Marathon Oil Corporation (MRO) 2011年年度报告「NYSE」.pdf

1、Dear Fellow Stockholders,2011 was a transformational year for Marathon Oil Corporation,highlighted by the successful spin-off of our downstream business on June 30 and the acquisition of approximately 167,000 net acres predominately in the core of the Eagle Ford Shale of South Texas.With these two s

2、ignificant transactions,we enhanced Marathon Oils position as a global,independent energy company focused on executing a strategy to profitably increase production at a compound annual growth rate(CAGR)of 5 to 7 percent between 2010 and 2016.We believe that the Company is uniquely positioned because

3、 of our considerable long-life base assets,combined with substantial growth assets that are liquids dominant,and an exploration program that provides upside potential.Our intent is to be able to self-fund our projected growth,as well as maintain a dividend yield near the top of our peer group of com

4、panies.Taken together,these factors distinguish Marathon Oil from our peers.Increased proved reserves With reserve additions in established areas such as Norway,the North Dakota Bakken Shale,Equatorial Guinea and Canadian Oil Sands,along with the Eagle Ford acquisitions,we replaced 212 percent of 20

5、11 Upstream production.Excluding acquisitions,we replaced 137 percent.This performance increased our proved reserves from 1.6 billion barrels of oil equivalent(boe)at year-end 2010 to 1.8 billion boe at year-end 2011,of which 75 percent are liquid hydrocarbons and 78 percent are developed.We have gr

6、own our reserve life to 12.4 years of 2011 production and have the confidence to project a 2012 reserve replacement in excess of 150 percent.Positioned the Company for better growth and valueOur Eagle Ford acquisition gives us a top-five position in the core of what we believe is the premier resourc