Marathon Oil Corporation (MRO) 2014年年度报告「NYSE」.pdf

1、Dear Fellow Stockholders,We are pleased to report that Marathon Oil successfully delivered against our performance commitments during 2014,which included significantly growing production in our highest-value U.S.unconventional resource plays,completing key strategic divestitures in Angola and Norway

2、,and providing shareholder value through an increased dividend and$1 billion in share repurchases.We achieved these results while remaining grounded in our core values and exercising discipline across our seven strategic imperatives.In our three core U.S.resource basins,Marathon Oil achieved 35 perc

3、ent yearly production growth and grew our 2P*resource base to 3 billion barrels of oil equivalent(boe),a 20 percent increase over year-end 2013.Asset sales of more than$4 billion reshaped and concentrated our portfolio to higher margin,higher return organic growth opportunities.Even in the lower com

4、modity price environment,our U.S.resource plays generate competitive returns that are indicative of their subsurface quality and our ability to execute efficiently at scale.We are not opportunity limited.Marathon Oil is well prepared for the current lower oil price environment and our focus is on ge

5、nerating the highest returns,protecting our balance sheet and positioning for price recovery.We are concentrating on those elements of our business that we control to expand our margins,including capital efficiency,investment high grading,expense management,service cost reductions,operational reliab

6、ility and aligning organizational capacity with lower activity levels.We have a deep,multi-year resource play drilling inventory that is robust across a broad range of pricing scenarios and have captured material reductions in service costs early in the cycle that enhance our already strong single w