Marathon Oil Corporation Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

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Market	Energy and Utilities
Report Type	Company Profile
Country	Global
Published	30 November 2009
Number of Pages	158
Report Delivery	Email
Delivery Lead Time	-
Publisher	GlobalData
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Marathon Oil Corporation Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

Summary

Marathon Oil Corporation (Marathon Oil) is an integrated energy company. It is engaged in the exploration and production of oil and natural gas, as well as the domestic refining, marketing and transportation of petroleum products, integrated gas business and oil sands mining. The company’s principal operating subsidiaries are Marathon Oil Company (exploration and production) and Marathon Petroleum Company LLC (refining, marketing and transportation). Its core operating locations include the US, Equatorial Guinea, Libya, the North Sea, Angola, Indonesia and Canada. Marathon Oil is headquartered in Houston, Texas

Marathon Oil Corporation Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009 is an essential source for key operational data, analysis and strategic insight into the company. The report provides detailed and unique information on the key operational parameters for the last six years. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations. The report is based on publicly available data filed with the US Securities and Exchange Commission (SEC) and other similar agencies worldwide.

Scope

- Key operational parameters which include production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Analysis of the performance of the company on key valuation multiples such as market capitalization, enterprise value, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), EV / EBITDA, and EV / EBITDA.
- Annual and quarterly information on key operational, valuation and financial parameters. Annual information is for the current and the last five years while the quarterly information is for the current and the last four quarters.
- Detailed crude oil and natural gas reserves and production of the company by country
- In-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position, key costs and revenue information, and performance metrics of the company.

Reasons to buy

- Formulate business strategies through competitor comparison and business performance assessment.
- Rank your performance against oil and gas companies using operational and financial benchmarking metrics.
- Understand and capitalize on the strengths and weaknesses of your competitors
- Scout for potential acquisition targets, with detailed insight into the companies’ operational performance.

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£159.67	Electronic License Electronic License An electronic version (mostly PDF, but can be Excel or PPT), which is either available for immediate download or will be sent via email by the Publisher of the report. The licencing for an electronic version is for use by the purchaser ONLY.
£319.34	Site License Site License An electronic version (mostly PDF, but can be Excel or PPT). Where the report(s) is intended for use by more than one individual, across for example, a site, an office, or a division or country.
£479.00	Corporate License Corporate License An electronic version (mostly PDF, but can be Excel or PPT). Where the report(s) is/are intended for use by an organisation in its entirety. For example, if reports are put on an Intranet or if they are distributed or used by more than one office, division, or country operation, then a Corporate Licence is required.

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Table Of Contents
Key Information 1
Key Ratios 1
Table Of Contents 2
List of Tables 7
List of Figures 7
Marathon Oil Corporation, Valuation and Financial Data 9
Marathon Oil Corporation, Share Price Performance 9
Share Price Performance, Q3, 2008-Q3, 2009 9
Marathon Oil Corporation, Key Valuation Metrics 10
Key Valuation Metrics, Q3, 2008-Q3, 2009 10
Marathon Oil Corporation, Key Financials Per Share 11
Key Financials Per Share, Q3, 2008-Q3, 2009 11
Marathon Oil Corporation, Key Financial Data 12
Key Financial Data, Q3, 2008-Q3, 2009 12
Key Financial Growth Rates, Q3, 2008-Q3, 2009 13
Key Profitability Ratios, Q3, 2008-Q3, 2009 14
Marathon Oil Corporation, Quarterly Results of Oil & Gas Operations Per BOE Produced 15
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 15
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 15
Marathon Oil Corporation, Quarterly E&P Costs Trends 16
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 16
Marathon Oil Corporation, Quarterly Production Trends 17
Marathon Oil CorporationTotal Oil and Gas Production 17
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 17
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 18
Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 19
Marathon Oil CorporationCrude Oil Production 20
Total Crude Oil Production Trend, Q3, 2008-Q3, 2009 20
Crude Oil Production, By Country/Region, Q3, 2008-Q3, 2009 21
Marathon Oil CorporationNatural Gas Production 22
Total Natural Gas Production Trend, Q3, 2008-Q3, 2009 22
Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 23
Marathon Oil Corporation, Production and Reserves Trends 24
Total Oil and Gas, Reserves and Production 24
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 24
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 25
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2003-08 27
Crude Oil Production and Reserves By Country/Region, 2003-08 28
Crude Oil/Liquids Reserve Changes, 2003-08 29
Natural Gas Production and Reserve 30
Natural Gas Production and Reserve Trend, 2003-08 30
Natural Gas Production and Reserves, By Country/Region, 2003-08 31
Natural Gas Reserve Changes, 2003-08 32
Total Crude Oil and Natural Gas Reserves Life Index 33
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 33
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 34
Marathon Oil Corporation, E&P Costs Trends 36
Allocation of the Upstream Capital Expenditure 36
Upstream Capital Expenditure, 2003-08 36
Acquisition Costs By Country/Region, 2003-08 37
Exploration and Development Costs, By Country/Region, 2003-08 39
Oil and Gas Cost Per Boe, $/boe 40
Oil and Gas Cost Per Boe, $/boe, 2003-08 40
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 41
Marathon Oil Corporation, Reserve Replacement Ratio 44
Oil and Gas Production Replacement Ratio 44
Oil and Gas Production Replacement Ratio, 2003-08 44
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 46
Marathon Oil Corporation, Results of Oil & Gas Operations Trend 50
Oil and Gas Revenue and Expenses 50
Oil and Gas Revenue and Expenses, 2003-08 50
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 51
Oil and Gas Revenue and Expenses, Per Boe 56
Oil and Gas Revenue and Expenses, By Boe, 2003-08 56
Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2003-08 57
Oil and Gas Performance Metrics 62
Marathon Oil Corporation, Land Holdings and Well Data 63
Developed and Undeveloped Acreage 63
Gross and Net Developed and Undeveloped Acreage, 2003-08 63
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 64
Well Statistics 67
Producible Oil and Gas Well, 2003-08 67
Producible Oil and Gas Well, By Country/Region, 2003-08 68
Exploration and Development Wells Drilled, 2003-08 73
Exploration and Development Wells Drilled, By Country/Region, 2003-08 74
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 75
Developed Reserves per Well, By Country/Region, 2003-08 76
Recent Developments 78
License Rounds 78
Nov 07, 2008: 46 Companies Apply For New Licenses In Norwegian Continental Shelf 78
License Awards 78
Aug 11, 2009: Iraq Qualifies 45 Companies For Its Second Oil Bidding Round 78
Jun 29, 2009: MMS Awards 328 Leases Worth $690 Million In Central Gulf Of Mexico Oil And Gas Lease Sale 208 78
May 06, 2009: Niko Resources Wins Three Additional Offshore Exploration Blocks In Indonesia 79
May 05, 2009: Marathon Oil Signs PSC With Indonesian Government For Kumawa Block 79
Apr 30, 2009: Norway MPE Awards New Production Licenses In 20th Licensing Round 80
Mar 18, 2009: Marathon Oil Bids On 16 Blocks In Central Gulf Of Mexico Lease Sale No. 208 80
Dec 18, 2008: NPD Announces Offers Participating Interests In APA 2008 81
Nov 18, 2008: Niko Receives New Exploration Block In Indonesia 81
Oct 21, 2008: Marathon Wins Second Indonesian Offshore Exploration Block 82
Oct 17, 2008: Indonesia Awards Oil And Gas Exploration Rights On 22 Blocks 82
Jul 28, 2008: Marathon Receives Approval For Angola Block 31 Development Project 82
Jul 28, 2008: BP, Partners Get Nod To Develop Angola's Block 31 83
Jan 19, 2007: Marathon And ConocoPhillips Apply For Extension To Kenai LNG Exports 83
Jan 19, 2007: ConocoPhillips, Marathon Apply For Extension To Kenai LNG Exports 83
Jan 18, 2007: Marathon Receives Approval For Volund Field Plan 84
Jan 18, 2007: Lundin Gets Approval For Volund Field PDO 84
Strategy and Business Expansion 84
Jul 31, 2008: Marathon Considers Splitting Into Two Public Companies 84
Jun 04, 2008: US Extends Alaska LNG Exports To Asian Markets For Two Years 85
Jan 04, 2008: ConocoPhillips, Marathon Sign LNG Supply Deal With Alaska 85
Dec 06, 2007: Enterprise Enters Agreement With Marathon 85
Oct 31, 2007: Marathon Approves $1.9 Billion Detroit Refinery Expansion Project 85
Oct 09, 2007: Big Cat Commences Pilot Project With Marathon 85
Jun 05, 2007: Marathon and Naftogaz Ukrainy Sign Cooperation Agreement 85
Nov 16, 2006: Marathon, Andersons To Build Ethanol Plant 85
Nov 07, 2006: Marathon Approves $3.2 Billion Refinery Expansion Project 85
Nov 06, 2006: Marathon To Issue Request For Proposals For Canadian Venture 85
Oct 16, 2006: Marathon And Andersons Finalize Ethanol Joint Venture 86
Jul 10, 2006: Marathon, Andersons To Build Ethanol Plants 86
Recent Discoveries 86
Oct 01, 2009: Sonangol, BP Announce New Oil Discovery In Block 31, Offshore Angola 86
May 27, 2009: BP Makes Oil Discovery In Ultra-Deep Water Block 31 Angola 86
Mar 03, 2009: BP Announces Oil Discovery In Ultra-Deep Water Block 31, Angola 86
Feb 04, 2009: Anadarko Encounters Oil At Shenandoah Well In Walker Ridge Block 52, Gulf Of Mexico 87
Jan 07, 2009: Marathon Announces Natural Gas Discovery In Canadian County, Oklahoma 87
Oct 14, 2008: Noble Energy Announces Oil Discovery At Gunflint/Freedom Prospect 87
Oct 14, 2008: Marathon Announces Discovery At Freedom/Gunflint Prospect On Mississippi Canyon Block 948, Gulf of Mexico 88
Jul 04, 2008: Petrobras Announces Oil And Gas Discovery In Gulf Of Mexico 88
May 26, 2008: Petrobras Announces Discovery Of Hydrocarbons In Gulf Of Mexico Waters 88
Apr 08, 2008: NOG Updates On Fifth Bakken Discovery 89
Feb 01, 2008: BP And Sonangol EP Makes Oil Discovery At Ultra-Deep Water Block 31, Angola 89
Feb 01, 2008: StatoilHydro Announces Fifteenth Oil Discovery In Angola Block 31 89
Feb 01, 2008: BP Announces New Oil Discovery In UK Continental Shelf 90
Dec 03, 2007: Galp Energia Discovers Oil At Block 32 In Angola 90
Dec 03, 2007: Total, Sonangal Discover Oil, Offshore Angola 90
Dec 03, 2007: Marathon Announces Two Deepwater Discoveries In Angola 91
Aug 07, 2007: Marathon Announces New Deepwater Discovery, Angola 91
Aug 07, 2007: Total, Sonangol Announce Oil Discovery, Offshore Angola 91
May 22, 2007: Marathon Announces Deepwater Cordelia Discovery 91
May 21, 2007: Marathon Announces Two Deepwater Discoveries In Angola 92
Apr 24, 2007: Marathon Announces Deepwater Miranda Discovery 92
Feb 08, 2007: Marathon Announces Two New Deepwater Discoveries In Angola 92
Oct 23, 2006: Marathon Announces A Deepwater Discovery On Angola 92
Sep 18, 2002: BP Discovers Oil At Plutao-1 Well In Block 31, Angola 92
Drilling and Production Updates 93
Nov 10, 2009: Basic Earth Science Systems Concludes Drilling Operations At Paulson 44-9H Well In North Dakota 93
Nov 08, 2009: Marathon Oil Halts Production From Ewing Bank Platform In Gulf Of Mexico Due To Hurricane Ida 93
Sep 16, 2009: Lundin Petroleum Achieves First Oil Production From Volund Field In Norway 93
Sep 14, 2009: Marathon Petroleum Wins Drilling Permit For Wellbore 24/9-9 S In Norway 94
Sep 09, 2009: Marathon Petroleum Wins Consent To Conduct Exploration Drilling With Songa Dee 94
Jul 21, 2009: Marathon Petroleum Wins Consent To Use Volund Field In Norway 94
May 21, 2009: StatoilHydro To Double US Production By 2009 Year-End 94
Apr 03, 2009: Marathon Oil Cuts Drilling Activities At Alaska Gas Well 95
Feb 19, 2009: Marathon Oil Provides 2008 Oil And Gas Reserves 95
Jan 13, 2009: Marathon Announces Q4 2008 Interim Update 96
Dec 10, 2008: Marathon Announces Refinery Output Cuts On Margins 97
Oct 30, 2008: Marathon To Invest In Deepwater Gulf of Mexico Droshky And Ozona Development Projects 97
Oct 08, 2008: Marathon Provides 3Q 2008 Interim Update 97
Sep 25, 2008: BHP Billiton Resumes Oil Production At Its Neptune and Shenzi/Genghis Khan Fields, Gulf Of Mexico 98
Sep 11, 2008: NOG Updates On Eight Oil Producing Wells In Bakken Shale, North Dakota 99
Aug 01, 2008: StatoilHydro Announces First Oil Production From Vilje Field 99
Jul 06, 2008: BHP Billiton Commences Production From Neptune Development In Deepwater Gulf Of Mexico 100
Jun 09, 2008: Marathon Achieves First Oil From Alvheim Development, Offshore Norway 100
May 29, 2008: Marathon Begins Production At Alvheim Field 101
May 12, 2008: Basic Updates On Paulson 14-9H Well 101
Feb 19, 2008: Marathon Announces 2007 Net Proved Reserve Additions 101
Feb 11, 2008: Marathon, Andersons Begin Production At The New Ethanol Plant 101
Jan 22, 2008: VAALCO Updates On 9/28b-19A Well In North Sea 102
Jan 09, 2008: Marathon Provides Q4 2007 Production Update 102
Oct 09, 2007: Marathon Provides Q3 2007 Interim Update 103
Apr 24, 2007: 13th Angola Block Find 103
Apr 10, 2007: Marathon Announces Deepwater Gulf of Mexico Discovery 103
Feb 14, 2007: Marathon Adds Net Proved Reserves Of 146 Million Barrels Of Oil Equivalent 103
Jan 30, 2007: Statoil, Sonangol, Partners Find Oil In Angola Block 103
Financial Announcements 104
Nov 03, 2009: Marathon Oil Reports Net Income Of $413 Million In Q3 2009 104
Aug 03, 2009: Marathon Oil Reports Net Income Of $413 Million In Q2 2009 105
Apr 30, 2009: Marathon Oil Reports Net Income Of $282 Million For Q1 2009 106
Feb 03, 2009: Marathon Reports 2008 Results 107
Feb 02, 2009: Marathon Declares Quarterly Dividend 109
Oct 30, 2008: Marathon Reports 3Q 2008 Results 109
Oct 29, 2008: Marathon Declares Quarterly Dividend 110
Jul 31, 2008: Marathon Reports 2Q 2008 Results 110
Jul 31, 2008: Marathon Declares Quarterly Dividend 112
May 01, 2008: Marathon Reports Q1 2008 Results 112
Apr 30, 2008: Marathon Declares Q1 2008 Dividend 113
Apr 08, 2008: Marathon To Declare Q1 2008 Results 113
Jan 31, 2008: Marathon Declares Q4 2007 Results 113
Jan 28, 2008: Marathon Declares Quarterly Dividend 115
Nov 01, 2007: Marathon Declares Q3 2007 Results 115
Oct 31, 2007: Marathon Declares Quarterly Dividend 115
Jul 31, 2007: Marathon Declares Q2 2007 Results 115
Jul 25, 2007: Marathon Declares Quarterly Dividend 116
May 30, 2007: Marathon Extends Share Repurchase Program 116
May 01, 2007: Marathon Reports Q1 2007 Results 117
Apr 25, 2007: Marathon Announces 2-for-1 Stock Split 118
Apr 25, 2007: Marathon Declares Quarterly Dividend 118
Feb 01, 2007: Marathon Reports Q4 And Year End 2006 Results 118
Jan 29, 2007: Marathon Announces Quarterly Dividend 119
Jan 29, 2007: Marathon Extends Share Repurchase Program 119
Oct 31, 2006: Marathon Reports Q3 2006 Results 119
Oct 25, 2006: Marathon Announces Third Quarter 2006 Dividend 120
Aug 01, 2006: Marathon Reports Q2 2006 Results 120
Jul 26, 2006: Marathon Declares Quarterly Dividend 120
Jul 26, 2006: Marathon Announces Acceleration Of Its $2 Billion Stock Repurchase Program 120
Other Significant Developments 120
Nov 19, 2009: Marathon Oil Reinforces Business Strategy And Highlights Progress Of Its Growth Plans 120
Oct 08, 2009: Shell, Chevron And Marathon Oil To Receive Funding For Their Joint Quest CCS Project 121
Oct 07, 2009: Marathon Oil Provides Q3 2009 Interim Update 122
Sep 16, 2009: PSA Conducts Audit On Marathon's Use Of Quantitative Risk Analyses 123
Sep 03, 2009: Marathon To Terminate Service Agreement With A.P. Moller On Alvheim Field, Norway 123
Sep 02, 2009: Marathon Oil Shuts Alkylation Unit At Its Refinery, Texas 123
Aug 04, 2009: Marathon Oil Raises Expansion Cost Of Garyville Refinery In Louisiana 123
Jul 29, 2009: Marathon Oil Announces Management Changes 124
Jul 14, 2009: Marathon Oil Provides Q2 2009 Interim Update 125
Jun 30, 2009: PSA Issues Notification Order For Alvheim Licensees 126
May 04, 2009: Subsea 7's New Pipeline Spoolbase On Target To Open This Summer 126
Apr 21, 2009: Marathon Oil Reduces Rates At Catlettsberg Refinery In US 127
Apr 20, 2009: Marathon Oil Executive Vice President, Technology And Services Steven Hinchman To Retire 127
Apr 14, 2009: Marathon Oil Provides Q1 2009 Interim Update 127
Apr 12, 2009: Shell Wins Environmental Approval For Its Corrib Gas Pipeline In Ireland 129
Mar 12, 2009: Marathon Oil Resumes Crude Pipeline In Louisiana 129
Mar 11, 2009: Marathon Oil's Louisiana Crude Pipeline Remains Shut 129
Feb 27, 2009: Chevron Announce Increase In Investment Cost On Athabasca Oil Sands Project, Canada 130
Feb 23, 2009: Sunoco Logistics Partners Restarts Maumee Ohio-To-Michigan Oil Pipeline 130
Feb 18, 2009: Shell's To Recommence Auger Oil Pipeline In GOM 130
Feb 03, 2009: Marathon To Delay Detroit Refinery Project 130
Feb 03, 2009: Marathon Provides Capital Budget For 2009 131
Jan 20, 2009: StatoilHydro Selects Concept For Gudrun Field Development In Norway 132
Dec 08, 2008: NOG Provides Operations Update 132
Nov 19, 2008: Marathon Resumes Operations From Crude Oil Unit At Its Texas Refinery 133
Oct 31, 2008: Marathon Delays $1.9 Billion Expansion Of A Gasoline Refinery In Detroit 133
Oct 29, 2008: Marathon Appoints New Board Member 133
Jul 01, 2008: Marathon Receives State Approval For Gasoline Refinery In Detroit 133
Jun 25, 2008: Big Cat Provides Operations Update 134
Jun 25, 2008: Wavefield Completes 3D Onboard Processing Projects For Marathon 134
Jun 24, 2008: Marathon Extends Noble Jim Day Drilling Rig Contract 134
Jun 20, 2008: Marathon Commences Construction On Detroit Refinery Upgrade Project 135
Jun 11, 2008: Marathon Appoints Vice President, Emerging Technology 135
May 13, 2008: Marathon Appoints SVP, Exploration 135
Mar 31, 2008: Lundin Provides Alvheim FPSO Update 136
Mar 27, 2008: Marathon Provides Outlook For Five Years 136
Mar 25, 2008: BHP Billiton Restarts Work At Neptune Facility 136
Mar 19, 2008: Marathon To Offer Ethanol Blended Gasoline At 16 Midwest Terminals 137
Mar 04, 2008: Marathon Oil Announces Senior Management Changes 137
Feb 28, 2008: Marathon Elects Board Member 138
Jan 30, 2008: Marathon’s SVP, Worldwide Exploration To Retire 138
Jan 30, 2008: Marathon Updates On Capital, Investment and Exploration Budget For 2008 138
Jan 17, 2008: Marathon To Upgrade Oil Sands In US 138
Jan 09, 2008: Marathon Updates On Exploration Costs For Q4 2007 138
Jan 04, 2008: Marathon Awards $1.6 Billion Contract To Fluor 138
Dec 04, 2007: Marathon VP Of Tax Resigns, Elects New VP 138
Oct 31, 2007: Marathon Announces Retirement Of Vice President Of Investor Relations 138
May 30, 2007: Marathon Announces Results Of Droshky Discovery 139
May 24, 2007: Marathon And Partners Deliver First LNG Cargo 139
Mar 13, 2007: Noble Signs LoI With Marathon For Noble Bingo 9000 Rig 4 139
Feb 06, 2007: Marathon Offers Biodiesel Blended Fuel At Kentucky Terminal 139
Jan 30, 2007: Marathon Approves $4.2 Billion Budget For 2007 139
Dec 22, 2006: Lundin, Marathon Enters Into Rig Contract 139
Dec 12, 2006: Marathon Requests Withdrawal From NYSE Listing 140
Sep 27, 2006: Marathon Announces Election Of John W. Snow 140
Aug 23, 2006: Marathon And Partners Award Front End Engineering And Design Contract 140
Jul 24, 2006: Marathon To Provide Biofuel At Louisville Terminal 140
Jun 14, 2006: Marathon Announces Appointment Of Robert E. Estill 140
New Contracts Announcements 140
Oct 21, 2009: CSL Engineering Secures Contracts In UK North Sea And Gulf Of Mexico 140
Oct 19, 2009: TEPCO Extends LNG Purchase Contract With ConocoPhillips And Marathon Oil 141
Aug 25, 2009: Technip Wins Subsea Contract For Ozona Project In Gulf Of Mexico 141
Jul 28, 2009: Superior Well Services, Marathon Oil Sign License Agreement For EXCAPE Completion Process 141
May 26, 2009: Inter Pipeline Announces Diluent Transportation Agreement For Kearl Oil Sands Project In Canada 141
Apr 02, 2009: Shaw Group Receives Maintenance Contract With Marathon Oil's Refining Division 142
Sep 22, 2008: Punj Lloyd Receives $42 Million Order In Libya 142
Aug 20, 2008: Subsea 7 Receives $45 Million Contract From Marathon 143
Aug 18, 2008: Farstad Signs $54.2 Million Charter Agreements 143
Jul 17, 2008: Shaw Group Being Selected For Marathon's Benzene Reduction Projects 143
Jun 24, 2008: Noble Reports Contract Extension On Ultra-Deepwater Semisubmersible Noble Jim Day 144
Jun 10, 2008: Aker Wins Alvheim Subsea Contract 144
Feb 28, 2008: PinnacleAIS Provides Asset Integrity Services To Marathon 144
Feb 14, 2008: Transocean To Explore Wells In Indonesia 145
Jan 04, 2008: Fluor Receives EPC Contract From Marathon To Expand Detroit Refinery 145
Mar 13, 2007: Noble Signs LoI With Marathon For Noble Bingo 9000 Rig 4 145
Appendix 146
Methodology 146
Coverage 146
Secondary Research 146
Primary Research 147
Key Economic Assumptions 147
Expert Panel Validation 147
Oil and Gas Reserves 147
Acreage and Well Information 148
Cost Incurred in Oil and Gas Operations 148
Reserves Replacement Ratio 150
Results of Oil & Gas Operations 152
Results of Oil & Gas Operations Per BOE Produced 154
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 155
Net Debt / Cash Flow 155
Market Capitalization 155
EV / EBITDA 156
EV/DACF (Debt Adjusted Cash Flow Multiple) 156
EV/Production 156
EV/Proved Reserve 156
Enterprise Value 156
EBITDA / Share (Diluted) 156
Price / Annualized CFPS 156
Price / Annualized EPS (P/E Ratio) 156
Shares Outstanding (Basic) 156
Shares Outstanding (Diluted) 156
Shares Outstanding 156
Stock Price-to-Cash Flow (at year-end) 156
Stock Price-to-Cash Flow (Quarter-end) 156
Stock Price-to-Net Income (at year-end) 156
Stock Price-to-Net Income (Quarter-end) 157
Stock Price-to-Revenue (at year-end) 157
Stock Price-to-Revenue (Quarter-end) 157
Debt / EV 157
Avg. Net Debt / Boed 157
Capex / Cash Flow 157
Unit Of Measure 157
Disclosure information 157 List of Tables
Marathon Oil Corporation, Key Facts 1
Marathon Oil Corporation, Key Ratios 1
Marathon Oil Corporation, Key Costs Per Boe, $/boe, 2008 1
Marathon Oil Corporation, Share Price Performance, Q3, 2008-Q3, 2009 9
Marathon Oil Corporation, Key Valuation Metrics, Q3, 2008-Q3, 2009 10
Marathon Oil Corporation, Key Financials Per Share, Q3, 2008-Q3, 2009 11
Marathon Oil Corporation, Key Financials Per Share Growth Rates, Q3, 2008-Q3, 2009 11
Marathon Oil Corporation, Key Financial Data, $ Million, Q3, 2008-Q3, 2009 12
Marathon Oil Corporation, Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 13
Marathon Oil Corporation, Key Profitability Ratios, %, Q3, 2008-Q3, 2009 14
Marathon Oil Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 15
Marathon Oil Corporation, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q3, 2008-Q3, 2009 15
Marathon Oil Corporation, Upstream Capital Expenditure, Q3, 2008-Q3, 2009 16
Marathon Oil Corporation, Total Crude Oil and Natural Gas, Production, Q3, 2008-Q3, 2009 17
Marathon Oil Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 18
Marathon Oil Corporation, Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 19
Marathon Oil Corporation, Total Crude Oil Production, MMbbl, Q3, 2008-Q3, 2009 20
Marathon Oil Corporation, Crude Oil Production, By Country/Region, MMbbl, Q3, 2008-Q3, 2009 21
Marathon Oil Corporation, Total Natural Gas Production, Bcf, Q3, 2008-Q3, 2009 22
Marathon Oil Corporation, Natural Gas Production, By Country/Region, Bcf, Q3, 2008-Q3, 2009 23
Marathon Oil Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 24
Marathon Oil Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2003-08 25
Marathon Oil Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2003-08 26
Marathon Oil Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 27
Marathon Oil Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2003-08 28
Marathon Oil Corporation, Crude Oil Reserve Changes, MMbbl, 2003-08 29
Marathon Oil Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2003-08 30
Marathon Oil Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2003-08 31
Marathon Oil Corporation, Natural Gas Reserve Changes, Bcf, 2003-08 32
Marathon Oil Corporation, Oil and Gas Reserves Life Index, Years, 2003-08 33
Marathon Oil Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2003-08 35
Marathon Oil Corporation, Upstream Capital Expenditure, $ Million, 2003-08 36
Marathon Oil Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 38
Marathon Oil Corporation, Exploration and Development Costs, By Country/Region, $ Million, 2003-08 39
Marathon Oil Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 40
Marathon Oil Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2003-08 43
Marathon Oil Corporation, Oil and Gas Production Replacement Ratio, %, 2003-08 44
Marathon Oil Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2003-08 49
Marathon Oil Corporation, Revenue and Expenses, $ Million, 2003-08 50
Marathon Oil Corporation, Revenue and Expenses, By Country/Region, $ Million, 2003-08 55
Marathon Oil Corporation, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 56
Marathon Oil Corporation, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 2003-08 60
Marathon Oil Corporation, Oil and Gas Performance Metrics, 2003-08 62
Marathon Oil Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 63
Marathon Oil Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2003-08 66
Marathon Oil Corporation, Producible Oil and Gas Wells, 2003-08 67
Marathon Oil Corporation, Producible Oil and Gas Wells, By Country/Region, 2003-08 71
Marathon Oil Corporation, Exploratory and Developed Wells, 2003-08 73
Marathon Oil Corporation, Exploratory and Developed Wells, By Country/Region, 2003-08 74
Marathon Oil Corporation, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 75
Marathon Oil Corporation, Developed Reserves per Well, By Country/Region, Mboe per Well, 2003-08 77 List of Figures
Marathon Oil Corporation, Share Price Performance, USD/Share, Q3, 2008-Q3, 2009 1
Marathon Oil Corporation, Key Valuation Metrics, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), Q3, 2008-Q3, 2009 1
Marathon Oil Corporation, Share Price Performance, USD/Share, Q3, 2008-Q3, 2009 9
Marathon Oil Corporation, Key Valuation Metrics, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), Q3, 2008-Q3, 2009 10
Marathon Oil Corporation, EBITDA / Share (Diluted) ($/Share), Cash Flow Per Share (CFPS) ($/Share) and Earning Per Share (EPS) ($/Share), Q3, 2008-Q3, 2009 11
Marathon Oil Corporation, Key Financial Data, $ Million, Q3, 2008-Q3, 2009 12
Marathon Oil Corporation, Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 13
Marathon Oil Corporation, Key Profitability Ratios, %, Q3, 2008-Q3, 2009 14
Marathon Oil Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 15
Marathon Oil Corporation, Upstream Capital Expenditure, $ Million, Q3, 2008-Q3, 2009 16
Marathon Oil Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q3, 2008-Q3, 2009 17
Marathon Oil Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 18
Marathon Oil Corporation, Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q3, 2008-Q3, 2009 19
Marathon Oil Corporation, Total Crude Oil Production, MMbbl, Q3, 2008-Q3, 2009 20
Marathon Oil Corporation, Crude Oil Production, By Country/Region, MMbbl, Q3, 2008-Q3, 2009 21
Marathon Oil Corporation, Total Natural Gas Production, Bcf, Q3, 2008-Q3, 2009 22
Marathon Oil Corporation, Natural Gas Production, By Country/Region, Bcf, Q3, 2008-Q3, 2009 23
Marathon Oil Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 24
Marathon Oil Corporation, Total Oil & Gas Production (MMboe), By Country/Region, MMBOE, 2003-08 25
Marathon Oil Corporation, Total Proved Oil & Gas Reserves, By Country/Region, MMBOE, 2003-08 25
Marathon Oil Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2008 26
Marathon Oil Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 27
Marathon Oil Corporation, Oil Production, By Country/Region, MMbbls, 2003-08 28
Marathon Oil Corporation, Total Proved Oil Reserves, By Country/Region, MMbbls, 2003-08 28
Marathon Oil Corporation, Crude Oil Reserve Changes, MMbbl, 2008 29
Marathon Oil Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2003-08 30
Marathon Oil Corporation, Gas Production, By Country/Region, Bcf, 2003-08 31
Marathon Oil Corporation, Total Proved Gas Reserves, By Country/Region, Bcf, 2003-08 31
Marathon Oil Corporation, Natural Gas Reserve Changes, Bcf, 2008 32
Marathon Oil Corporation, Oil and Gas Reserves Life Index, Years, 2003-08 33
Marathon Oil Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2003-08 34
Marathon Oil Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2003-08 34
Marathon Oil Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2003-08 35
Marathon Oil Corporation, Upstream Capital Expenditure, $ Million, 2003-08 36
Marathon Oil Corporation, Proved Acquisition Costs, By Country/Region, $ Million, 2003-08 37
Marathon Oil Corporation, Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 37
Marathon Oil Corporation, Development Costs, By Country/Region, $ Million, 2003-08 39
Marathon Oil Corporation, Exploration Costs, By Country/Region, $ Million, 2003-08 39
Marathon Oil Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 40
Marathon Oil Corporation, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/boe, 2003-08 41
Marathon Oil Corporation, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/Boe, 2003-08 41
Marathon Oil Corporation, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/boe, 2003-08 42
Marathon Oil Corporation, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/Boe, 2003-08 42
Marathon Oil Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2003-08 44
Marathon Oil Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2003-08 46
Marathon Oil Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2003-08 46
Marathon Oil Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2003-08 47
Marathon Oil Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2003-08 47
Marathon Oil Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2003-08 48
Marathon Oil Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2003-08 48
Marathon Oil Corporation, Revenue and Expenses, $ Million, 2003-08 50
Marathon Oil Corporation, Depreciation, Depletion & Amortization , By Country/Region, $ Million, 2003-08 51
Marathon Oil Corporation, Exploration Expenses, By Country/Region, $ Million, 2003-08 51
Marathon Oil Corporation, Income Tax/(Benefit), By Country/Region, $ Million, 2003-08 52
Marathon Oil Corporation, Net Income/ Loss, By Country/Region, $ Million, 2003-08 52
Marathon Oil Corporation, Oil & Gas Revenue, By Country/Region, $ Million, 2003-08 53
Marathon Oil Corporation, Pre-tax Profit, By Country/Region, $ Million, 2003-08 53
Marathon Oil Corporation, Production Expenses, By Country/Region, $ Million, 2003-08 54
Marathon Oil Corporation, Total Expenses, By Country/Region, $ Million, 2003-08 54
Marathon Oil Corporation, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 56
Marathon Oil Corporation, Exploration Expenses per boe, By Country/Region, $/boe, 2003-08 57
Marathon Oil Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2003-08 57
Marathon Oil Corporation, Lifting Cost per boe, By Country/Region, $/boe, 2003-08 58
Marathon Oil Corporation, Annual Net Income per boe, By Country/Region, $/boe, 2003-08 58
Marathon Oil Corporation, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2003-08 59
Marathon Oil Corporation, Total DD&A per boe, By Country/Region, $/boe, 2003-08 59
Marathon Oil Corporation, Total Revenue per boe, By Country/Region, $/boe, 2003-08 60
Marathon Oil Corporation, Oil and Gas Performance Metrics, 2003-08 62
Marathon Oil Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 63
Marathon Oil Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2003-08 64
Marathon Oil Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2003-08 64
Marathon Oil Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2003-08 65
Marathon Oil Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2003-08 65
Marathon Oil Corporation, Producible Oil and Gas Wells, 2003-08 67
Marathon Oil Corporation, Gross Producible Gas Wells, By Country/Region, Number, 2003-08 68
Marathon Oil Corporation, Gross Producible Oil & Gas Wells, By Country/Region, Number, 2003-08 68
Marathon Oil Corporation, Gross Producible Oil Wells, By Country/Region, Number, 2003-08 69
Marathon Oil Corporation, NULL, By Country/Region, %, 2003-08 69
Marathon Oil Corporation, Net Producible Gas Wells, By Country/Region, Number, 2003-08 70
Marathon Oil Corporation, Net Producible Oil & Gas Wells, By Country/Region, Number, 2003-08 70
Marathon Oil Corporation, Net Producible Oil Wells, By Country/Region, Number, 2003-08 71
Marathon Oil Corporation, Exploratory and Developed Wells, 2003-08 73
Marathon Oil Corporation, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 2003-08 76
Marathon Oil Corporation, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 2003-08 76
Marathon Oil Corporation, Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 2003-08 77

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