Marathon Oil Corporation (MRO) 2015年年度报告「NYSE」.pdf

1、Dear Fellow Stockholders,In 2015,Marathon Oil was proactive in taking the necessary actions to address the transition to a much lower commodity price environment,while still advancing our U.S.resource plays.Reducing capital spending,lowering production and general and administrative costs,enhancing

2、productivity and progressing non-core asset sales allowed us to be flexible and adapt as business conditions changed.With a focus on the elements of our business we can control,we lowered production expenses by approximately 24 percent year over year.We also reduced our workforce by approximately 70

3、0 people,or more than 20 percent,which will result in annualized savings of approximately$160 million.Late last year,we announced a quarterly dividend reduction of more than 75 percent to$0.05 per share to address the uncertain commodity price environment and prioritize balance sheet protection,a mo

4、ve that is expected to increase our annual free cash flow by more than$425 million.We expect to capture the full benefits of these cost reductions throughout 2016.Production exceeded targets on lower capital program In 2015,our capital program of$3 billion was 50 percent less than the prior year and

5、$500 million below our original target.Despite this reduction,we exceeded our yearly production targets for both total Company and the U.S.resource plays.Total Company production available for sale,excluding Libya,increased 8 percent to an average of 431,000 net barrels of oil equivalent(boe)per day

6、 in 2015.The primary driver was a 21 percent production increase in our U.S.resource plays over the same period.Cost-effective reserve replacementLast year,we achieved an organic reserve replacement ratio of 157 percent,excluding revisions and dispositions,at a competitive drillbit finding and devel