Marathon Oil Corporation (MRO) 2017年年度报告「NYSE」.pdf

1、Dear fellow shareholders,2017 was truly a pivotal year for Marathon Oil,as we solidified high quality,differentiated positions in the four lowest-cost,highest-margin U.S.oil plays.We made significant progress across every element of our playbook,and ended the year with a stronger balance sheet,a low

2、er cost structure,a more concentrated portfolio,and an outstanding track record of consistent execution across all our assets.A remarkable 2017 has positioned us well for future success.Weve transitioned from portfolio transformation to execution delivery at scale across our U.S.resource plays.Our 2

3、018 capital allocation philosophy is fully consistent with how we managed the business in 2017,which is to deliver a returns-focused program that balances cash flow with our CapEx and dividend,and achieves that at a moderate oil price of$50 WTI while generating meaningful free cash flow at$60.With o

4、ver 90 percent of our 2018 development capital allocation associated with the U.S.resource plays,our margins will naturally expand as a greater percentage of our production is sourced from these high quality assets.This margin expansion story,coupled with outstanding financial flexibility,will help

5、drive improvements in corporate cash returns and cash flow per debt-adjusted share.Our actions will always be driven by seeking the greatest long-term value for our shareholders,while remaining steadfast in our core values that include first and foremost being a safe and responsible operator.We than

6、k all our dedicated employees and contractors who have made such a difference in 2017,driving execution excellence in every asset,every quarter.Their talent and innovation will continue to position us favorably to outperform the competition through 2018 and beyond.Lee M.Tillman Dennis H.ReilleyPresi