Marathon Oil Corp., current enterprise value calculation

Current share price (P)	$21.47
No. shares of common stock outstanding	677,583,502
US$ in millions
Common equity (market value)¹	14,548)
Add: Preferred stock, no par value; no shares issued or outstanding (per books)	—)
Total equity	14,548)
Add: Current portion of long-term finance lease liability (per books)	6)
Add: Long-term debt due within one year (per books)	36)
Add: Long-term debt, excluding due within one year (per books)	3,978)
Add: Long-term finance lease liability, excluding current portion (per books)	24)
Total equity and debt	18,592)
Less: Cash and cash equivalents	580)
Enterprise value (EV)	18,012)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 21.47 × 677,583,502

Marathon Oil Corp., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$21.89	$11.16	$10.25	$16.68	$15.18
No. shares of common stock outstanding¹	730,765,163	789,075,988	795,849,999	818,504,459	849,755,866
US$ in millions
Common equity (market value)³	15,996)	8,806)	8,157)	13,653)	12,899)
Add: Preferred stock, no par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Total equity	15,996)	8,806)	8,157)	13,653)	12,899)
Add: Current portion of long-term finance lease liability (book value)	6)	—)	—)	—)	—)
Add: Long-term debt due within one year (book value)	36)	—)	—)	—)	—)
Add: Long-term debt, excluding due within one year (book value)	3,978)	5,404)	5,501)	5,499)	5,494)
Add: Long-term finance lease liability, excluding current portion (book value)	24)	—)	—)	—)	—)
Total equity and debt	20,040)	14,210)	13,658)	19,152)	18,393)
Less: Cash and cash equivalents	580)	742)	858)	1,462)	563)
Enterprise value (EV)	19,460)	13,468)	12,800)	17,690)	17,830)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Marathon Oil Corp. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 21.89 × 730,765,163

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Marathon Oil Corp. EV increased from 2019 to 2020 and from 2020 to 2021.

Marathon Oil Corp. (NYSE:MRO)

Enterprise Value (EV)