Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Marathon Oil Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Cash and cash equivalents	580)	742)	858)	1,462)	563)
Receivables, less reserve	1,142)	747)	1,122)	1,079)	1,082)
Notes receivable	—)	—)	—)	—)	748)
Inventories	77)	76)	72)	96)	126)
Other current assets	22)	47)	83)	257)	36)
Current assets held for sale	—)	—)	—)	27)	11)
Current assets	1,821)	1,612)	2,135)	2,921)	2,566)
Equity method investments	450)	447)	663)	745)	847)
Property, plant and equipment, less accumulated depreciation, depletion and amortization	14,499)	15,638)	17,000)	16,804)	17,665)
Finance lease right-of-use (ROU) assets	28)	—)	—)	—)	—)
Property, plant and equipment, including finance lease ROU assets, less accumulated depreciation, depletion and amortization	14,527)	15,638)	17,000)	16,804)	17,665)
Goodwill	—)	—)	95)	97)	115)
Other noncurrent assets	196)	259)	352)	723)	764)
Noncurrent assets held for sale	—)	—)	—)	31)	55)
Noncurrent assets	15,173)	16,344)	18,110)	18,400)	19,446)
Total assets	16,994)	17,956)	20,245)	21,321)	22,012)

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).

Total assets exhibit a consistent downward trajectory over the five-year period from 2017 to 2021, decreasing from 22,012 million US$ to 16,994 million US$. This represents a total contraction of approximately 22.8% in the company's asset base.

Current Asset Liquidity: Current assets peaked in 2018 at 2,921 million US$ before declining to 1,821 million US$ by 2021. This trend is primarily driven by fluctuations in cash and cash equivalents, which surged to 1,462 million US$ in 2018 but steadily retreated to 580 million US$ by the end of 2021. Receivables remained relatively volatile, experiencing a significant dip in 2020 to 747 million US$ before recovering to 1,142 million US$ in 2021.
Fixed Asset Depreciation and Valuation: Property, plant and equipment (PP&E), net of accumulated depreciation, depletion and amortization, constitutes the largest portion of the asset base. A steady decline is observed in this category, falling from 17,665 million US$ in 2017 to 14,499 million US$ in 2021. This consistent reduction indicates that depreciation and depletion charges are outpacing new capital expenditures, or that assets are being divested.
Noncurrent Investment Trends: There is a notable reduction in long-term strategic investments. Equity method investments decreased by nearly 47%, falling from 847 million US$ in 2017 to 450 million US$ in 2021. Similarly, goodwill was phased out entirely by 2020, and other noncurrent assets declined sharply from 764 million US$ in 2017 to 196 million US$ in 2021.
Asset Composition Shift: The overall asset structure has shifted toward a leaner balance sheet. The combined decline in both current assets and noncurrent assets suggests a broader strategy of asset reduction or a response to impairment and depreciation within the oil and gas operating environment.

Marathon Oil Corp. (NYSE:MRO)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items