Stock Analysis on Net
Stock Analysis on Net

Marathon Oil Corp. (NYSE:MRO)

This company has been moved to the archive! The financial data has not been updated since August 4, 2022.

Common-Size Balance Sheet: Assets

Marathon Oil Corp., common-size consolidated balance sheet: assets

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 3.41 4.13 4.24 6.86 2.56
Receivables, less reserve 6.72 4.16 5.54 5.06 4.92
Notes receivable 0.00 0.00 0.00 0.00 3.40
Inventories 0.45 0.42 0.36 0.45 0.57
Other current assets 0.13 0.26 0.41 1.21 0.16
Current assets held for sale 0.00 0.00 0.00 0.13 0.05
Current assets 10.72% 8.98% 10.55% 13.70% 11.66%
Equity method investments 2.65 2.49 3.27 3.49 3.85
Property, plant and equipment, less accumulated depreciation, depletion and amortization 85.32 87.09 83.97 78.81 80.25
Finance lease right-of-use (ROU) assets 0.16 0.00 0.00 0.00 0.00
Property, plant and equipment, including finance lease ROU assets, less accumulated depreciation, depletion and amortization 85.48% 87.09% 83.97% 78.81% 80.25%
Goodwill 0.00 0.00 0.47 0.45 0.52
Other noncurrent assets 1.15 1.44 1.74 3.39 3.47
Noncurrent assets held for sale 0.00 0.00 0.00 0.15 0.25
Noncurrent assets 89.28% 91.02% 89.45% 86.30% 88.34%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The asset structure reflects a capital-intensive operational model, characterized by a heavy concentration of noncurrent assets, specifically property, plant, and equipment. Over the five-year period ending December 31, 2021, the balance sheet exhibits a trend of increasing reliance on fixed assets, coinciding with a general contraction in the relative proportion of liquid current assets.

Liquidity and Current Asset Trends
Current assets as a percentage of total assets fluctuated between a peak of 13.70% in 2018 and a low of 8.98% in 2020, ending at 10.72% in 2021. Cash and cash equivalents showed significant volatility, increasing from 2.56% in 2017 to 6.86% in 2018 before steadily declining to 3.41% by 2021. Receivables remained a relatively stable component of the asset base, though a notable increase to 6.72% occurred in 2021, representing the highest proportion for this item within the analyzed period.
Fixed Asset Concentration
Property, plant, and equipment (PP&E), including finance lease right-of-use assets, constitute the primary driver of the balance sheet. This category remained above 78% throughout the period, showing a growth trend from 78.81% in 2018 to a peak of 87.09% in 2020, before slightly moderating to 85.48% in 2021. This indicates a strategic shift or increased investment in long-term productive capacity relative to other asset classes.
Noncurrent Asset Diversification
Beyond fixed assets, other noncurrent components have seen a consistent relative decline. Equity method investments decreased from 3.85% in 2017 to 2.65% in 2021. Similarly, other noncurrent assets experienced a steady downward trajectory, falling from 3.47% in 2017 to 1.15% in 2021. The introduction of finance lease right-of-use assets in 2021, though minimal at 0.16%, marks a change in the reporting of lease obligations as assets.
Overall Asset Composition Summary
The transition from 2017 to 2021 is marked by a migration of value toward noncurrent assets, which rose from 88.34% to a peak of 91.02% in 2020, finishing at 89.28% in 2021. This consolidation reinforces the company's position as an entity with highly illiquid assets, where the vast majority of total value is tied to long-term infrastructure and equipment.

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