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Marathon corporate report

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14 September 2018

Marathon corporate report

Report summary

Marathon's share price has surged almost 50% in the last 12 months. This was achieved with limited Permian exposure and holding steady on shareholder distributions, bucking the industry trend of prioritising investor returns. Strengthening the balance sheet, capital discipline and operational excellence have been top priorities. Marathon is now positioning for growth, but its five-year production CAGR of 6% lags other tight oil-focused E&Ps. The key challenge is strengthening the growth outlook while meeting investor demands. We think the company is in a strong position to do both. 

Table of contents

Tables and charts

This report includes 42 images and tables including:

  • Executive summary: Table 1
  • Relative share price performance
  • Market premium/discount to WM NPV,10
  • Strategic fit of international regions
  • Strategy: Image 4
  • Production outlook by region
  • Portfolio summary: Table 1
  • Upstream EV vs. upstream NPV10
  • Upstream portfolio sensitivities
  • Base case upstream NPV,10
  • Current NPV,10 vs. NPV, 10 +5 years
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported costs incurred
  • New project returns
  • WM forecast production
  • WM oil vs. gas production
  • WM oil production forecast
  • WM gas production forecast
  • Total reserves: WM commercial
  • Total reserves: reported vs. Wood Mackenzie (by region)
  • Oil reserves and resources: reported vs Wood Mackenzie
  • Gas reserves and resources:reported vs Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Economic assumptions: Image 1
  • Economic assumptions: Image 2
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Combined shareholder return yield
  • Cash flow breakeven vs. reported gearing
  • Forecast cumulative cash flow 2018 – 2020
  • Marathon net debt outlook 2018 - 2020
  • Strategy: Image 10
  • Strategy: Image 11
  • Eagle Ford Net acreage and wells drilled
  • Strategy: Image 13
  • Capex vs remaining locations (Bakken/Three Forks)
  • Bakken IP30 evolution vs Proppant per Lateral length
  • Benchmark: short-term Permian production exposure
  • Delaware: net acreage

What's included

This report contains:

  • Document

    Marathon corporate report

    ZIP 2.39 MB

  • Document

    Marathon corporate report

    PDF 1.74 MB

  • Document

    Marathon Oil Corporate Report.xlsx

    XLSX 1.17 MB