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Marathon Oil Corporation | Q4 2022 Results & 2023 Outlook Presentation | Lee Tillman | Page 29 of 11 | May 13, 2025

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2023 Production and Capital Budget Guidance Net Production Oil Production (MBOPD) Equivalent Production (MBOED) 2023 FY22 4Q22 3Q22 2Q22 1Q22 2023 FY22 4Q22 3Q22 2Q22 1Q22 United States 177 – 185 159 156 166 157 158 340 – 350 284 278 5 283 281 International 8 – 10 10 10 10 10 10 45 – 55 59 55 57 60 64 Total Net Production 185 – 195 169 166 176 167 168 385 – 405 343 333 352 343 345 Double-digit production growth due to Ensign acquisition Capital Budget Reconciliation ($MM) 2023 Budget/ Guidance FY22 4Q22 3Q22 2Q22 1Q22 Cash additions to Property, Plant and Equipment (PPE) 1,450 333 430 355 332 Working Capital associated with PPE 30 11 (17) 20 16 Total Capital Expenditures 1,900 – 2,000 1,480 344 413 375 348 See the 4Q22 Investor Packet at https://ir.marathonoil.com/ for non-GAAP reconciliations of total capital expenditures (accrued) • Winter Storm Elliot negatively affected fourth quarter U.S. oil production by ~5 MBOPD, with the impact primarily concentrated in the Bakken • Expect 1Q23 total Company oil production at low end of annual guidance range; normal quarterly variability primarily driven by timing of wells to sales • Reported U.S. oil-equivalent production will be influenced by economic decisions regarding ethane recovery/rejection elections. 100% ethane rejection during 2023 could reduce reported production up to 10 MBOED • 4Q22 capital expenditures higher than guidance due to additional leasing in the Texas Delaware WDFD/MRMC Oil Play; conscious decision to further accelerate frac/drilling activity into 4Q, based upon earlier equipment availability; 5 days of Ensign capital not included in guidance • Expect 2023 capital program to be ~60% weighted to 1H23