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Marathon Oil CEO Posts ESG-Themed Open Letter

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Tillman opened the letter by saying: “At Marathon Oil, we recognize that financial, operational and environmental, social and governance (ESG) excellence are foundational to our framework for success. 2021 was an outstanding year at Marathon Oil and I am particularly proud of our ESG progress.

“This includes strong safety and environmental performance; accelerating our diversity, equity and inclusion efforts; investing in our talented workforce; and contributing to our communities while providing responsible, affordable and reliable energy.”

He added: “While we continue to feel the impacts of the pandemic on our supply chain and are closely watching labor shortages, Marathon Oil is meeting the demand of our customers and achieving our business objectives. This includes delivering financial sustainability that is competitive not only with our direct E&P peers but with the broader market, all while driving significant reductions to both the greenhouse gas (GHG) and methane intensity of our operations, consistent with the trajectory of the Paris Climate Agreement.”

Citing the company’s safety record, Tillman said: “I am pleased to announce that in 2021 Marathon Oil delivered another strong year of safety performance, as measured by a 0.29 Total Recordable Incident Rate (TRIR). This was our second lowest TRIR since becoming an independent exploration and production company and was achieved while we were still in the midst of the COVID-19 pandemic.

“This demonstrates our steadfast commitment to safety as a core value and reflects the maturity of our safety culture, the rigor of our management systems and the engagement of our leadership throughout the organization. Nevertheless, we know there are always opportunities for continued improvement, particularly as we leverage more short-service staff in 2022. As we do, safety will continue to be a top priority.”

He added that during 2021, Marathon Oil realized significant progress against its core environmental objectives, achieving its GHG intensity reduction target of at least 30 percent and improving total company gas capture to 98.8 percent.

“In addition, the powerful combination of our quantitative GHG intensity reduction initiatives and disciplined capital allocation model that prioritizes free cash flow generation has contributed to a significant decline in the company’s absolute GHG emissions.”

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