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
Quarterly Data

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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
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
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
Income (loss) from discontinued operations
Net income (loss)

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).

Revenue Composition and Other Income
Revenues from contracts consistently represent 96-100% of total revenues over the periods, transitioning fully to 100% beginning March 2018. Marketing revenues were present only in early 2017 but absent subsequently. Other income as a percentage of revenues shows variability, with occasional spikes such as 7.74% in Sep 2018, indicating inconsistencies in non-core revenue streams. The combined metric of revenues and other income fluctuates, with notable peaks in Dec 2017 (112.36%) and Dec 2018 (127.90%) and significant troughs in June 2020 (55.51%), suggesting periods of substantial volatility or extraordinary income/expense events.
Net Gain/Loss on Commodity Derivatives
The impact of commodity derivatives is highly volatile. From negative impacts in mid-2018 and early 2020, to a notable gain of 22.46% in Dec 2017 and 19.73% in Mar 2020, the contributions are irregular and sometimes significant relative to revenues. The negative values dominate especially during the periods of market stress such as 2020, implying exposure to commodity price fluctuations.
Income from Equity Method Investments
Income from equity method investments mostly remains positive although fluctuating between approximately 0.9% to 7.2%, with a sharp income decline in mid-2020 (down to -31.02%). This suggests a generally positive but somewhat unstable contribution from equity investments, with temporary impairments or losses during market disruptions.
Gains/Losses on Disposal of Assets
This component shows low but fluctuating values, occasionally positive (up to 16.72% in Mar 2018) but also negative or near zero in various quarters. This pattern indicates sporadic asset sales or write-downs affecting income.
Operational and Cost-Related Items
Production costs as a percentage of revenues show a gradual decline over time from approximately -15% in 2017 to less than -8% by mid-2022, indicating improved production cost efficiency or changing cost recognition. Similarly, shipping and handling costs remain materially significant, fluctuating between about -9% and -24%, with a spike in the 2020 periods, possibly reflecting operational challenges or logistic cost increases. Exploration costs vary widely with some sharp spikes especially in 2017 (notably -25.3% in Sep 2017) and intermittent increases later, demonstrating episodic high exploration expense impacts. Depreciation, depletion, and amortization constitute the most substantial cost category, though trending downward from nearly -60% in 2017 to around -20% by mid-2022, with anomalous spikes in 2020. This generally decreasing trend may reflect asset base changes or amortization method adjustments. Impairments regularly appear but remain relatively minor, except for significant negative impacts in 2017 and 2020, underlining episodic asset write-downs. Taxes other than income remain relatively steady around -4% to -6.5% of revenues. General and administrative expenses decrease notably over time, from over -11% in early 2017 to just above -3% by mid-2022, suggesting reductions in overhead or improved cost control.
Income and Profitability Measures
Income from operations fluctuated significantly with large negative dips in 2017 and 2020 and positive peaks reaching over 45% in early 2022. The volatile pattern reveals operational challenges and recovery phases, especially negative impact during 2020 consistent with broader industry disruptions. Net interest and other financial costs remained negative but generally decreased as a percentage of revenues from around -8% in 2017 to approximately -2.5% in 2022, indicating improved financing costs or lower debt levels. Income before income taxes mirrors operational income volatility, with large negative swings in 2017 and 2020, and substantial positive figures by 2022. Provision for income taxes is variable, ranging from negative (tax benefits) to positive, with notable tax benefits in some quarters of 2020 and in early 2022, reflecting either tax loss carrybacks or adjustments. Net income from continuing operations displays pronounced volatility, with heavy losses during 2017 and extensive negative impacts in 2020, followed by recovery and strong profitability in 2021 and 2022.
Summary Insights
Overall, the analyzed periods reveal high volatility in all major financial components, particularly around 2017 and 2020, consistent with macroeconomic and commodity price shocks. Post-2020, there is a marked recovery and trend toward improved operational efficiency with reductions in production costs, administrative expenses, and depreciation/amortization rates. The contribution of derivative instruments and equity investments to income remains unpredictable. The company demonstrates resilience by achieving positive operating and net income percentages in recent quarters after periods of significant loss.