Debt to Equity
since 2005
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Marathon Oil Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Total Asset Turnover since 2005
- Analysis of Revenues
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Calculation
Marathon Oil Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Commercial paper and long-term debt, including current portion1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | = | ÷ | |||
| Dec 31, 2020 | = | ÷ | |||
| Dec 31, 2019 | = | ÷ | |||
| Dec 31, 2018 | = | ÷ | |||
| Dec 31, 2017 | = | ÷ | |||
| Dec 31, 2016 | = | ÷ | |||
| Dec 31, 2015 | = | ÷ | |||
| Dec 31, 2014 | = | ÷ | |||
| Dec 31, 2013 | = | ÷ | |||
| Dec 31, 2012 | = | ÷ | |||
| Dec 31, 2011 | = | ÷ | |||
| Dec 31, 2010 | = | ÷ | |||
| Dec 31, 2009 | = | ÷ | |||
| Dec 31, 2008 | = | ÷ | |||
| Dec 31, 2007 | = | ÷ | |||
| Dec 31, 2006 | = | ÷ | |||
| Dec 31, 2005 | = | ÷ |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
- Commercial paper and long-term debt
- The company's total commercial paper and long-term debt shows considerable fluctuations over the analyzed period. Starting at $4,013 million at the end of 2005, the debt level initially decreased to $3,532 million by 2006, before sharply increasing to a peak of $8,532 million in 2009. Subsequently, debt levels generally declined with some volatility, falling to $4,014 million by the end of 2021. Notably, the debt increased again in 2010 but then trended downward with intermittent rises, indicating periods of debt management and possibly capital restructuring efforts.
- Stockholders’ equity
- Stockholders’ equity demonstrated overall growth from $11,705 million in 2005 to a peak of $23,771 million in 2010, reflecting a significant strengthening in shareholder value during these years. However, after 2010, equity declined sharply to $11,708 million by 2017, implying either large distributions, losses, or other equity-reducing events. There was a slight recovery and stabilization in the following years, with equity levels maintaining around $10,500 million to $12,000 million from 2017 through 2021.
- Debt to equity ratio
- The debt to equity ratio exhibited variability but remained within a range of approximately 0.24 to 0.51 throughout the period, indicating moderate leverage. After reaching a low of 0.24 in 2006, the ratio rose to around 0.39-0.41 during 2009-2011, reflecting increased borrowing relative to equity. The highest leverage ratio of 0.51 was recorded in 2020, suggesting peak debt reliance relative to equity at that time. Following this, the ratio slightly decreased to 0.38 by 2021. These fluctuations align with the observed changes in both debt and equity levels, signaling cyclical adjustments in capital structure.
- Summary of trends and implications
- The data reveals a period of aggressive debt accumulation leading up to 2009, paralleled by growth in stockholders’ equity through 2010, suggesting expansionary activities financed through a balanced mix of debt and equity. The subsequent decline in equity and variable debt levels indicate potential financial challenges or strategic shifts affecting capital structure. The increasing leverage ratio toward 2020 suggests elevated financial risk or liquidity needs, possibly due to external pressures or investment requirements. The partial rebound in equity and manageable decline in debt ratio by 2021 may reflect efforts to stabilize the financial position. Overall, the company maintained moderate leverage with notable temporal variability in capital resources.
Comparison to Competitors
Marathon Oil Corp., debt to equity, long-term trends, comparison to competitors
| Marathon Oil Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|---|
| Dec 31, 2021 | |||||
| Dec 31, 2020 | |||||
| Dec 31, 2019 | |||||
| Dec 31, 2018 | |||||
| Dec 31, 2017 | |||||
| Dec 31, 2016 | |||||
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| Dec 31, 2013 | |||||
| Dec 31, 2012 | |||||
| Dec 31, 2011 | |||||
| Dec 31, 2010 | |||||
| Dec 31, 2009 | |||||
| Dec 31, 2008 | |||||
| Dec 31, 2007 | |||||
| Dec 31, 2006 | |||||
| Dec 31, 2005 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Marathon Oil Corp., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Marathon Oil Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2021 | ||
| Dec 31, 2020 | ||
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 | ||
| Dec 31, 2010 | ||
| Dec 31, 2009 | ||
| Dec 31, 2008 | ||
| Dec 31, 2007 | ||
| Dec 31, 2006 | ||
| Dec 31, 2005 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Marathon Oil Corp., debt to equity, long-term trends, comparison to industry (energy)
| Marathon Oil Corp. | Energy | |
|---|---|---|
| Dec 31, 2021 | ||
| Dec 31, 2020 | ||
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 | ||
| Dec 31, 2010 | ||
| Dec 31, 2009 | ||
| Dec 31, 2008 | ||
| Dec 31, 2007 | ||
| Dec 31, 2006 | ||
| Dec 31, 2005 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).