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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 Balance Sheet: Liabilities and Stockholders’ Equity

Marathon Oil Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Accounts payable 6.53 4.66 6.46 6.19 6.34
Payroll and benefits payable 0.44 0.32 0.55 0.72 0.49
Accrued taxes 0.92 0.40 0.58 0.85 0.80
Current portion of long-term finance lease liability 0.04 0.00 0.00 0.00 0.00
Other current liabilities 1.49 1.38 1.03 0.80 1.31
Long-term debt due within one year 0.21 0.00 0.00 0.00 0.00
Current liabilities held for sale 0.00 0.00 0.00 0.03 0.00
Current liabilities 9.63% 6.76% 8.62% 8.59% 8.94%
Long-term debt, excluding due within one year 23.41 30.10 27.17 25.79 24.96
Deferred tax liabilities 0.80 0.91 0.92 0.93 3.78
Defined benefit postretirement plan obligations 0.81 1.00 0.90 0.91 1.64
Asset retirement obligations 1.69 1.34 1.20 5.07 6.49
Long-term finance lease liability, excluding current portion 0.14 0.00 0.00 0.00 0.00
Deferred credits and other liabilities 0.64 1.08 1.16 1.31 0.99
Noncurrent liabilities held for sale 0.00 0.00 0.00 0.51 0.01
Noncurrent liabilities 27.49% 34.43% 31.35% 34.52% 37.87%
Total liabilities 37.12% 41.18% 39.97% 43.12% 46.81%
Preferred stock, no par value; no shares issued or outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, par value $1 per share 5.51 5.22 4.63 4.39 4.26
Common stock, held in treasury, at cost -28.39 -22.77 -20.20 -17.90 -15.11
Additional paid-in capital 42.49 39.95 35.60 33.95 33.52
Retained earnings 42.79 36.01 39.48 36.14 30.80
Accumulated other comprehensive income (loss) 0.48 0.41 0.52 0.30 -0.28
Stockholders’ equity 62.88% 58.82% 60.03% 56.88% 53.19%
Total liabilities and stockholders’ equity 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 capital structure reflects a consistent shift toward a higher proportion of equity financing relative to total liabilities and stockholders’ equity. Total liabilities decreased from 46.81% in 2017 to 37.12% by the end of 2021, while stockholders’ equity increased from 53.19% to 62.88% over the same period. This trend indicates a reduction in overall financial leverage and an increase in the company's solvency position.

Current Liabilities Trend
Current liabilities remained relatively stable, fluctuating between 6.76% and 9.63%. Accounts payable, the primary component of current liabilities, hovered around 6% for most of the period, with a notable dip to 4.66% in 2020 before returning to 6.53% in 2021. This stability suggests a consistent management of short-term operational obligations relative to the total balance sheet size.
Long-Term Debt and Noncurrent Liabilities
Noncurrent liabilities experienced a general decline, moving from 37.87% in 2017 to 27.49% in 2021. Long-term debt, excluding the current portion, showed volatility, peaking at 30.10% in 2020 before falling sharply to 23.41% in 2021. A significant reduction is observed in asset retirement obligations, which dropped from 6.49% in 2017 to 1.69% in 2021, contributing meaningfully to the overall decrease in long-term liabilities.
Equity Components and Capital Allocation
Stockholders’ equity grew steadily, driven by increases in additional paid-in capital, which rose from 33.52% in 2017 to 42.49% in 2021, and retained earnings, which grew from 30.80% to 42.79% over the five-year span. This growth was partially offset by a substantial increase in common stock held in treasury, which grew from a negative 15.11% in 2017 to negative 28.39% in 2021. The expansion of the treasury stock account suggests a consistent and aggressive strategy of share repurchases.
Other Liability Observations
Deferred tax liabilities saw a sharp decrease from 3.78% in 2017 to 0.80% in 2021. Similarly, defined benefit postretirement plan obligations decreased from 1.64% to 0.81%. These reductions further underscore the overall trend of decreasing noncurrent liabilities relative to the total capital base.

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