# EDGAR Filing Document

**Accession Number:** 0000101778
**File Stem:** 0000101778-23-000003
**Filing Date:** 2023-1
**Character Count:** 15920
**Document Hash:** c23026de248e2fe47354fe1b6d16cfab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000101778-23-000003.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0000101778-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221227

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARATHON OIL CORP
- **CENTRAL INDEX KEY:** 0000101778
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 250996816
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05153
- **FILM NUMBER:** 23502065

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 3128
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77253-3128
- **BUSINESS PHONE:** 7136296600

**MAIL ADDRESS:**
- **STREET 1:** 990 TOWN AND COUNTRY BOULEVARD
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024-2217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USX CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED STATES STEEL CORP/DE
- **DATE OF NAME CHANGE:** 19860714

?xml version="1.0" ? mro-20221227

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 Date of Report (Date of Earliest Event Reported): December 27, 2022

**Marathon Oil Corporation** 

__________________________________________

(Exact name of registrant as specified in its charter)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Delaware | Delaware | Delaware | 1-1513 | 1-1513 | 1-1513 | 25-0996816 |
| _____________________________________________<br> (State or other jurisdiction | _____________________________________________<br> (State or other jurisdiction | _____________________________________________<br> (State or other jurisdiction | _______________________________<br> (Commission | _______________________________<br> (Commission | _______________________________<br> (Commission | __________________________________<br> (I.R.S. Employer |
| of incorporation) | of incorporation) | of incorporation) | File Number) | File Number) | File Number) | Identification No.) |
| 990 Town and Country Boulevard, | Houston, | Texas |  |  |  | 77024-2217 |
| ____________________________________________________________<br> (Address of principal executive offices) | ____________________________________________________________<br> (Address of principal executive offices) | ____________________________________________________________<br> (Address of principal executive offices) |  |  |  | ___________________________________________<br> (Zip Code) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | (713) | 629-6600 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable

________________________________________________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $1.00 | MRO | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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| | | |
|:---|:---|:---|
| | Emerging growth company | **☐** |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | **☐** |

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**Item 2.01. Completion of Acquisition or Disposition of Assets.**

**&nbsp;&nbsp;&nbsp;&nbsp;** 

As previously disclosed, on November 2, 2022, Marathon Oil EF II LLC (the "Purchaser"), a wholly owned subsidiary of Marathon Oil Corporation ("Marathon Oil" or the "Company"), entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with Ensign Operating LLC ("Ensign I"), Ensign Operating II LLC ("Ensign II") and Ensign Operating III LLC ("Ensign III" and together with Ensign I and Ensign II, "Sellers" and each individually a "Seller"), pursuant to which the Purchaser agreed to acquire the Sellers' upstream oil and gas assets located in Bee, DeWitt, Karnes and Live Oak Counties, Texas and related assets (the "Assets") for $3.0 billion in cash, subject to customary closing adjustments.

On December 27, 2022, the Purchaser completed the transactions contemplated by the Purchase and Sale Agreement (the "Acquisition"). After taking into account closing adjustments, the Purchaser paid cash consideration of $3.0 billion, which was funded with a combination of cash on hand, borrowings under the Company's existing revolving credit agreement, and the Company's previously announced term credit agreement entered into on November 22, 2022.

The foregoing description of the Purchase and Sale Agreement and the transactions contemplated thereby is not complete and is subject to and qualified in its entirety by reference to the Purchase and Sale Agreement, a copy of which is included as Exhibit 2.1 to the Company's Form 8-K, filed with the Securities and Exchange Commission on November 7, 2022, the terms of which are incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure**

On December 27, 2022, the Company issued a press release in connection with the closing of the Acquisition, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information in Item 7.01 of this Current Report and in Exhibit 99.1 attached hereto is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this Current Report and in Exhibit 99.1 attached hereto shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release issued by Marathon Oil Corporation, dated December 27, 2022](ex991202301038k.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | Marathon Oil Corporation | Marathon Oil Corporation |
| January 3, 2023 | *By:* | /s/ Rob L. White |
|  |  | *Name: Rob L. White* |
|  |  | *Title: Vice President, Controller and Chief Accounting Officer* |

---

## Ex-99.,1

**Exhibit 99.1**

**C O R R E C T I O N -- Marathon Oil Corporation**

In the news release, Marathon Oil Completes Eagle Ford Acquisition, issued 27-Dec-2022 by Marathon Oil Corporation over PR Newswire, we are advised by the company that in the 3rd paragraph, "67 net boepd (22 net bopd of oil)" should instead read "67,000 net boepd (22,000 net bopd of oil)". The complete, corrected release follows:

**Marathon Oil Completes Eagle Ford Acquisition** 

HOUSTON, Dec. 27, 2022 /PRNewswire/ -- Marathon Oil Corporation (NYSE: MRO) today announced the completion of its acquisition of the Eagle Ford assets of Ensign Natural Resources for a total cash consideration of $3.0 billion after taking into account closing adjustments. The acquisition was previously announced on November 2, 2022.

"We are pleased to announce the close of our acquisition of Ensign's high-quality assets in the core of the Eagle Ford Shale," said chairman, president, and CEO Lee Tillman. "This acquisition satisfies every element of our disciplined acquisition criteria. It's immediately accretive to our key financial metrics, it will drive higher shareholder distributions consistent with our operating cash flow driven Return of Capital framework, it's accretive to our inventory life with attractive locations that immediately compete for capital, and it offers truly compelling industrial logic given our existing Eagle Ford footprint and our track record of execution excellence in the play."

The assets acquired from Ensign Natural Resources (99% operated, 97% working interest) span Live Oak, Bee, Karnes, and Dewitt Counties across the condensate, wet gas, and dry gas phase windows of the Eagle Ford. Marathon Oil believes it can deliver maintenance level production from the acquired asset of 67,000 net boepd (22,000 net bopd of oil) with approximately 1 rig and 35 to 40 wells to sales per year. The Company's valuation of the asset was based off this maintenance level program and does not include any synergy credits or upside redevelopment opportunity. Acquired tangible assets are eligible for full expensing for the purpose of income tax optimization, including potential deferral of AMT.

**About Marathon Oil**

Marathon Oil (NYSE: MRO) is an independent oil and gas exploration and production (E&P) company focused on four of the most competitive resource plays in the U.S. - Eagle Ford, Texas; the Bakken, North Dakota, the STACK and SCOOP in Oklahoma and the Permian in New Mexico, complemented by a world-class integrated gas business in Equatorial Guinea.

Our Framework for Success is founded in a strong balance sheet, ESG excellence and the competitive advantages of our multi-basin portfolio. For more information, please visit <u>www.marathonoil.com</u>

**Media Relations Contact:**<br> Karina Brooks: 713-296-2191

**Investor Relations Contacts:**

Guy Baber: 713 296-1892

John Reid: 713 296-4380

***Forward-looking Statements***

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*This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including without limitation statements regarding the benefits of the Ensign acquisition (including accretion to key financial metrics and impacts to the Company's inventory and shareholder distributions), production levels, rig count, wells to sales and other statements regarding management's plans and objectives for future operations, are forward-looking statements. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "outlook," "plan," "positioned," "project," "seek," "should," "target," "will," "would," or similar words may be used to identify forward-looking statements; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: the ultimate amount of cash consideration to be paid in the transaction due to closing adjustments or otherwise; the risk that the Ensign assets do not perform consistent with our expectations, including with respect to future production or drilling inventory; conditions in the oil and gas industry, including supply/demand levels for crude oil and condensate, NGLs and natural gas and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in the U.S. and Equatorial Guinea, including changes in foreign currency exchange rates, interest rates, inflation rates and global and domestic market conditions; actions taken by the members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia affecting the production and pricing of crude oil and other global and domestic political, economic or diplomatic developments; capital available for exploration and development; risks related to the Company's hedging activities; voluntary or involuntary curtailments, delays or cancellations of certain drilling activities; well production timing; liabilities or corrective actions resulting from litigation, other proceedings and investigations or alleged violations of law or permits; drilling and operating risks; lack of, or disruption in, access to storage capacity, pipelines or other transportation methods; availability of drilling rigs, materials and labor, including the costs associated therewith; difficulty in obtaining necessary approvals and permits; the availability, cost, terms and timing of issuance or execution of, competition for, and challenges to, mineral licenses and leases and governmental and other permits and rights-of-way, and our ability to retain mineral licenses and leases; non-performance by third parties of contractual or legal obligations, including due to bankruptcy; unexpected events that may impact distributions from our equity method investees; changes in our credit ratings; hazards such as weather conditions, a health pandemic (including COVID-19), acts of war or terrorist acts and the government or military response thereto; security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business; changes in safety, health, environmental, tax and other regulations, requirements or initiatives, including initiatives addressing the impact of global climate change, air emissions, or water management; impacts of the Inflation Reduction Act of 2022; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the Company's 2021 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases, available at https://ir.marathonoil.com/. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.*

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