CompBrief BY VELARION

Companies Marathon Oil

Marathon Oil (MRO): executive pay, fiscal 2023

Free brief. Every figure links to the company’s own filing.

Marathon Oil no longer files a proxy statement; its last pay data is FY2023.

All products and prices

CEO total pay$12,830,222CEO Lee Tillman · source
Say-on-pay support93.64%Latest vote · source
CEO vs. named peers25th pct.Of 23 peer CEOs
CEO pay ratio101:1To the median employee · source

CEO pay, last three years

  • $12,997,292FY2021
  • $11,931,683FY2022
  • $12,830,222FY2023

CEO total pay was $12,830,222 in fiscal 2023, up from $11,931,683 in fiscal 2022.

FY2023: salary $1,200,000 · stock awards $8,668,144

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Marathon Oil in fiscal 2023?
As disclosed, Lee Tillman (Chairman, President and Chief Executive Officer) was the highest-paid executive at Marathon Oil in fiscal 2023, with total compensation of $12,830,222.
How does Marathon Oil's chief executive pay compare to its disclosed peer group?
As disclosed, Lee Tillman's total compensation ranked at the 25th percentile of Marathon Oil's disclosed peer group.
What is Marathon Oil's CEO-to-median employee pay ratio?
As disclosed, Marathon Oil's CEO-to-median employee pay ratio was 101:1.
How did shareholders vote on Marathon Oil's executive compensation?
As disclosed, 93.64% of shareholders supported Marathon Oil's executive compensation in the latest say-on-pay vote.
How much does Marathon Oil spend in total on board compensation for fiscal 2023?
As disclosed, Marathon Oil reported total board compensation of $2,419,805 for fiscal 2023.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Lee Tillman$1,200,000—$8,668,144—$1,980,000$597,888$384,190$12,830,222
Chairman, President and Chief Executive Officer
Dane Whitehead614,577—2,708,781—608,431162,458137,2734,231,520
Executive Vice President and Chief Financial Officer
Patrick Wagner516,327—2,166,973—587,838150,078126,7643,547,980
Executive Vice President, Corporate Development and Strategy
Michael Henderson495,505—2,221,184—490,550157,631106,6223,471,492
Executive Vice President, Operations
Kimberly Warnica470,409—1,896,110—465,70599,396102,2773,033,897
Executive Vice President, General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY2022→2023
Lee Tillman$12,830,222$11,931,683$12,997,292↑ +898,539
Dane Whitehead4,231,5204,343,4074,246,318↓ −111,887
Patrick Wagner3,547,9803,196,5073,499,370↑ +351,473
Michael Henderson3,471,4922,890,6272,995,220↑ +580,865
Kimberly Warnica3,033,8972,624,3502,330,787↑ +409,547

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to reward executives for performance and motivate high-level execution, balancing short-term and long-term business objectives through cash bonuses and equity awards. It aims to encourage the creation of long-term stockholder value by aligning executive interests with stockholders via equity-based grants tied to financial performance and stockholder returns, while maintaining market-competitive pay levels to attract and retain talent.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMeridian Compensation Partners LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Lee TillmanRSU2023-03-01——124,079—$3,199,997
Michael HendersonPSU2023-03-014,76923,846—47,692614,988
Michael HendersonPSU2023-03-018,34623,846—47,692786,203
Kimberly WarnicaPSU2023-03-017,12520,356—40,712671,137
Patrick WagnerPSU2023-03-014,65323,264—46,528599,979
Dane WhiteheadPSU2023-03-015,81629,081—58,162749,999
Dane WhiteheadRSU2023-03-01——38,774—999,981
Kimberly WarnicaRSU2023-03-01——27,142—699,992
Lee TillmanPSU2023-03-0132,57193,059—186,1183,068,155
Kimberly WarnicaPSU2023-03-014,07120,356—40,712524,981
Michael HendersonRSU2023-03-01——31,795—819,993
Patrick WagnerRSU2023-03-01——31,019—799,980
Patrick WagnerPSU2023-03-018,14223,264—46,528767,014
Lee TillmanPSU2023-03-0118,61293,059—186,1182,399,992
Dane WhiteheadPSU2023-03-0110,17829,081—58,162958,801

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Lee Tillman$3,199,997$5,468,147$063.1%
Michael Henderson819,9931,401,191063.1%
Kimberly Warnica699,9921,196,118063.1%
Patrick Wagner799,9801,366,993063.1%
Dane Whitehead999,9811,708,800063.1%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Kimberly WarnicaRSU14,881—$359,525
Kimberly WarnicaRSU17,475—422,196
Michael HendersonRSU17,857—431,425
Michael HendersonRSU19,659—474,961
Patrick WagnerRSU21,844—527,751
Patrick WagnerRSU22,322—539,300
Kimberly WarnicaPSU26,212—633,282
Kimberly WarnicaRSU27,142—655,751
Dane WhiteheadRSU27,902—674,112
Michael HendersonPSU29,488—712,430
Patrick WagnerRSU31,019—749,419
Michael HendersonRSU31,795—768,167
Patrick WagnerPSU32,764—791,578
Dane WhiteheadRSU33,494—809,215
Dane WhiteheadRSU38,774—936,780
Kimberly WarnicaRSU40,712—983,602
Kimberly WarnicaPSU44,642—1,078,551
Patrick WagnerRSU46,528—1,124,116
Michael HendersonRSU47,692—1,152,239
Dane WhiteheadPSU50,240—1,213,798
Michael HendersonPSU53,570—1,294,251
Dane WhiteheadRSU58,162—1,405,194
Patrick WagnerPSU66,964—1,617,850
Dane WhiteheadPSU83,704—2,022,289
Lee TillmanRSU87,374—2,110,956
Lee TillmanRSU89,286—2,157,150
Lee TillmanRSU124,079—2,997,749
Lee TillmanPSU131,060—3,166,410
Lee TillmanRSU186,118—4,496,611
Lee TillmanPSU267,856—6,471,401
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Marcela E. DonadioIndependent · Lead Independent Director · Compensation · Corporate Governance and Nominating$115,000$200,000——$7,388$322,388
Holli C. LadhaniIndependent · Audit and Finance (Chair) · Health, Environmental, Safety and Corporate Responsibility115,000200,000——2,000317,000
Mark A. McCollumIndependent · Compensation (Chair) · Health, Environmental, Safety and Corporate Responsibility105,000200,000——10,000315,000
Chadwick C. DeatonIndependent · Compensation · Corporate Governance and Nominating · Health, Environmental, Safety and Corporate Responsibility101,250200,000——10,000311,250
Brent J. SmolikIndependent · Audit and Finance · Compensation · Corporate Governance and Nominating (Chair)101,250200,000——10,000311,250
M. Elise HylandIndependent · Audit and Finance · Health, Environmental, Safety and Corporate Responsibility (Chair)107,500200,000——2,500310,000
Shawn D. WilliamsIndependent · Audit and Finance · Corporate Governance and Nominating87,084183,333——5,000275,417
J. Kent WellsIndependent · Not standing for re-election · Departed during FY57,500200,000——0257,500
Lee M. TillmanEmployee director · Board Chair—————0

Board fee structure and ownership guideline

Annual cash retainer$95,000
Annual equity retainer$200,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 12,500
Stock ownership guideline$5

Total cost of the board

ComponentFY2023
Cash retainers and fees$789,584
Equity awards (grant-date value)$1,583,333
All other compensation$46,888
Total cost of the board$2,419,805

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Marathon Oil as a peer

Companies that benchmark against MRO

9 companies name MRO as a compensation peer

Each company listed discloses MRO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MRO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Marathon Oil names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Hess Corporation2024John Hess$1,575,000$12,075,036$0$4,358,700$18,036,267
2EOG Resources, Inc.2025Ezra Yacob1,434,61512,729,62802,718,80017,576,636
3EQT Corporation2025Toby Rice113,552,23202,535,00016,087,233
4Diamondback Energy, Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
5Coterra Energy Inc.2024Thomas Jorden1,198,55810,628,85002,500,00014,748,960
6Ovintiv Inc.2025Brendan McCracken1,185,0009,900,00502,136,75013,693,140
7APA Corporation2025John Christmann IV1,300,0006,018,4361,897,9963,454,36013,202,517
8Marathon Oil2023Lee Tillman1,200,0008,668,144—1,980,00012,830,222
9Devon Energy Corporation2025Clay Gaspar938,1259,633,68901,612,00012,566,384
10Murphy Oil Corporation2025Eric Hambly950,0004,917,31501,324,0637,651,445
—Continental Resources, Inc.——————not in coverage universe
—Chesapeake Energy Corporation——————not in coverage universe
—PDC Energy, Inc.——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Marathon Oil110%RSU 40 · FCF PSU 30 · TSR PSU 30NoMeridian Compensation Partners LLC
APA Corporation189.8%PSU 60 · Options 20 · RSU 20Yes — Relative TSRPearl Meyer & Partners, LLC
Chesapeake Energy Corporationnot disclosednot disclosednot disclosednot disclosed
Continental Resources, Inc.not disclosednot disclosednot disclosednot disclosed
Coterra Energy Inc.174%PSU 50 · RSU 50Yes — Relative TSRF.W. Cook and Zayla Partners
Devon Energy Corporation124%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners, LLC
Diamondback Energy, Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
EOG Resources, Inc.125%PSU 60 · RSU 40Yes — Relative TSR vs Performance Peer GroupMeridian Compensation Partners, LLC
EQT Corporation169%PSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Hess Corporation184.3%Restricted Stock 100not disclosedSemler Brossy Consulting Group LLC
Murphy Oil Corporationnot disclosednot disclosednot disclosedMeridian Compensation Partners LLC
Ovintiv Inc.140%RSU 50 · PSU 50Yes — Relative TSRFW Cook
PDC Energy, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-05-22384,384,10926,113,8071,170,85193.64%Passed
20232023-05-24407,759,25423,143,2931,374,18594.63%Passed
20222022-05-25445,315,20743,530,5171,664,09791.1%Passed
20212021-05-26476,541,50440,464,3111,824,26592.17%Passed
20202020-05-27494,677,30534,576,1212,660,66993.47%Passed
20192019-05-29573,847,00036,806,4311,449,66793.97%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20242024-05-2293.64%a
20232023-05-2494.63%b
20222022-05-2591.1%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)101 : 1
CEO total compensation$12,830,222
Median employee compensation$126,589
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (49 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Lee Tillman. DEF 14A, filed 2024-04-10. Section “Summary Compensation Table” · page 47. As printed: 12,830,222. View filing ↗
  • Section 01, Dane Whitehead. DEF 14A, filed 2024-04-10. Section “Summary Compensation Table” · page 47. As printed: 4,231,520. View filing ↗
  • Section 01, Patrick Wagner. DEF 14A, filed 2024-04-10. Section “Summary Compensation Table” · page 47. As printed: 3,547,980. View filing ↗
  • Section 01, Michael Henderson. DEF 14A, filed 2024-04-10. Section “Summary Compensation Table” · page 47. As printed: 3,471,492. View filing ↗
  • Section 01, Kimberly Warnica. DEF 14A, filed 2024-04-10. Section “Summary Compensation Table” · page 47. As printed: 3,033,897. View filing ↗
  • Section 03, Lee Tillman RSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Henderson PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Henderson PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Kimberly Warnica PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Patrick Wagner PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Dane Whitehead PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Dane Whitehead RSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Kimberly Warnica RSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Lee Tillman PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Kimberly Warnica PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Henderson RSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Patrick Wagner RSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Patrick Wagner PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Lee Tillman PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 03, Dane Whitehead PSU. DEF 14A, filed 2024-04-10. Section “Grants of Plan-Based Awards in 202” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2024-04-10. Section “CEO Pay Ratio”. As printed: 101 : 1. View filing ↗
  • Section 08, Marcela E. Donadio. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 322,388. View filing ↗
  • Section 08, Holli C. Ladhani. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 317,000. View filing ↗
  • Section 08, Mark A. McCollum. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 315,000. View filing ↗
  • Section 08, Chadwick C. Deaton. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 311,250. View filing ↗
  • Section 08, Brent J. Smolik. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 311,250. View filing ↗
  • Section 08, M. Elise Hyland. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 310,000. View filing ↗
  • Section 08, Shawn D. Williams. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 275,417. View filing ↗
  • Section 08, J. Kent Wells. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 257,500. View filing ↗
  • Section 08, Lee M. Tillman. DEF 14A, filed 2024-04-10. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-23. Item 5.07 · say-on-pay result. As reported: 93.64% (votes for as printed: 384,384,109). View filing ↗
  • Section 06, 2023 vote. Form 8-K, filed 2023-05-25. Item 5.07 · say-on-pay result. As reported: 94.63% (votes for as printed: 407,759,254). View filing ↗
  • Section 06, 2022 vote. Form 8-K, filed 2022-05-31. Item 5.07 · say-on-pay result. As reported: 91.1% (votes for as printed: 445,315,207). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 789,584 + equity 1,583,333 + all other 46,888 = 2,419,805, summed across the director compensation table rows.
  • Hess Corporation, Section 10b CEO total. DEF 14A, filed 2025-04-04. CEO total compensation as printed in Hess Corporation's own proxy. As printed: 18,036,267. View filing ↗
  • EOG Resources, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in EOG Resources, Inc.'s own proxy. As printed: 17,576,636. View filing ↗
  • EQT Corporation, Section 10b CEO total. DEF 14A, filed 2026-02-26. CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. View filing ↗
  • Diamondback Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Diamondback Energy, Inc.'s own proxy. As printed: 14,931,423. View filing ↗
  • Coterra Energy Inc., Section 10b CEO total. DEF 14A, filed 2025-03-20. CEO total compensation as printed in Coterra Energy Inc.'s own proxy. As printed: 14,748,960. View filing ↗
  • Ovintiv Inc., Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. View filing ↗
  • APA Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in APA Corporation's own proxy. As printed: 13,202,517. View filing ↗
  • Marathon Oil (subject), Section 10b CEO total. DEF 14A, filed 2024-04-10. CEO total compensation as printed in Marathon Oil's own proxy. As printed: 12,830,222. View filing ↗
  • Devon Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-05-28. CEO total compensation as printed in Devon Energy Corporation's own proxy. As printed: 12,566,384. View filing ↗
  • Murphy Oil Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Murphy Oil Corporation's own proxy. As printed: 7,651,445. View filing ↗
  • Section 10a, Devon Energy Corporation reciprocity. DEF 14A. Devon Energy Corporation names Marathon Oil in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, APA Corporation reciprocity. DEF 14A. APA Corporation names Marathon Oil in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Coterra Energy Inc. reciprocity. DEF 14A. Coterra Energy Inc. names Marathon Oil in its own disclosed peer group (read from its most recent proxy). View filing ↗