Stock Analysis on Net

Marathon Oil Corp. (NYSE:MRO)

Analysis of Reportable Segments 

Microsoft Excel LibreOffice Calc

Segment Profit Margin

Marathon Oil Corp., profit margin by reportable segment

Microsoft Excel LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures —  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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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 LibreOffice Calc
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) —  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).