A Message from Our Board

The geopolitical events of the past year have only reinforced the importance of oil and gas as critical components to global energy and economic security. We continue to see Marathon Oil and the U.S. oil and gas sector as essential to supplying uninterrupted access to responsibly produced, affordable energy, as we go through the global transition to a lower carbon-intensive economy. While we protect and strengthen our standard of living in the United States, globally, we have an opportunity to decrease energy poverty in economically developing countries.

Marathon Oil takes a holistic approach to ESG performance, operating responsibly, prioritizing safety, minimizing environmental impacts and improving public health while also delivering strong financial performance. This report is our definitive sustainability guide, highlighting our ESG progress and the opportunities facing Marathon Oil as we maximize long-term shareholder value.

To underscore our commitment to meeting the world’s energy needs with leading environmental performance, in 2022 we announced a comprehensive set of new quantitative goals. These goals are consistent with the trajectory of the Paris Climate Agreement and are intended to drive further reduction in our greenhouse gas (GHG) and methane emissions intensity and an increase in our natural gas capture for the near-, medium- and long-term time horizon. This includes committing to World Bank Zero Routine Flaring by 2030. These goals complement our existing 2025 GHG intensity target and are intended to promote external transparency and accountability while also enhancing the internal alignment and employee innovation necessary to deliver such strong performance.

Our board provides oversight to operations, risk management efforts and strategic plans. The Health, Environmental, Safety and Corporate Responsibility (HES&CR) Committee assists the full board in providing oversight of broad health, environmental, climate change, safety, social, public policy and political issues.

An independent and diverse board of directors is essential to effective governance. In 2022, we welcomed two new highly skilled, independent directors. As of our May 24, 2023, board meeting, seven of our eight directors are independent and all board committees are made up of independent directors. We continue to strive for balance in various aspects of board diversity, with three female directors, including our lead director. Two of our standing four board committees are led by women. Additionally, two directors self-identify as ethnically/racially diverse. For a full list of our board’s qualifications, including risk management experience, please review our Board Skills and Experience Diversity Matrix.

We continue to monitor the complex and evolving regulatory environment with cross-functional teams prepared to help Marathon Oil meet future requirements. We support risk-based regulations that are reasonable, balanced and designed to preserve access to affordable energy while promoting advancements in technology. In 2022, in advance of anticipated regulations on enhanced climate change disclosures, we formed a separate cross-functional team to understand what the proposed rules could mean for our operations, identify action plans and prepare comments on the proposed rules.

Our dual focus moving forward will remain. Marathon Oil will work to provide the low-cost and reliable energy that supports a strong economy and our quality of life, while innovating to address the risks of climate change. We look forward to the opportunities ahead and will keep you updated on our progress.