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Bank of America Merrill Lynch Global Energy Conference

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					Bank of America Merrill Lynch
   Global Energy Conference
                   November 11, 2010




               Clarence P. Cazalot, Jr.
                     President and CEO
Forward-Looking Statement
Except for historical information, this presentation contains forward-looking information including, but not limited to, the timing and levels
of the Company's worldwide liquid hydrocarbon and natural gas production, synthetic crude production, Droshky, Ozona, Angola and other
potential development projects, potential new leaseholds in Poland, anticipated future exploratory and development drilling activity,
potential developments in Indonesia, the possibility of a new significant resource base in Kurdistan, expansion plans for Libya, expansion
 l    for il     d i i      the Detroit Heavy Oil U
plans f oil sands mining, th D t it H                    d
                                                   Upgrade project, and th capital spending f
                                                                 j t     d the    it l               t These statements are subject t risks
                                                                                          di forecast. Th      t t      t        bj t to i k
and uncertainties that could cause actual results to differ materially from those expressed or implied from such information. In accordance
with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual
Report on Form 10-K for the year ended December 31, 2009, and subsequent Form 10-Q and Forms 8-K cautionary language identifying
important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the
forward-looking statements.


See definitions of terms used throughout this presentation in the Appendix.




Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to
d l        l       d      b bl          bl             h
disclose only proved, probable, or possible reserves that a company h dhas demonstrated b actual production or conclusive f
                                                                                        d by        l   d                 l                        be           ll
                                                                                                                                formation tests to b economically and d
legally producible under existing economic and operating conditions. Marathon Oil Corporation uses certain terms in this presentation to refer to reserves other
than proved, probable, or possible reserves, which the SEC’s guidelines strictly prohibit us from including in filings with SEC. These terms include resource base, net
resource, net unrisked resource potential, in-situ net resource, gross unrisked potential and other similar terms, which are not yet classified as proved, probable, or
possible reserves. U.S. investors are urged to consider closely the disclosures in Marathon's periodic filings with the SEC, available from us at 5555 San Felipe,
Ho ston Te as 77056 and the Compan 's website at www.marathon.com. Yo can also obtain this information from the SEC b calling 1 800 SEC 0330
Houston, Texas                  Company's ebsite            marathon com You                                                      by       1-800-SEC-0330.




                                                                                                                                                                          2
Corporate Strategy

 Upstream: company growth driver
 Downstream: solid returns and free cash flow
 Goal: top quartile financial & shareholder returns




                    S       Defined by Top Quartile TSR
                    Success D fi d b T Q        il

                                                          3
Gulf of Mexico
Droshky Development
                                                                                  Bullwinkle
 100% WI, Green Canyon Block 244
 ~$950MM* Investment
   $
                                                                                               GC200   C201


 Average production                                                                                    Troika
                                                                         MRO Acreage           GC244

          2010 ~13 MBOED net                                            Oil Development               Droshky
          2011 ~ 15 MBOED net

 Lessons
          Technical work / engineering sound
          Analog did not hold true
          Production data required to fully assess




*Does not include capitalized interest and asset retirement obligation



                                                                                                                 4
     Upstream Portfolio
                                                UK
                          Canada                  Brae         Norway
                           Oil Sands Mining      Foinaven        Alvheim
                           In-situ                                Vilje
                                                                   Volund
                                                                   Gudrun



                                                                                      Kurdistan
United States                                                                          4 Blocks
    Bakken Oil                                Poland
    Rocky Mountain Oil                         2.3 MM Acres
    Anadarko Woodford
    Alaska
    Permian Basin
    DJ Basin                                                                                      Indonesia
    Marcellus
    Haynesville                                                 Libya
                                                                 Lib                                3 Blocks
    Piceance                                                          Faregh
                                                                       Dahra Jofra
                                                                       NC-98
                     Gulf of Mexico                                    North Gialo
                         Droshky
                         Petronius              West Africa
                         Ewing Bank               EG
                         Neptune                  Angola
                         Ozona
                         Gunflint
                         Shenandoah                                    Base Assets
                         Stones
                                                                        Growth Assets
                                                                        Impact Exploration



                                                                                                                5
Upstream Strategy Based on 3 Key Elements
  Base Assets
       Stable production, income, and free cash flow
       Oil focused
       High operational reliability
       Disciplined investment, competitive cost structure
  Growth Assets
     Targeting unconventional, liquids rich resource plays to maintain capital flexibility
         – Bakken, Anadarko Woodford, DJ Basin (Niobrara), and Canadian in-situ
     Deferred development of natural gas opportunities
         – Piceance, Marcellus, and Haynesville
     Scalable, predictable low-risk program
     Includes Gudrun, Angola (31 PSVM & 32), Gulf of Mexico (Ozona, Gunflint)
     Not dependent on impact exploration success
  Impact Exploration
     Selectively investing in a controlled high-impact exploration program
         – Indonesia, Kurdistan Region of Iraq, Poland and Gulf of Mexico
         – Potential for significant value creation
     Post discovery; develop or monetize

                                                                                              6
Base Assets

 Stable base production 2010 - 2015 averages ~380 MBOED
 Averages 66% liquids
       g         q
 CAPEX ~$1.5B per year


    Norway              Libya           Equatorial Guinea    Oil Sands Mining      US Conventional
                                                                                         Oil




      US Conventional           UK Assets           Gulf of Mexico              Alaska
           Gas




                                                                                                     7
Growth Assets
Driving Production Growth in 2011 & Beyond

              Project     MRO    MRO Operated   First Production   Peak Net Rate
                          W.I.                                        (MBOED)

US Resource Plays
   Bakken                 ~80%                      2006               22
   Woodford               ~60%                      2008              >30
   DJ Basin               100%                      2011              TBD
Gulf of Mexico
   Ozona                  68%                       2011               9
   Gunflint               15%                        2015               7
Canadian In-situ
   Birchwood – Phase I    100%                      2016               15
  g
Angola
   Block 31 PSVM          10%                        2012               14
   Block 32 CSE           10%                        2016               18
Norway
   Gudrun                 20%                        2014               14

                                                                                   8
  Growth Assets
  Liquid Rich Resource Plays


                                               In-situ
                                               •~50,000
                                               •~50 000 net acres
                                               •Birchwood (13,000 net acres)
                                                program early 2011



Bakken Well Metrics
•Well Cost: $5.5-$6.5MM                                     Bakken
•30-Day IP: 300-500 BOED
                                                            •~385,000 net acres
•350 MBOE/well
                                                            •~450 net wells
                                                            •Acreage acquisition ongoing


                            DJ Basin (Niobrara)
                            •~120,000 net acres
                            •~600 net wells                        Woodford Shale
                            •Acreage acquisition ongoing           •~75,000 net acres              Resource Play Total
                                                                   •~350 net wells
                                                                   • 350                             630,000
                                                                                                   •~630,000 net acres
                                                                   •Acreage acquisition ongoing    •~1,400 net wells
DJ Basin Well Metrics                                                                              •Acreage acquisition ongoing
•Well Cost:  $4.0MM
•30-Day IP:  260 BOED
•250-300 MBOE/well*
                                                                         Woodford Well Metrics
                                                                         •Well Cost:  $7.5MM
                                                                         •30-Day IP:  1,000 BOED
*Industry basin average resource per well                                •750-1,000 MBOE/well*

                                                                                                                                  9
Growth Assets                                                                  Bakken Net Production
                                                                                           (MBOED)

Bakken Shale

 385,000 Net acres
    Avg CO-OP WI ~80% / well
 2010E Exit rate: ~14 MBOED net
 2010 Increase rigs from 4 to 6                                    500




                                            Gro Production (BOED)
                                                                                         Bakken Type Curve
                                                                    400
 Peak rate: ~22 MBOED net (2013)                                   300

 Typical well metrics                                              200
                                                                    100




                                              oss
    1 280 acre Spacing
     1,280-acre                                                       0
                                                                          Y1   Y2   Y3    Y4 Y5 Y6    Y7     Y8 Y9 Y10
    Well & facility cost: ~$5.5 – 6.5 MM
    Operating cost: <$5/BBL
    Total d                 $ /
         l discount to WTI: ~$6-8/BBL
    Net development cost: $16-20/BOE




                                                                                                                         10
Growth Assets
Woodford Shale

 Current Status
    75,000 acres legacy and acquired
    Most acreage held by production (HBP)
                                                          OKLAHOMA
    Estimated 250 – 300 MMBOE net resource
    Additional acreage being evaluated

 2008 - 2010 Program
    5 Company operated wells                     TEXAS

    13 Outside-operated wells
      3 O id           d ll

 2011 Program
    Anticipate 3-5 Company operated rigs
                35
    18 - 22 Gross company-operated drill wells
    50 - 90 Outside-operated drill wells

 2010 Net Exit Rate: 1,500 BOEPD

                                                                     11
Growth Assets
DJ Basin (Niobrara)

 Play is inter-bedded chalks, marls
  and shales with proven intervals
                                       WYOMING
 >120,000 acres acquired
 Average acreage acquisition                          NEBRASKA


    $1,000
  < $1 000 per acre
 Estimated 125 - 175 MMBOE                 COLORADO


  net resource                                            KANSAS




 Begin exploration drilling in 2011
 Will leverage Bakken experience




                                                                   12
Growth Assets
Net Production

 Production grows greater than 25% CAGR
 Production mix averages 70% liquids
                      g         q
 CAPEX spend between ~$1.5B-$2.5B per year




                    Y10                           Y11                           Y12                           Y13               Y14   Y15
                                                                                       Liquid           Gas
Growth assets include Angola, Gudrun, Select Gulf of Mexico, Bakken, Woodford, DJ Basin, Piceance, Marcellus, and Haynesville



                                                                                                                                            13
Impact Exploration
2010 - 2016 Metrics

 CAPEX ~ $0.5B* per year
 Average 10 - 15 wells per y
       g                p year
 Impact focus areas
          Indonesia
          Kurdistan Region of Iraq
          Poland
          Gulf of Mexico




                                                Substantial V l U id
                                                S b     i l Value Upside
* Does not include exploration in base assets



                                                                           14
Impact Exploration                                                        INDONESIA


Indonesia
 Pasangkayu Block
    70% WI & operator            Kutei Basin
                                                     Pasangkayu
                                   ~15 BBOE             Block
    Acquired 3D seismic 2008
    4 Commitment wells
      – 2 wells in 2010
    >1 BBOE gross unrisked
     potential                                  SULAWESI



 Bone Bay Block
    49% WI & operator
    2009 / 2010 Acquired 2D                                          Kumawa
                                                                      K ma a
     seismic                                                           Block
    Drill 2011
                                                           Bone Bay
 Kumawa Block                                              Block
    49% WI & operator
    2010 Acquired 2D seismic
                                                                         MRO Acreage
    Drill 2012

                          ~3.3 million gross acres across 3 blocks

                                                                                   15
Impact Exploration
Kurdistan Region of Iraq

 3 BBOE Gross Unrisked
  Potential
     Stacked pay                               Sarsang

     4-way surface anticlines                     Atrush

     Favorable PSC’s
     2 wells drilling                                            Harir

          – 1 in Atrush
          – 1 in Sarsang                                       Arbil

Block          MRO WI      Gross Acres
                                                                                             Iraq
Harir                100      174,200
Safen                100      104,800    Non-Operated Blocks           MRO Operated Blocks

Sarsang               25      303,000
Atrush                20       66,500




                                                                                                    16
Impact Exploration
Poland Unconventional

 Shale gas potential
    Lower Paleozoic shales
    100 – 500’ thick
    8,000 – 13,000’ drill depth
 Total 2 3 million net acres
        2.3
    11 concessions
    2D Seismic & 1 well commitment
     per block in exploration phase
    5+ year concessions




                                      Marathon Licenses   Existing Licenses


                                                                              17
    Impact Exploration
    Gulf of Mexico
     ~21 Prospects with net unrisked              4+ Years of drilling opportunities
      resource potential of ~1 BBOE                    Rigs under contract
             50% Miocene                              Plan to operate ~50%
             50% Paleogene


                 Net Unrisked
               Resource Potential                                              MIOCENE
                   ~1.2 BBOE
                                                                                  Gunflint
  Shelf
                                                                 Innsbruck


Deepwater                                    Flying
                                           Dutchman
                                           D h
                                                                                Exploration Leases
                                                                                Discoveries
                              Shenandoah
                                                                                Producing Leases

                                             St
                                             Stones
                                                                                    2010 Exploration Wells
                PALEOGENE                                                           2011 Appraisal Drilling

                                                                                                              18
Upstream Summary

 Strong base, sustainable and organic growth
 Liquids focused
    q
 Consistent scalable $4B / year capital program
 Generates free cash flow
 Exploration upside
 Target metrics
    Production growth 3% - 5% CAGR
    Reserve replacement >100%
    F & D costs ~ $25 - $28 / BOE




                                                   19
Downstream Business
 Goal
    Deliver top quartile returns and free cash flow
 Strategies
    Safe, low-cost, reliable operations
    Refineries well positioned to address changes in marketplace
    Capture commercial advantage with strong logistical system
    Increase both retail and brand sales volumes




                    Enhancing T Ti D
                    E h                   t     Assets
                          i Top-Tier Downstream A t

                                                                    20
Focused & Integrated Asset Base
Flexibility to Achieve Peer-Leading Results


                                                                             Refineries




                                                              Terminals                        p
                                                                                             Pipelines




                                                        Coastal water terminals       Inland water terminals




                                                             SSA Stations                 Brand Stations




                           Pipelines     Inland water              Coastal water
              Refineries                                                                    Terminals
                                         terminals                 terminals

                                                                                                           21
Marathon vs. Competitors
(Pre-tax Adjusted Domestic Operating Income per Barrel of Crude Oil Throughput)


                 15
                                            MRO

                 10                         Group Range




                 5


                 0
            BL
         $/BB




                 -5
                       1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
                                                                                   Sept
                                                                                   YTD


          MRO’s Rank     3        3        2         1        2     3    7   2   1   5   3   1   4
  Companies Ranked*      12       11       11        9        10    10   9   8   8   9   9   8   8

* Current companies ranked: BP, COP, CVX, MRO, SUN, TSO, VLO, XOM

    Source: Company Reports

                                                                                                     22
 Garyville Major Expansion
 Significant Incremental Profit/Cash Contribution
                                                                                                                                                      GME Contribution
                         4,000                                                                                                                        Downstream
                                                                                    +31%                                                              Segment Income

                         3,000                                                                                                +51%                    Pre-Tax Downstream
                                                                                                                                                      Segment Income + DD&A
             $MM




                         2,000              +28%
                                                                                      +59%                                                                   +32%

                         1,000
                                                                                                                                +32%

                                 0
                                                          2003-2007                                      2008                                      2009
                                                             Average
            Mars 2-1-1 Crack Spread                             $16.20                                   $19.65                                     $8.83

Incremental average annual
after-tax project contribution
                     Cash flow (2010+)                        $575 MM                                  $825 MM                                     $300 MM
                           Profit (2010+)                     $425 MM                                  $675 MM                                     $150 MM


        For illustrative purposes only. A simple, annual average of forecast results is added to actuals for all periods. Forecast based upon
        2003-2007, 2008 and 2009 average pricing for inputs and outputs as well as expected production rates and associated manufacturing costs.



                                                                                                                                                                              23
U.S. Gulf Coast Crude Differentials

  $0.00



   5
 -$5.00



-$10.00



-$15.00



-$20.00



-$25.00
               2006        2007       2008        2009         2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E


                                   Maya-LLS                              Mars-LLS        MRO Sweet/Sour Differential

$1 BBL\D in MRO Sweet / Sour Differentials @ $150 MM After Tax Profit
Forecast Sources: Maya – LLS and Mars – LLS, Purvin & Gertz;
MRO Sweet / Sour Differential, MRO estimates based on above Purvin & Gertz forecast



                                                                                                                                   24
Detroit Heavy Oil Upgrade Project



    $2.2B U    d    E     i
    $2 2B Upgrade & Expansion
                                   BD
Coker                             28,000
Distillate Hydrotreater           36,000
Additional Heavy Crude Runs       80,000
Sulfur Plants (LTPD)                280
Hydrogen Plant (3rd Party)




                q    pp       y
           A Unique Opportunity


                                           25
WCS vs. LLS
                                             Annual Pre-Tax Feedstock Savings*
                          800

                          600                             653
                                          557                              573
                  $MM


                          400
                                                                                                          409

                          200                                                               260

                              0
                                         2006            2007             2008             2009         2010E
 WCS vs. LLS Price Differential           ($22.38)        ($25.68)        ($22.94)        ($12.20)      ($17.31)

     vs
 WCS vs. LLS Tariff Differential            $3.30
                                            $3 30           $3 30
                                                            $3.30           $3 30
                                                                            $3.30          $3.30
                                                                                           $3 30         $3 30
                                                                                                         $3.30

        Net Feedstock Savings             ($19.08)        ($22.38)        ($19.64)        ($8.90)       ($14.01)

              *Savings based on 80 MBD WCS – Western Canadian Select      LLS – Louisiana Light Sweet
       ** 2010 Actuals through October, November through December Forward Curve



                        DHOUP Driven by Lower Feedstock Cost
                                                                                                                   26
MRO Financial Goal & Strategies
 Goal
    Deliver top quartile financial and shareholder returns


 Strategies
    Ensure capital program is value accretive
    Pay competitive dividend
    Optimize portfolio
    Control costs
    Strong capital structure and liquidity




                                                              27
Capital Expenditures
 Upstream
   2011-2016 ~$4B per year
 Downstream
   2011 & 2012 ~$1.4B per year
   Post 2012 ~ $750mm per year




                                  28
Dividends
Important Component of TSR



                      0.25
                      0 25
Quarter Dividen ($)




                      0.20
              nd




                      0.15
      rly




                                                          8 7% CAGR (2005 - 2010)
                                                           8.7%
                                                          26% payout ratio (2007 Q4 - 2010 Q3)
                      0.10                                2.9% indicated yield as of 11/9/2010


                      0.05
                             3
                          2003      4
                                 2004      5
                                        2005   2006      7
                                                      2007   2008        9
                                                                      2009     2010


                                                                                                  29
Net Debt-to-Total Capital Ratio
Year-end 2002-Q32010

                 45%

                 40%

                 35%

                 30%

                 25%
       %




                 20%

                 15%

                 10%

                   5%

                   0%
                               2002             2003             2004              2005             2006     2007   2008   2009   2010 3Q




                                             Flexibility Fully Fund Capital Program
                                             Fl ibili to F ll F d C i l P
Includes Industrial Revenue Bonds serviced by US Steel in accordance with the Financial Matters Agreement.



                                                                                                                                            30
Why Marathon ?
 Upstream business
    Solid growth leveraged to oil
    Underpinned by significant resource base
          p       y g
    High quality impact exploration program over next 5 years
 Downstream business
    Diversified best-in-class business
    Potential for substantial upside with economic recovery and wider differentials
    Significant earnings / cash provider
 Financial
    Strong financial position
    Focused on improving financial / shareholder returns




                                                                                       31
Appendix




       32
Definitions
 Term                 Definition
 $                    US dollars unless otherwise indicated
 AOSP                 Athabasca Oil Sands Project, a Canadian oil sands operation owned by RDS (60%),
                      CVX (20%) and MRO (
                          (   )           (20%))
 APC                  Anadarko Petroleum Corporation
 API Gravity          American Petroleum Institute gravity, a measure of how heavy or light a petroleum
                      liquid is compared to water
 Available for Sale   Produced hydrocarbons
 B                    Billion
 BBBL                 Billlion barrels
 BBL                  Barrel
 BBOE                 Billion barrels of oil equivalent
 BD                   Barrels per day
 BOE                  Barrel of oil equivalent
 BOED                 Barrel of oil equivalent per day
 BP                   BP p.l.c.
 BTU                  British thermal units




                                                                                                          33
Definitions
 Term                 Definition
 CAGR                 Compound average growth rate, which is the annual growth rate calculated based
                      on each year's previous number anchored to a base starting point

 CapEx                        expenditures,                                      investees
                      Capital expenditures cash investments in equity method investees, exploration
                      costs that are expensed as incurred rather than capitalized such as geological and
                      geophysical costs and certain staff costs, and other miscellaneous investment
                      expenditures

 Cash Adjusted Debt                          (Total Debt) – (
                      Calculated as follows: (                                      ) (Trusteed cash)
                                                        ) (Cash and cash equivalents) – (           )
 CO2                  Carbon dioxide
 Conv                 Conventional
 COP                  ConocoPhillips
 CSG                  Coal seam gas
 CVX                  Chevron Corporation
 DD&A                 Depreciation, depletion and amortization
 DHOUP                Detroit Heavy Oil Upgrade Project
 Dividend Yield       Calculated as follows: (4 x Most Recent Quarterly Dividend Rate) ÷ (Current Stock
                      Price)
                      Pi )



                                                                                                           34
Definitions
 Term         Definition
 E            Estimated
 E-10         A fuel mixture of 10% ethanol and 90% gasoline
  &
 E&P             l             d             f    ’ four b
              Exploration & Production, one of MRO’s f   business segments
 EG           Equatorial Guinea
 EG LNG       Equatorial Guinea Liquified Natural Gas production facility
 EHCI         El    i l Hydraulic, Chemical Injection
              Electrical, H d li Ch i l I j i
 EIA          Energy Information Administration
 EOR          Enhanced oil recovery
 FCC          Fluid Catalytic Cracker
              Fl id C t l ti C k
 FPSO         Floating production, storage and offloading vessel
 G&A          General and administrative expense
 GME          Garyville Major Expansion project
 GOM          Gulf of Mexico
 HES          Hess Corporation
 HH           Henry Hub natural gas spot price



                                                                             35
Definitions
 Term         Definition
 IEA          International Energy Agency

 IG           Integrated Gas, one of MRO’s four business segments

 In-situ      Oil sands too deep for mining that require in-place treatment to achieve production


 IP           Initial production rate

 LLS          Light Louisiana Sweet crude oil

 LNG          Liquefied natural gas

 LOOP         Louisiana Offshore Oil Port LLC

 LTPD         Long tons per day

 M            Thousand

 MBD          Thousand barrels per day

 MBOD         Thousand barrels of oil per day

 MBOED        Thousand barrels of oil equivalent per day

 MCF          Thousand cubic f t per d
              Th     d bi feet       day



                                                                                                    36
Definitions
 Term                  Definition
 MM                    Million
 MMBOE                 Million barrels of oil equivalent
 MMBTU                   ll          h h     l
                       Million British thermal units
 MMCFED                Million cubic feet equivalent per day
 MRI                   Magnetic Resonance Imaging
 MRO                   M    h       Corporation
                       Marathon Oil C       i
 MSAT                  Mobile Source Air Toxics
 Net Debt to Total     Calculated as follows: (Cash Adjusted Debt) ÷ (Total Stockholders' Equity + Cash
   p
 Capital Ratio           j
                       Adjusted Debt) )
 NOL                   Net operating loss
 Oil Sands Mining or   The business segment through which MRO’s oil sands mining results are reported;
 OSM                   MRO holds a 20% outside-operated interest in the Athabasca Oil Sands Project, an
                                                                 Alberta,
                       oil sands mining joint venture located in Alberta Canada
 OOIP                  Original oil in place
 OPIS                  Oil Price Information Service
 OXY                   Occidental Petroleum Corporation



                                                                                                          37
Definitions
 Term                  Definition
 PADD                  Petroleum Administration for Defense Districts

 Production            Production available for sale

 Proved Reserves       Proved oil, natural gas and bitumen reserves determined under SEC requirements

 PP&E                  Property, Plant & Equipment
 PSVM                  Plutao, Saturno Venus
                       Plutao Saturno, Venus, Marte development area
 PTD                   Projected Target Depth
 PTY                   Party
 R/P                   Reserve/Production
 RDS                   Royal Dutch Shell plc
 Recordable Incident   The number of cases of injury or illness per 200,000 work hours (equivalent to the
 Rate                  hours worked by 100 full-time workers in a year)
 REP                   R    l YPF, S.A.
                       Repsol YPF S A
 Reserves              Proved, Probable and Possible oil and gas volumes as defined by the SEC
 Resources             Total Resource represents a high side, or P90 estimate of remaining expected
                       recovery




                                                                                                            38
Definitions
 Term         Definition
 RFS          Renewable fuels standard, which was amended by the Energy Independence and
              Security Act of 2007 to require 36B gallons of renewable fuels by 2022
 RIN          Renewable identification number
 RM&T         Refining, Marketing & Transportation, one of MRO’s four business segments
 ROCE         Return on Capital Employed
 ROZ          Residual oil zone
 RVP          Reid vapor pressure
 SEC          Securities and Exchange Commission
 SCT          Special Corporation Tax
 SG&A         Selling, General & Administrative
 SPT          Special Petroleum Tax
 SSA          Speedway SuperAmerica LLC
 SUN          Sunoco, I
              S       Inc.
 TAN          Total acid number
 TD           Total depth
 TOC          Total organic content
 Total Debt   Calculated as follows: (Long-term Debt + Short-term Debt)

                                                                                           39
Definitions
 Term                Definition
 Total Shareholder   Calculated as follows: (Change in share price between the beginning and ending
 Return or TSR       months in the calculation, based upon the monthly average determined by the
                     number of business days in the relevant month) + (Dividends paid during the
                       l l ti       i d) (Beginning       th h
                     calculation period) ÷ (B i i month share price) i )
 TOT                 Total S.A.
 TSO                 Tesoro Corporation
 WCS                 Western Canadian S l
                     W       C di Select
 WD                  Water depth
 WTI                 West Texas Intermediate crude, a type of crude oil used as a benchmark in oil
                     p     g
                     pricing
 WI                  Working interest
 XOI                 The Amex Oil Index, which includes the following companies: APC, BP, COP, CVX,
                     HES, MRO, OXY, RDS, REP, SUN, TOT, VLO, XOM
 XOM                 Exxon Mobil Corporation
 Y                   Year
 YE                  Year end
 YTD                         date
                     Year to d



                                                                                                      40
                           Increased Resource Base
                           E&P and Oil Sands Mining


                             14
                                                           Unproved
                             12                                                                                                                                       0
                                                                                                                                                                     10.1
                                                           Proved
Net Mean Resource (BBOE)




                             10
                e




                               8
                                                                                                                                                 6.8                 8.4
                               6

                               4                                                                                                                 5.1
                                                                                                                                                 51
    M




                                            2.1
                               2
                                            1.1
                                                                                                                                                 1.7                  1.7
                                            1.0

                                         YE 2001           2002-2009           Dispositions          Oil Sands           Other Net             YE 2009             YE 2009
                                                           Production                                Additions           Additions



                           The 2.1 BBOE through 6.8 BBOE reflected about represents the mean or expected value. Total Resource under modernized Securities and Exchange
                                   Commission definitions is 10.1 BBOE and represents a high side, or P90 estimate.


                                                                                                                                                                             41
Growth Assets
Bakken - Technology Advantage
 Bakken composed of five distinct units
 Total MRO net Bakken system
    4 5 BBOE original oil i place
     4.5         i i l il in l
    >100 MMBOE net resource (Middle
     Bakken)
    2-3% of the total Bakken system OOIP
 2010 Integrated technology program
    Suite of evaluation wells in progress
    Flow capacity
        Geochemical       l ti
      – G h i l correlations
      – Stimulation & production testing
    Fluid content & mobility
      – Cores & special core analysis
      – Formation evaluation testing
    Rock dynamics
      – Multi-microseismic (surface & downhole)
      – Tiltmeter
        MRI,
      – MRI sonic scanner & imaging logs



                                                  42
Growth Assets
Angola
 Block 31, 10% WI, BP Operated
                                                            MRO acreage
    PSVM Development                                       Oil discovery
                        FPSO,
         – Conversion FPSO 150 MBOED
         – 2008 - Project sanctioned
                                                BLOCK 31                                           PSVM
         – 2010 - Development drilling starts                                      Marte
                                                   10% WI      Leda                                Development
         – 2012 - First production                                                 Venus
                                                                                       Saturno
                                                                                                   Area
                                                            Terra
    Evaluating potential developments                                             Plutao
                                                                                                          Potential Mid
         – Q1 2011 conceptual decision                                    Portia                          Development
                                                                                    Titania               Area
                                                               Miranda                          Ceres


 Block 32, 10% WI, Total Operated                                  Cordelia
                                                                                            Hebe
                                                                                      Tebe
    Closed sale of 20% WI in Q1 2010                                              Urano
                                                                                        Oberon
                                                                                                 Juno
                                                                                                                            Potential SE
                                                                                                             Astraea
                                                                                                                            Development
    NE Block 32 evaluation ongoing
                                                                                            Dione Palas
                                                            BLOCK 32                                      Alho              Area
                                                                                              Colorau
                                                                10% WI
                                                                                                            Cominhos
                                                                                           Manjericao                       Cola
                                                                                                                 Caril
                                                                                                                                 Gindungo
                                                                                                                                             Potential
                                                                                                           Gengibre          Canela
                                                                                                                                             Eastern
                                                                                                                 Mostarda                    Development
                                                                                                        Louro            Salsa               Area


                                                                    40 KM




                                                                                                                                                         43
Base Assets
Oil Sands Mining

 AOSP 20% Ownership
    Muskeg River Mine (MRM)
    Jackpine Mine (JPM)                                  Pierre
                                                          River
      – Expansions 1 & 2
    Pierre River Mine (PRM)
      – Expansions 3+
                                                                   Jackpine 2
    Net resource
      – 2 BBBL Bitumen                    Muskeg River
                                            Jackpine

                                   Fort
                                  McKay




                                                      y
                                          Fort McMurray


                               Mining Assets



                                                                                44
                   Athabasca Oil Sands Project
                   World-Class Asset
                    20% WI, 2 billion barrels of Bitumen resource (Pre-Royalty)
                    Muskeg River Mine net production capacity ~30 MBD                                                          CANADA

                                                                                                                      ALBERTA

                    Expansion 1 ~20 MBD net
                                  20
                              Mine started ramping up production 3Q 2010
                              Upgrader to start-up late 2010 / early 2011
                    85 MBD gross de bottlenecking opportunities
                                  de-bottlenecking
                       800
Gro Production (MBD)




                       700

                       600
                                                                                          Potential
             n




                       500                                                        Major Expansions
                       400
                                                                   Potential Micro-Expansions
                       300                                             & Debottlenecking
  oss




                       200                                           p
                                                                   Expansion 1
                       100                         Muskeg River Mine
                        0                                                                            2050
                         Production before royalty; growth beyond Expansion 1 is illustrative of timing and volumes



                                                                      Significant upside potential
                                                                                                                                         45
Growth Assets
Canadian In-situ
 In-situ Ownership
     Operated
        – Birchwood 100%
        – Namur ~60%
                                                        Namur                           Pierre
     Outside-operated
                                                                                        River
        – Ells River 20%
     Net resource
        – >1 BBBL net bitumen
     Undergoing appraisal
        – Birchwood drilling program 2011
 2011 Appraisal Program                       Ells River
                                                                        Muskeg River
     Birchwood evaluation
     100 Drill wells
     2011 CAPEX: $60 MM                                         Fort
                                                                McKay


     Average well cost: $600M
 Drill Evaluate Plug
  Drill, Evaluate,                          Birchwood
     Contracted four rigs
     Cores planned for all wells
     Open hole logs & pressure tests
     Cap rock integrity tests                                          Fort McMurray


                                            In-situ Assets



                                                                                                 46
Growth Assets
Marcellus Shale Gas

 80,000 Net acres, 70% operated

 200-300 MMBOE net resource potential

 2009: Drilled 5 wells

 2010: Drilled 3 wells

 2009-2010 WI 90-100%




                                         47
Growth Assets
Haynesville Shale Gas

 25,000 Net acres, 70% operated   10 Miles


 Mostly held by production
       y       yp
                                                      TEXAS      LOUISIANA
 150-250 MMBOE net resource
  potential                                         Shelby Co.


 2009: Drilled 1 well, WI 100%
 2010: Drilled 2 wells, WI 100%
 2009 2010 WI 90-100%
  2009-2010    90 100%
                                              MRO Wells
                                              Recent IPs > 15 MMCFD




                                                                             48
Impact Exploration
Indonesia Pasangkayu Block
 Regional structural high                                                                      20km
                                                                      Rangkong 1
           Favorable for carbonate reservoirs
           Focus for hydrocarbon migration
           Multiple, independent prospects

 1 well in 2010
           Bravo-1 well currently drilling                                    Romeo                            Bravo
                                  p
              – Transocean GSF Explorer
              – Gross unrisked potential: 250-1,000 MMBOE                                     Bravo
              – Water Depth = 3,269’ / PTD = 11,388’                                          West
 1 well deferred to 2011
           Romeo-B1                                                             Pasangkayu
              – Gross unrisked potential: 250-500 MMBOE
              – Water Depth: 6,200’ / PTD ~13,000’


    W                                               Romeo     Bravo West Bravo                           E         Sulawesi
   0m                                                                                                  0m
              Eocene-Oligocene-Miocene Carbonate Reservoirs
              Post-Miocene Basin Fill
                                   Oligo-Miocene
 5000 m                                                                                                5000 m
                                        Post-rift
                                        Source                            Eocene syn-rift
                                                                    Source & Secondary Reservoir
                                        kitchen

                                                                                                                              49
Base Assets
Norway Additional Satellite Potential

              UK          NORWAY
                                                                             Alvheim phase II drilling in 2011

                                                   Vilje                     Additional prospectivity
   10 KM
                                                                                         R    t Marihøne discovery
                                                                                          Recent M ihø A di
                    Alvheim                                South Vilje
                                                                                           – 65% WI
                                                                                           – ~20 MMBOE gross resource potential
                                         East Kameleon                                     – Evaluation underway
    Boa
               Kameleon
                                                                                         Recent Viper discovery
                        Kneler
                                                                                           – 65% WI
                                                                                           – ~3.5 MMBOE gross resource potential
                                                                                           – Evaluation underway
                                        South Gekko                                      First production expected 2014
                                                                                                p            p
  l d
Volund                         Viper
                                                                                         Caterpillar, Vilje South, South Gekko
                                                                                140
                                                                                                   Projected Gross Oil Production
                                                                                120
                                       Satellite discovery
                                                                                100
                                       Prospects
                                                                                80
                                       Pipelines
                                                                         MBOD




                                                                                60
           Marihøne A
                                                                                40


                                                                                20
                 Caterpillar
                                                                                 0
                                                                                 2009       2010         2011    2012    2013       2014   2015    2016



                                                                                                                                                  50
Growth Assets
Gudrun Area (Statoil Operated)
 Gudrun
                                                                 Developed Area of Gudrun
    2010 Update                                                 Risked Area of Gudrun

      – Project sanction & PDO approval Q2 2010
      – Reduced WI from 28.2% to 20%, awaiting
        Ministry of Energy approval
    2011 Activities
      – Commencement of drilling following jacket
        installation (Q3)
      – Maintain active engagement / project influence
      – Cost improvement agenda continues
                                                         Eirin


 Sigrun
    Further subsurface evaluation planned for
     2011 by the Operator

 Eirin
    Development concepts being studied by the
     Operator


                                                                                         51
2011 Exploration Drilling Program


                                    Norway 2-3 wells
                                      Satellite Tie Backs
                                                Tie-Backs
     Marcellus 5-10 wells
      Woodford 4 wells                     Poland Shale Gas 1-2 wells
      DJ Basin 7-9 wells                     Transferring Skills to New Markets
  Adding New B ildi    C    Areas
  Addi N & Building on Core A

                                                      Kurdistan Region 1-2 wells
                                                                New-country entry
                                                            Impact Exploration Program
  Gulf of Mexico 5-7 wells
                                                                                    Indonesia 2 wells
       In Key Trends & Plays           Libya 7-9 wells
                                                                                    High-Geologic-Risk High-
                                     Support Ongoing Program                               Reward




                                                                                                               52
DHOUP vs. USGC Refineries
Advantaged Location Leads to Higher Profitability

                                                       Hardisty




                                                                                                 ~ $5.50/BBL
                                                                                              Hardisty to Detroit
                                      ~ $7.35/BBL
                                    Hardisty to USGC



 Detroit Value vs. USGC Refineries                                                          Chicago

  for Canadian Heavy Processing
                                                                                          Patoka
                                                                            Wood
                                                        $/BBL               River

 Laid-in Crude Cost                                        1.85
                                                                                                   $1.70/BBL
                                                                                                 ~ $1 70/BBL
 Higher Product Value                                     1.90*                               Houston to Chicago
 Total Advantage                                           3.75
 *Includes $0.20 time value of money to ship a light
  p                                   g
  product barrel from Houston to Chicago
                                                                  Houston   Port Arthur




                                                                                                                    53
At-Risk Refineries – Capacity
US Refineries at Risk (PADDs I-III)




                             PADD I                         PADD II                            PADD III    Total I-III   Total I-V
    2013 Capacity
       (MBD)                  1,884                            3,928                              9,180     14,992        18,812
       Potential
    Closures Count                 2                                 6                                 7       15           15

  Potential Closures
       (MBD)                    335                               572                                 664    1,571         1,571
     Capacity After
    Closures (MBD)            1,549                            3,356                              8,516     13,421        17,241

        Change                 18%                               15%                                  7%      10%           8%

                         Sources: Media reports, Credit Suisse, OPIS, Purvin & Gertz, MRO estimates


                                                                                                                                      54
RFS II & US Gasoline Demand
                                                 RFS II Cellulosic Ethanol:
         10                                      Technically, economically &
                                                 blend wall challenged
                                                                                           Actual & MRO
         9                                                                                 Forecast of US
                                                                                           Gasoline Demand
  MMBD




         8                                                                                   E-10 Blend Wall
  M




         7

         6
              2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020


                             Hydrocarbon Gasoline Component
                             RFS Ethanol Within E-10 Limit

                      Capitalizing on Historical Ethanol Position
                        l l d                               d d
                     Early Blending Investment Paying Dividends
                   Sources: EIA, MRO Economics

                                                                                                               55
    Debt Maturity Profile
    September 30, 2010
           1,800

           1,600

           1,400

           1,200
     MM)




            ,
           1,000
($000M




            800

            600

            400

            200

              -
                   '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37
                                                Public Debt                          IRBs & Other                           USS Serviced Debt



                       2011 maturities reflect retirement of industrial revenue bonds by US Steel in accordance with the Financial Matters Agreement




                                                                                                                                                       56
Tax Considerations
 Deferred Tax Liabilities
    Canadian election to pay tax in US dollars eliminates currency
     remeasurement fluctuations related to those tax balances
 Norway NOL balances expired



                        Country              Statutory Tax Rate
                        Norway            28% Income Tax ; 50% SPT
                        Canada                29% Income Tax
                         Libya                93% Income Tax
                          EG                  25% Income Tax
                        Angola                50% Income Tax
                          UK              30% Income Tax; 20% SCT




                                                                      57

				
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