Stock Analysis on Net
Stock Analysis on Net

Marathon Oil Corp. (NYSE:MRO)

$22.49

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

Common-Size Income Statement

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Marathon Oil Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Revenues from contracts with customers
Marketing revenues
Revenues
Net gain (loss) on commodity derivatives
Income (loss) from equity method investments
Net gain (loss) on disposal of assets
Other income
Revenues and other income
Production
Marketing, including purchases from related parties
Shipping, handling and other operating
Exploration
Depreciation, depletion and amortization
Impairments
Taxes other than income
General and administrative
Costs and expenses
Income (loss) from operations
Interest income
Interest expense
Gain on interest rate swaps
Interest
Net foreign currency gain
Other
Other
Net interest and other
Other net periodic benefit (costs) credits
Loss on early extinguishment of debt
Income (loss) before income taxes
(Provision) benefit for income taxes
Income (loss) from continuing operations
Loss from discontinued operations
Net income (loss)

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).

Revenue Composition Trends
The proportion of revenues derived from contracts with customers has consistently been around or at 100% since 2018, indicating a stable core revenue source. Marketing revenues were present only in 2017, constituting 3.7% of revenues, and were absent in later years. Overall revenues as a percentage of total remained stable at 100% each year.
Income from Other Sources and Gains/Losses
Net gain or loss on commodity derivatives showed volatility with a negative impact in 2018, 2019, and notably 2021 (-6.84%), but a positive contribution in 2020 (3.75%). Income from equity method investments declined from 5.85% in 2017 to negative territory in 2020 (-5.2%), rebounding in 2021 to 4.52%. Net gains on disposal of assets were generally positive except for a slight loss in 2021 (-0.34%). Other income declined over the period from 1.78% in 2017 to 0.27% in 2021, suggesting reduced contribution from ancillary sources. Revenues combined with other income peaked in 2018 at 111.52% but declined gradually to 97.61% in 2021, reflecting diminishing additional income or gains relative to core revenues.
Cost Structure and Expense Trends
Production costs as a percentage of revenues fluctuated, with a significant increase in 2020 (-17.92%) and a rebound to a lower level in 2021 (-9.53%). Shipping, handling, and other operating expenses increased sharply in 2020 to -19.24% but improved in 2021 to -12.98%. Exploration expenses generally decreased over time from -9.35% in 2017 to -2.43% in 2021, indicating a reduction in exploration activities or costs relative to revenues. Depreciation, depletion, and amortization exhibited considerable volatility, peaking at -74.78% in 2020 then declining sharply to -36.89% in 2021, suggesting asset base changes or impairment fluctuations. Impairments were relatively low but peaked again in 2020 (-4.65%). Taxes other than income remained relatively stable around -4% to -6%. General and administrative expenses decreased steadily from -9.15% in 2017 to -5.2% in 2021, showing improved cost management. Overall costs and expenses as a percentage of revenues displayed significant variation, spiking at -137.75% in 2020 but reducing notably to -74.25% in 2021.
Profitability Metrics
Income from operations witnessed strong positive values in 2018 (28.24%) and 2021 (23.35%), but was negative in 2017 (-3.04%) and sharply negative in 2020 (-38.1%). This indicates fluctuating operational profitability with a notable downturn during 2020. Net interest expense showed a declining trend from -6.63% in 2017 to -3.61% in 2021, despite a spike in 2020 (-8.46%). Interest income declined steadily, reaching almost negligible levels by 2021. The effect of interest rate swaps appeared beneficial in 2020 and 2021, contributing positively up to 0.96%. Net interest and other costs followed the pattern of total interest expense, decreasing substantially by 2021. Loss on early extinguishment of debt increased in severity over the years, peaking at -2.16% in 2021.
Income Before and After Taxes
Income before income taxes was positive in 2018 (24.18%) and 2021 (17.93%), moderately positive in 2019 (7.74%), but strongly negative in 2017 (-10.38%) and severely negative in 2020 (-47.3%). Income tax provision fluctuated, with a tax benefit recorded in 2019 and 2020 (1.74% and 0.45% respectively) but turned negative again in 2021 (-1.04%). Income from continuing operations mirrored this cyclical pattern: positive in 2018 (18.57%), 2019 (9.48%), and 2021 (16.89%), but negative in 2017 and markedly in 2020 (-46.85%).
Net Income and Overall Performance
Net income followed a pattern similar to continuing operations, with negative returns in 2017 (-130.87%, likely influenced by discontinued operations losses) and 2020 (-46.85%), but positive outcomes in 2018 (18.57%), 2019 (9.48%), and 2021 (16.89%). The presence of large losses from discontinued operations in 2017 significantly impacted net income that year, but these were not recorded in subsequent years. Overall, the data reflects substantial volatility in earnings performance over the five-year period, with 2020 as a notably difficult year, likely reflecting external economic challenges or operational disruptions.