Name: Marathon Oil Corp. (NYSE:MRO) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in millions

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	2,168)	1,761)	1,732)	1,438)	1,254)	1,177)	822)	761)	490)	1,024)	1,233)	1,249)	1,381)	1,200)	1,380)	1,538)	1,447)	1,537)	1,185)	1,114)	958)	954)
Marketing revenues	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	45)	48)	35)	34)
Revenues	2,168)	1,761)	1,732)	1,438)	1,254)	1,177)	822)	761)	490)	1,024)	1,233)	1,249)	1,381)	1,200)	1,380)	1,538)	1,447)	1,537)	1,230)	1,162)	993)	988)
Net gain (loss) on commodity derivatives	(27)	(143)	15)	(79)	(166)	(153)	(15)	(1)	(70)	202)	(44)	47)	16)	(91)	310)	(70)	(152)	(102)	—)	—)	—)	—)
Income (loss) from equity method investments	152)	127)	74)	86)	49)	44)	13)	(10)	(152)	(12)	24)	21)	31)	11)	64)	64)	60)	37)	73)	63)	51)	69)
Net gain (loss) on disposal of assets	(1)	—)	(27)	7)	1)	—)	1)	1)	(2)	9)	(6)	22)	(8)	42)	(4)	16)	50)	257)	32)	19)	6)	1)
Other income	11)	8)	6)	1)	5)	3)	9)	3)	6)	7)	8)	6)	13)	35)	15)	119)	12)	4)	47)	8)	9)	14)
Revenues and other income	2,303)	1,753)	1,800)	1,453)	1,143)	1,071)	830)	754)	272)	1,230)	1,215)	1,345)	1,433)	1,197)	1,765)	1,667)	1,417)	1,733)	1,382)	1,252)	1,059)	1,072)
Production	(164)	(152)	(156)	(131)	(126)	(121)	(137)	(129)	(129)	(160)	(169)	(163)	(193)	(187)	(205)	(215)	(205)	(217)	(185)	(194)	(176)	(151)
Marketing, including purchases from related parties	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(47)	(49)	(38)	(34)
Shipping, handling and other operating	(191)	(185)	(189)	(219)	(167)	(152)	(164)	(183)	(105)	(144)	(143)	(138)	(170)	(154)	(167)	(152)	(126)	(130)	(122)	(109)	(111)	(89)
Exploration	(8)	(11)	(27)	(63)	(25)	(21)	(100)	(27)	(26)	(28)	(42)	(22)	(26)	(59)	(116)	(56)	(65)	(52)	(57)	(294)	(30)	(28)
Depreciation, depletion and amortization	(436)	(423)	(516)	(522)	(532)	(496)	(521)	(554)	(597)	(644)	(616)	(622)	(605)	(554)	(613)	(626)	(612)	(590)	(583)	(641)	(592)	(556)
Impairments	(2)	—)	—)	(13)	(46)	(1)	(46)	(1)	—)	(97)	—)	—)	(18)	(6)	(25)	(8)	(34)	(8)	(24)	(201)	—)	(4)
Taxes other than income	(140)	(104)	(109)	(88)	(74)	(74)	(55)	(49)	(30)	(66)	(79)	(81)	(79)	(72)	(84)	(86)	(65)	(64)	(55)	(44)	(45)	(39)
General and administrative	(68)	(73)	(64)	(70)	(68)	(89)	(57)	(53)	(88)	(76)	(93)	(82)	(87)	(94)	(88)	(101)	(105)	(100)	(101)	(97)	(93)	(109)
Costs and expenses	(1,009)	(948)	(1,061)	(1,106)	(1,038)	(954)	(1,080)	(996)	(975)	(1,215)	(1,142)	(1,108)	(1,178)	(1,126)	(1,298)	(1,244)	(1,212)	(1,161)	(1,174)	(1,629)	(1,085)	(1,010)
Income (loss) from operations	1,294)	805)	739)	347)	105)	117)	(250)	(242)	(703)	15)	73)	237)	255)	71)	467)	423)	205)	572)	208)	(377)	(26)	62)
Net interest and other	(54)	(22)	(59)	(57)	(59)	(13)	(61)	(62)	(69)	(64)	(67)	(64)	(64)	(49)	(58)	(58)	(65)	(45)	(71)	(35)	(86)	(78)
Other net periodic benefit (costs) credits	5)	4)	3)	—)	(1)	3)	(2)	(6)	7)	—)	(6)	2)	2)	5)	(3)	(8)	—)	(3)	—)	—)	—)	—)
Loss on early extinguishment of debt	—)	—)	—)	(102)	(19)	—)	(28)	—)	—)	—)	(3)	—)	—)	—)	—)	—)	—)	—)	(5)	(46)	—)	—)
Income (loss) before income taxes	1,245)	787)	683)	188)	26)	107)	(341)	(310)	(765)	(49)	(3)	175)	193)	27)	406)	357)	140)	524)	132)	(458)	(112)	(16)
(Provision) benefit for income taxes	(279)	517)	(34)	(4)	(10)	(10)	3)	(7)	15)	3)	(17)	(10)	(32)	147)	(16)	(103)	(44)	(168)	(160)	(141)	(41)	(34)
Income (loss) from continuing operations	966)	1,304)	649)	184)	16)	97)	(338)	(317)	(750)	(46)	(20)	165)	161)	174)	390)	254)	96)	356)	(28)	(599)	(153)	(50)
Income (loss) from discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	14)	(4,907)
Net income (loss)	966)	1,304)	649)	184)	16)	97)	(338)	(317)	(750)	(46)	(20)	165)	161)	174)	390)	254)	96)	356)	(28)	(599)	(139)	(4,957)

The financial performance across the analyzed period is characterized by significant volatility in revenue and net income, followed by a period of substantial growth and margin expansion beginning in 2021. A critical downturn is observed in the first half of 2020, which was followed by a recovery that surpassed previous peak levels by mid-2022.

Revenue Trends: Revenues from contracts with customers exhibited a fluctuating trajectory, peaking in 2018 before experiencing a severe contraction in the second quarter of 2020, where they dropped to 490 million US$. Following this trough, a consistent upward trend is evident, with revenues climbing to 2,168 million US$ by June 30, 2022, representing a significant increase over the 2017-2019 baseline.
Expense Structure and Operational Costs: Depreciation, depletion, and amortization remained the most substantial operating expense, consistently ranging between 423 million and 644 million US$ per quarter. While production and shipping costs fluctuated in alignment with activity levels, general and administrative expenses remained relatively stable, showing a slight downward trend in the latter half of the period, which contributed to improved operating leverage.
Operational Profitability: Income from operations transitioned from periodic losses and low margins between 2017 and 2020 to rapid growth in 2021 and 2022. Operational income rose from 117 million US$ in March 2021 to a peak of 1,294 million US$ in June 2022, indicating a strong correlation between rising revenues and enhanced operational efficiency.
Net Income and Non-Operating Impacts: Net income was heavily impacted by non-recurring items and external market volatility. A substantial loss of 4,907 million US$ from discontinued operations occurred in March 2017. Additionally, the period was marked by volatility in commodity derivatives and asset disposals. However, the trend shifted toward strong profitability in 2022, with net income reaching 1,304 million US$ in the first quarter of that year.
Tax and Interest Effects: Net interest expenses remained relatively stable throughout the period, though a notable decrease in interest burdens is observed in the 2021-2022 quarters. Income tax provisions were highly variable, including a significant tax benefit of 517 million US$ in March 2022, which substantially bolstered the net income for that quarter.

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Marathon Oil Corp. (NYSE:MRO)

Income StatementQuarterly Data

Income Statement
Quarterly Data