Marathon Oil is committed to Living Our Values and to creating a business that is sustainable for the benefit of our key stakeholders. We are positioning the company for profitable growth within cash flows by keeping a strong balance sheet, relentlessly focusing on costs, and simplifying and concentrating our portfolio.
Marathon Oil Corporation’s goal is to be recognized as a premier independent exploration and production company. Our business strategy drives what we do to achieve sustainability, while our core values guide how we develop oil and gas in a responsible, ethical and safe manner, and position the company for growth.
We believe that by growing our asset base and production, profitably and within our cash flows, we are “Delivering Shared Success” for our investors, employees, business partners and the communities where we operate. The story of our Alba development offshore Equatorial Guinea (EG) in West Africa is an example of this. Since establishing Alba in 2002, it has been vital to Marathon Oil and to the progress of EG and its citizens. Our total social investments in EG in 2015 alone exceeded $6.1 million for health, education and community programs, including the life-saving Bioko Island Malaria Control Project.
In July 2016, we achieved first gas production through our Alba B3 offshore compression platform, more than doubling the company’s remaining proved reserve base in EG. During the project, we developed local content and national capacity, maintained an excellent safety record, and recorded zero environmental incidents during installation. The project contributed to the company spending an average of approximately $86 million per year in EG since 2011. This investment allows Marathon Oil to extend field life up to eight years and continue to generate cash flow for our business, revenues for EG and jobs for Equatoguineans. We consider the Alba B3 project to be a model of sustainability going forward.
To strengthen our communities and build the future workforce, Marathon Oil invests in education from kindergarten through college. We support science, technology, engineering and math (STEM) curriculum enhancements; literacy; teacher training and development; community social programs that affect educational outcomes; and college scholarships. In our Eagle Ford asset in South Texas, the math education program we launched in one elementary school in 2013 has expanded to additional schools and grades based on participants’ significant improvements in algebra readiness. In addition, program participants increased their average state math test scores approximately 110 points from the third grade to the fourth grade.
We remain committed to “Delivering Shared Success” by continuing to operate safely and cost effectively, comply with regulations, invest in our employees, create value for shareholders, positively affect our communities, and position Marathon Oil for growth.