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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 Income Statement
Quarterly Data

Marathon Oil Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Revenues from contracts with customers 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.34 95.87 96.48 96.56
Marketing revenues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.66 4.13 3.52 3.44
Revenues 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net gain (loss) on commodity derivatives -1.25 -8.12 0.87 -5.49 -13.24 -13.00 -1.82 -0.13 -14.29 19.73 -3.57 3.76 1.16 -7.58 22.46 -4.55 -10.50 -6.64 0.00 0.00 0.00 0.00
Income (loss) from equity method investments 7.01 7.21 4.27 5.98 3.91 3.74 1.58 -1.31 -31.02 -1.17 1.95 1.68 2.24 0.92 4.64 4.16 4.15 2.41 5.93 5.42 5.14 6.98
Net gain (loss) on disposal of assets -0.05 0.00 -1.56 0.49 0.08 0.00 0.12 0.13 -0.41 0.88 -0.49 1.76 -0.58 3.50 -0.29 1.04 3.46 16.72 2.60 1.64 0.60 0.10
Other income 0.51 0.45 0.35 0.07 0.40 0.25 1.09 0.39 1.22 0.68 0.65 0.48 0.94 2.92 1.09 7.74 0.83 0.26 3.82 0.69 0.91 1.42
Revenues and other income 106.23% 99.55% 103.93% 101.04% 91.15% 90.99% 100.97% 99.08% 55.51% 120.12% 98.54% 107.69% 103.77% 99.75% 127.90% 108.39% 97.93% 112.75% 112.36% 107.75% 106.65% 108.50%
Production -7.56 -8.63 -9.01 -9.11 -10.05 -10.28 -16.67 -16.95 -26.33 -15.63 -13.71 -13.05 -13.98 -15.58 -14.86 -13.98 -14.17 -14.12 -15.04 -16.70 -17.72 -15.28
Marketing, including purchases from related parties 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3.82 -4.22 -3.83 -3.44
Shipping, handling and other operating -8.81 -10.51 -10.91 -15.23 -13.32 -12.91 -19.95 -24.05 -21.43 -14.06 -11.60 -11.05 -12.31 -12.83 -12.10 -9.88 -8.71 -8.46 -9.92 -9.38 -11.18 -9.01
Exploration -0.37 -0.62 -1.56 -4.38 -1.99 -1.78 -12.17 -3.55 -5.31 -2.73 -3.41 -1.76 -1.88 -4.92 -8.41 -3.64 -4.49 -3.38 -4.63 -25.30 -3.02 -2.83
Depreciation, depletion and amortization -20.11 -24.02 -29.79 -36.30 -42.42 -42.14 -63.38 -72.80 -121.84 -62.89 -49.96 -49.80 -43.81 -46.17 -44.42 -40.70 -42.29 -38.39 -47.40 -55.16 -59.62 -56.28
Impairments -0.09 0.00 0.00 -0.90 -3.67 -0.08 -5.60 -0.13 0.00 -9.47 0.00 0.00 -1.30 -0.50 -1.81 -0.52 -2.35 -0.52 -1.95 -17.30 0.00 -0.40
Taxes other than income -6.46 -5.91 -6.29 -6.12 -5.90 -6.29 -6.69 -6.44 -6.12 -6.45 -6.41 -6.49 -5.72 -6.00 -6.09 -5.59 -4.49 -4.16 -4.47 -3.79 -4.53 -3.95
General and administrative -3.14 -4.15 -3.70 -4.87 -5.42 -7.56 -6.93 -6.96 -17.96 -7.42 -7.54 -6.57 -6.30 -7.83 -6.38 -6.57 -7.26 -6.51 -8.21 -8.35 -9.37 -11.03
Costs and expenses -46.54% -53.83% -61.26% -76.91% -82.78% -81.05% -131.39% -130.88% -198.98% -118.65% -92.62% -88.71% -85.30% -93.83% -94.06% -80.88% -83.76% -75.54% -95.45% -140.19% -109.26% -102.23%
Income (loss) from operations 59.69% 45.71% 42.67% 24.13% 8.37% 9.94% -30.41% -31.80% -143.47% 1.46% 5.92% 18.98% 18.46% 5.92% 33.84% 27.50% 14.17% 37.22% 16.91% -32.44% -2.62% 6.28%
Net interest and other -2.49 -1.25 -3.41 -3.96 -4.70 -1.10 -7.42 -8.15 -14.08 -6.25 -5.43 -5.12 -4.63 -4.08 -4.20 -3.77 -4.49 -2.93 -5.77 -3.01 -8.66 -7.89
Other net periodic benefit (costs) credits 0.23 0.23 0.17 0.00 -0.08 0.25 -0.24 -0.79 1.43 0.00 -0.49 0.16 0.14 0.42 -0.22 -0.52 0.00 -0.20 0.00 0.00 0.00 0.00
Loss on early extinguishment of debt 0.00 0.00 0.00 -7.09 -1.52 0.00 -3.41 0.00 0.00 0.00 -0.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.41 -3.96 0.00 0.00
Income (loss) before income taxes 57.43% 44.69% 39.43% 13.07% 2.07% 9.09% -41.48% -40.74% -156.12% -4.79% -0.24% 14.01% 13.98% 2.25% 29.42% 23.21% 9.68% 34.09% 10.73% -39.41% -11.28% -1.62%
(Provision) benefit for income taxes -12.87 29.36 -1.96 -0.28 -0.80 -0.85 0.36 -0.92 3.06 0.29 -1.38 -0.80 -2.32 12.25 -1.16 -6.70 -3.04 -10.93 -13.01 -12.13 -4.13 -3.44
Income (loss) from continuing operations 44.56% 74.05% 37.47% 12.80% 1.28% 8.24% -41.12% -41.66% -153.06% -4.49% -1.62% 13.21% 11.66% 14.50% 28.26% 16.51% 6.63% 23.16% -2.28% -51.55% -15.41% -5.06%
Income (loss) from discontinued operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.41 -496.66
Net income (loss) 44.56% 74.05% 37.47% 12.80% 1.28% 8.24% -41.12% -41.66% -153.06% -4.49% -1.62% 13.21% 11.66% 14.50% 28.26% 16.51% 6.63% 23.16% -2.28% -51.55% -14.00% -501.72%

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The financial performance over the analyzed period exhibits extreme volatility, characterized by a severe contraction in 2020 followed by a robust recovery in operating margins through the first half of 2022. A significant transition is observed from a period of high relative expenses and unstable earnings to a leaner cost structure with substantially higher profitability as a percentage of revenue.

Revenue and Other Income Trends
Total revenues from contracts with customers remained the primary driver of income, though overall revenue and other income fluctuated due to volatile non-operating items. Net gains or losses on commodity derivatives showed significant instability, ranging from a gain of 22.46% in December 2018 to losses exceeding 14% in mid-2020 and mid-2021. Income from equity method investments provided a consistent positive contribution for most of the period, despite a sharp anomaly in June 2020 where it fell to -31.02% of revenues.
Operational Cost Analysis
The cost structure underwent a dramatic transformation. Depreciation, depletion, and amortization (DD&A) represented the most significant expense, peaking at -121.84% of revenues in June 2020, which indicates a period where non-cash charges vastly exceeded total revenue. However, a consistent downward trend is observed thereafter, with DD&A falling to -20.11% by June 2022. Production costs also improved from a peak of -26.33% in June 2020 to -7.56% by the end of the period. General and administrative expenses showed a steady decline from approximately 11% in early 2017 to 3.14% in June 2022, reflecting increased operational efficiency.
Operating and Net Profitability
Income from operations experienced severe fluctuations, moving from deep deficits in 2020—reaching a low of -143.47% of revenues—to a strong expansion in 2021 and 2022, peaking at 59.69% in June 2022. This recovery was mirrored in the net income, which transitioned from substantial losses in 2020 to a high of 74.05% of revenues in March 2022. The extreme loss of -501.72% in March 2017 was primarily driven by a one-time impact from discontinued operations, which did not recur in subsequent quarters.
Financial Obligations and Taxes
Net interest and other expenses generally trended downward as a percentage of revenue, decreasing from highs of 14.08% in June 2020 to 2.49% in June 2022. Tax provisions remained volatile, with a notable tax benefit of 29.36% in March 2022 significantly boosting the net income for that period.

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