies, initiatives, plans, goals, commitments, ambitions and targets with respect to environmental, social and governance matters; our projected performance in a lower-carbon future; asset quality; drilling plans; production; production growth; cost and expense estimates; future capital budgets and allocations; balance sheet strength; future debt reduction; returns of capital to investors (including dividends and share repurchases, and the timing thereof); reinvestment rates; free cash flow breakeven; cash flow per debt adjusted share; leverage targets and other statements regarding management’s 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 United States 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 and 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; the availability, cost, terms and timing of issuance or execution of, competition for, and challenges to, mineral licenses and leases and governmental and other permits and rights-of-way, and our ability to retain mineral licenses and leases; non-performance by third parties of contractual or legal obligations, including due to bankruptcy; administrative impediments or unexpected events that may impact dividends or other distributions, and the timing thereof, 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; impacts of the Inflation Reduction Act of 2022; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the company’s 2022 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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