Marathon Petroleum Playbook


Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation’s largest refining system. MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.

Marathon Oil is proud to play a role in maintaining U.S. energy security and fueling the world in which we live. Being a safe, responsible and ethical operator, and being mindful of our neighbors and communities, is critical to our ability to run efficiently and create long-term value for shareholders.

Marathon Petroleum Well Permits & Wells Spud

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Marathon Wells Drills Last 2 Years

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Marathon Petroleum 2022 Capital Plan

  • Marathon Oil today announced a $1.2 billion capital expenditure budget for 2022, fully consistent with the Company’s disciplined capital allocation framework. At $80/bbl WTI and $4.00/MMBtu Henry Hub, the 2022 program is expected to deliver in excess of $3.0 billion of free cash flow at a reinvestment rate of less than 30%. The Company does not plan to deviate from its announced capital budget in the event of continued strong commodity pricing. By staying disciplined and maintaining a low reinvestment rate, Marathon Oil expects to exceed its commitment to return a minimum of 40% of CFO to equity investors, assuming an oil price of $60/bbl WTI or higher.
  • 2022 capital budget of $1.2 billion consistent with disciplined framework that prioritizes free cash flow generation over production growth
  • Expected free cash flow of >$3.0 billion with a <30% reinvestment rate3 at $80/bbl WTI and $4.00/MMBtu Henry Hub
  • Expected flat total Company oil and oil-equivalent production vs. 2021 averages

Marathon Drilling Rigs (Texas, New Mexico, Oklahoma) 2022

Marathon Oil Areas of Operation

United States

Our strategy is focused on lower cost, higher margin U.S. resource plays. With operations in four of the best oil-rich basins in the U.S., we are positioned for long term growth.


We have been operating in the Williston Basin since 2006. The majority of our core acreage is within McKenzie, Mountrail and Dunn Counties in North Dakota targeting the Middle Bakken and ThreeForks reservoirs.

We continue focusing our investment in our high-return Myrmidon and Hector areas, while also delineating and extending our core acreage across the rest of our position.

The Bakken Formation is located in western North Dakota, eastern Montana, and southern Saskatchewan, Canada, as a subsurface formation within the Williston Basin. The Williston Basin extends to southwestern Manitoba, east-central North Dakota, northwestern South Dakota, eastern Montana, and southern Saskatchewan.


With a history in Oklahoma that dates back more than 100 years, our primary focus has been development in the STACK Meramec and SCOOP Woodford, while progressing delineation of other plays across our footprint.

We primarily hold net acreage with rights to the Woodford, Springer, Meramec, Osage and other prospect intervals, with a majority of this in the SCOOP and STACK.

STACK play is located in the Anadarko Basin area of Oklahoma. STACK is derived from “Sooner Trend (oil field), Anadarko (basin), Canadian and Kingfisher (counties).” The majority of the play is located across (Canadian and Kingfisher as the core counties) and Blaine, Major, Garfield counties. Unlike Plays such as the Eagle Ford, Bakken, Granite Wash, the STACK is not a geological formation, but a geographic referenced area.

Eagle Ford

We have been operating in the South Texas Eagle Ford play since 2011, where our acreage is located in the high-return Karnes, Atascosa, Gonzales and Lavaca Counties. Our focus is capital efficient development with a goal of maximizing returns and free cash flow generation.

We operate 32 central gathering and treating facilities across the play that support more than 1,600 producing wells. We also own and operate the Sugarloaf gathering system, a 42-mile natural gas pipeline through the heart of our acreage in Karnes and Atascosa Counties.

Eagle Ford in Texas is the most mature tight oil play in the Lower 48 current, oil and natural gas production of 2.5 million barrels of oil equivalent per day. Measuring 400 miles long and 50 miles wide along the Texas Gulf Coast, the Eagle Ford basin is spread over 12,000 square miles in South and central Texas.


We have been operating in the Northern Delaware basin, which is located within the greater Permian area, since closing on two major acquisitions in 2017.

Our focus has been to strategically advance our position, progress early delineation and development of our acreage, improve our cost structure and secure midstream solutions. We have the majority of our acreage in Eddy and Lea counties primarily in the Wolfcamp and Bone Spring New Mexico plays.

The Permian Basin, which spans western Texas and eastern New Mexico, represents the most prolific hydrocarbon production region in the United States. They accounted for about 30% of U.S. crude oil production and 14% of U.S. natural gas production (measured as gross withdrawals) in 2020. Technology innovations, such as longer lateral wells and multi-well pad drilling, has helped reduce costs and increase productivity in developing oil and natural gas resources in the Permian Basin.

Delaware Basin is a hydrocarbon rich sedimentary basin that lies within the Permian Basin. The Delaware Basin covers around 6.4 million acres in far West Texas and South Eastern New Mexico. It is located in an arid southwestern portion of the United States of America

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