Marathon Oil this week announced a new quantitative greenhouse gas (GHG) emissions reduction initiatives.

Reducing GHG emissions intensity is central to Marathon Oil's strategic goals of minimizing its environmental impact, addressing the risks of climate change, and delivering strong long-term financial performance.

During 2020, the Company made significant progress in improving its environmental performance, achieving an estimated 20% reduction to its GHG emissions intensity relative to 2019 and improving total Company gas capture to approximately 98.5% for fourth quarter 2020.

For 2021, the Company has established a quantitative GHG intensity target, representing a reduction of more than 30% relative to 2019, which has been added to the Company's executive compensation STI scorecard. Further, Marathon Oil has disclosed a new medium-term goal highlighting the Company's commitment to significant ongoing improvement to its environmental performance. By 2025, the Company's goal is to reduce its GHG intensity by more than 50% relative to 2019. The Company has already identified concrete steps to assist in achieving this improvement, including but not limited to continued replacement of pneumatic controllers with lower emitting technology, connecting additional sites to utility power, and investing in soil carbon sequestration to offset emissions.

KeyFacts Energy: Marathon Oil US country profile