Saturation exponent is an important parameter in Archie's equations;however,there has been no well-accepted physical interpretation for the saturation exponent.We have theoretically derived Archie's equations from the Maxwell-Wagner theory on the assumption of homogeneous fluid distribution in the pore space of clay-free porous rocks.Further theoretical derivations showed that the saturation exponent is in essence the cementation exponent for the water-air mixture and is quantitatively and explicitly related to the aspect ratio of the air bubbles in the pores.The results have provided a theoretical backup for the empirically obtained Archie's equations and have offered a more physical and quantitative understanding of the saturation exponent.