Stock Analysis on Net

Marathon Oil Corp. (NYSE:MRO)

This company has been moved to the archive! The financial data has not been updated since August 4, 2022.

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

Marathon Oil Corp., profit margin by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 23.94% -18.91% 14.67% 12.44% -4.78%
International (Int’l) 118.73% 17.34% 50.54% 46.56% 32.41%

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).

Segment profitability ratio Reportable segment The company
Segment profit margin United States (U.S.) United States (U.S.) segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
International (Int’l) International (Int’l) segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Profit Margin: United States (U.S.)

Marathon Oil Corp.; United States (U.S.); segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Segment income (loss) 1,277 (553) 675 608 (148)
Revenues from contracts with customers 5,334 2,924 4,602 4,886 3,093
Segment Profitability Ratio
Segment profit margin1 23.94% -18.91% 14.67% 12.44% -4.78%

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).

1 2021 Calculation
Segment profit margin = 100 × Segment income (loss) ÷ Revenues from contracts with customers
= 100 × 1,277 ÷ 5,334 = 23.94%

Segment profitability ratio Reportable segment The company
Segment profit margin United States (U.S.) United States (U.S.) segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Profit Margin: International (Int’l)

Marathon Oil Corp.; International (Int’l); segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Segment income (loss) 317 30 233 473 374
Revenues from contracts with customers 267 173 461 1,016 1,154
Segment Profitability Ratio
Segment profit margin1 118.73% 17.34% 50.54% 46.56% 32.41%

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).

1 2021 Calculation
Segment profit margin = 100 × Segment income (loss) ÷ Revenues from contracts with customers
= 100 × 317 ÷ 267 = 118.73%

Segment profitability ratio Reportable segment The company
Segment profit margin International (Int’l) International (Int’l) segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Return on Assets (Segment ROA)

Marathon Oil Corp., ROA by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 8.33% -3.44% 3.80% 3.51% -0.88%
International (Int’l) 31.89% 2.78% 15.23% 22.71% 8.90%

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).

Segment profitability ratio Reportable segment The company
Segment ROA United States (U.S.) United States (U.S.) segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
International (Int’l) International (Int’l) segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment ROA: United States (U.S.)

Marathon Oil Corp.; United States (U.S.); segment ROA calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Segment income (loss) 1,277 (553) 675 608 (148)
Total assets 15,339 16,063 17,781 17,321 16,863
Segment Profitability Ratio
Segment ROA1 8.33% -3.44% 3.80% 3.51% -0.88%

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).

1 2021 Calculation
Segment ROA = 100 × Segment income (loss) ÷ Total assets
= 100 × 1,277 ÷ 15,339 = 8.33%

Segment profitability ratio Reportable segment The company
Segment ROA United States (U.S.) United States (U.S.) segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment ROA: International (Int’l)

Marathon Oil Corp.; International (Int’l); segment ROA calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Segment income (loss) 317 30 233 473 374
Total assets 994 1,081 1,530 2,083 4,201
Segment Profitability Ratio
Segment ROA1 31.89% 2.78% 15.23% 22.71% 8.90%

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).

1 2021 Calculation
Segment ROA = 100 × Segment income (loss) ÷ Total assets
= 100 × 317 ÷ 994 = 31.89%

Segment profitability ratio Reportable segment The company
Segment ROA International (Int’l) International (Int’l) segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Asset Turnover

Marathon Oil Corp., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 0.35 0.18 0.26 0.28 0.18
International (Int’l) 0.27 0.16 0.30 0.49 0.27

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).

Segment activity ratio Reportable segment The company
Segment asset turnover United States (U.S.) United States (U.S.) segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
International (Int’l) International (Int’l) segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Segment Asset Turnover: United States (U.S.)

Marathon Oil Corp.; United States (U.S.); segment asset turnover calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues from contracts with customers 5,334 2,924 4,602 4,886 3,093
Total assets 15,339 16,063 17,781 17,321 16,863
Segment Activity Ratio
Segment asset turnover1 0.35 0.18 0.26 0.28 0.18

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).

1 2021 Calculation
Segment asset turnover = Revenues from contracts with customers ÷ Total assets
= 5,334 ÷ 15,339 = 0.35

Segment activity ratio Reportable segment The company
Segment asset turnover United States (U.S.) United States (U.S.) segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Asset Turnover: International (Int’l)

Marathon Oil Corp.; International (Int’l); segment asset turnover calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues from contracts with customers 267 173 461 1,016 1,154
Total assets 994 1,081 1,530 2,083 4,201
Segment Activity Ratio
Segment asset turnover1 0.27 0.16 0.30 0.49 0.27

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).

1 2021 Calculation
Segment asset turnover = Revenues from contracts with customers ÷ Total assets
= 267 ÷ 994 = 0.27

Segment activity ratio Reportable segment The company
Segment asset turnover International (Int’l) International (Int’l) segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Segment Capital Expenditures to Depreciation

Marathon Oil Corp., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 0.52 0.51 1.13 1.18 1.03
International (Int’l) 0.00 0.01 0.13 0.20 0.13

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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation United States (U.S.) United States (U.S.) segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
International (Int’l) International (Int’l) segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Segment Capital Expenditures to Depreciation: United States (U.S.)

Marathon Oil Corp.; United States (U.S.); segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures 1,018 1,137 2,550 2,620 2,081
Depreciation, depletion and amortization 1,972 2,211 2,250 2,217 2,011
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.52 0.51 1.13 1.18 1.03

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).

1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 1,018 ÷ 1,972 = 0.52

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation United States (U.S.) United States (U.S.) segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Segment Capital Expenditures to Depreciation: International (Int’l)

Marathon Oil Corp.; International (Int’l); segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures 1 16 39 42
Depreciation, depletion and amortization 68 82 121 197 328
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.00 0.01 0.13 0.20 0.13

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).

1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 0 ÷ 68 = 0.00

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation International (Int’l) International (Int’l) segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Revenues from contracts with customers

Marathon Oil Corp., revenues from contracts with customers by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 5,334 2,924 4,602 4,886 3,093
International (Int’l) 267 173 461 1,016 1,154
Total 5,601 3,097 5,063 5,902 4,247

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).


Depreciation, depletion and amortization

Marathon Oil Corp., depreciation, depletion and amortization by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 1,972 2,211 2,250 2,217 2,011
International (Int’l) 68 82 121 197 328
Not allocated to segments 26 23 26 27 33
Total 2,066 2,316 2,397 2,441 2,372

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).


Segment income (loss)

Marathon Oil Corp., segment income (loss) by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 1,277 (553) 675 608 (148)
International (Int’l) 317 30 233 473 374
Not allocated to segments (648) (928) (428) 15 (1,056)
Total 946 (1,451) 480 1,096 (830)

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

Marathon Oil Corp., total assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 15,339 16,063 17,781 17,321 16,863
International (Int’l) 994 1,081 1,530 2,083 4,201
Not allocated to segments 661 812 934 1,917 948
Total 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).


Capital expenditures

Marathon Oil Corp., capital expenditures by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
United States (U.S.) 1,018 1,137 2,550 2,620 2,081
International (Int’l) 1 16 39 42
Not allocated to segments 14 13 25 26 27
Total 1,032 1,151 2,591 2,685 2,150

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).