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.