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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Quarterly Period EndedSeptember 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from _____ to _____
Commission file number 1-1513
mro-20210930_g1.jpg
Marathon Oil Corporation
(Exact name of registrant as specified in its charter)
Delaware25-0996816
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
990 Town and Country Boulevard, Houston, Texas  
77024-2217
(Address of principal executive offices)
(713) 629-6600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading SymbolName of each exchange on which registered
Common Stock, par value $1.00 MRONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer
o  
Non-accelerated filer
o   
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No þ  
There were 778,536,897 shares of Marathon Oil Corporation common stock outstanding as of October 29, 2021.



MARATHON OIL CORPORATION
 
Unless the context otherwise indicates, references to “Marathon Oil,” “we,” “our,” or “us” in this Form 10-Q are references to Marathon Oil Corporation, including its wholly owned and majority-owned subsidiaries, and its ownership interests in equity method investees (corporate entities, partnerships, limited liability companies and other ventures over which Marathon Oil exerts significant influence by virtue of its ownership interest).
For certain industry specific terms used in this Form 10-Q, please see “Definitions” in our 2020 Annual Report on Form 10-K.
 

1


Part I – FINANCIAL INFORMATION
Item 1. Financial Statements

MARATHON OIL CORPORATION
Consolidated Statements of Income (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(In millions, except per share data)2021202020212020
Revenues and other income:    
Revenues from contracts with customers$1,438 $761 $3,869 $2,275 
Net gain (loss) on commodity derivatives(79)(1)(398)131 
Income (loss) from equity method investments86 (10)179 (174)
Net gain on disposal of assets7 1 8 8 
Other income1 3 9 16 
Total revenues and other income1,453 754 3,667 2,256 
Costs and expenses:   
Production131 129 378 418 
Shipping, handling and other operating219 183 538 432 
Exploration 63 27 109 81 
Depreciation, depletion and amortization522 554 1,550 1,795 
Impairments13 1 60 98 
Taxes other than income88 49 236 145 
General and administrative 70 53 227 217 
Total costs and expenses1,106 996 3,098 3,186 
Income (loss) from operations347 (242)569 (930)
Net interest and other(57)(62)(129)(195)
Other net periodic benefit (costs) credits (6)2 1 
Loss on early extinguishment of debt(102) (121) 
Income (loss) before income taxes188 (310)321 (1,124)
Provision (benefit) for income taxes4 7 24 (11)
Net income (loss)$184 $(317)$297 $(1,113)
Net income (loss) per share:    
Basic$0.23 $(0.40)$0.38 $(1.41)
Diluted$0.23 $(0.40)$0.38 $(1.41)
Weighted average common shares outstanding:    
Basic789 790 791 792 
Diluted789 790 791 792 
 The accompanying notes are an integral part of these consolidated financial statements.
2


MARATHON OIL CORPORATION
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2021202020212020
Net income (loss)$184 $(317)$297 $(1,113)
Other comprehensive income (loss), net of tax   
Change in actuarial gain (loss) and other for postretirement and postemployment plans4 9 17 (33)
Change in derivative hedges unrecognized gain (loss) 1 11 20 (15)
Reclassification of de-designated forward interest rate swaps  (28) 
Other comprehensive income (loss)5 20 9 (48)
Comprehensive income (loss)$189 $(297)$306 $(1,161)
 The accompanying notes are an integral part of these consolidated financial statements.

3



MARATHON OIL CORPORATION
Consolidated Balance Sheets (Unaudited)
September 30,December 31,
(In millions, except par value and share amounts)20212020
Assets  
Current assets:  
Cash and cash equivalents$485 $742 
Receivables, less reserve of $19 and $22
1,068 747 
Inventories77 76 
Other current assets25 47 
Total current assets1,655 1,612 
Equity method investments489 447 
Property, plant and equipment, less accumulated depreciation, depletion and amortization of $21,914 and $20,358
14,734 15,638 
Other noncurrent assets283 259 
Total assets$17,161 $17,956 
Liabilities  
Current liabilities:  
Accounts payable$1,028 $837 
Payroll and benefits payable64 57 
Accrued taxes131 72 
Other current liabilities417 247 
Long-term debt due within one year36  
Total current liabilities1,676 1,213 
Long-term debt3,977 5,404 
Deferred tax liabilities132 163 
Defined benefit postretirement plan obligations137 180 
Asset retirement obligations286 241 
Deferred credits and other liabilities157 194 
Total liabilities6,365 7,395 
Commitments and contingencies
Stockholders’ Equity  
Preferred stock – no shares issued or outstanding (no par value, 26 million shares authorized)
$ $ 
Common stock:  
Issued – 937 million shares (par value $1 per share, 1.925 billion shares authorized at September 30, 2021 and December 31, 2020)
937 937 
Held in treasury, at cost – 148 million shares
(4,105)(4,089)
Additional paid-in capital7,213 7,174 
Retained earnings6,669 6,466 
Accumulated other comprehensive income82 73 
Total stockholders’ equity10,796 10,561 
Total liabilities and stockholders’ equity$17,161 $17,956 
 The accompanying notes are an integral part of these consolidated financial statements.
4


MARATHON OIL CORPORATION
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
(In millions)20212020
Increase (decrease) in cash and cash equivalents  
Operating activities:  
Net income (loss)$297 $(1,113)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation, depletion and amortization1,550 1,795 
Impairments60 98 
Exploratory dry well costs and unproved property impairments101 63 
Net gain on disposal of assets(8)(8)
Loss on early extinguishment of debt121  
Deferred income taxes(32)(2)
Unrealized (gain) loss on derivative instruments, net130 (39)
Pension and other post retirement benefits, net(25)(35)
Stock-based compensation29 43 
Equity method investments, net(57)189 
Changes in: 
Current receivables(313)467 
Inventories(1)(5)
Current accounts payable and accrued liabilities228 (478)
Other current assets and liabilities 66 83 
All other operating, net(53)(3)
Net cash provided by operating activities2,093 1,055 
Investing activities:  
Additions to property, plant and equipment(772)(1,090)
Additions to other assets 15 
Acquisitions, net of cash acquired (1)
Disposal of assets, net of cash transferred to the buyer29 9 
Equity method investments - return of capital15 7 
All other investing, net  
Net cash used in investing activities(728)(1,060)
Financing activities:  
Borrowings 400 
Debt repayment(1,400) 
Debt extinguishment costs(117) 
Purchases of common stock(10)(92)
Dividends paid(94)(40)
All other financing, net(1)(2)
Net cash provided by (used in) financing activities(1,622)266 
Net increase (decrease) in cash and cash equivalents(257)261 
Cash and cash equivalents at beginning of period 742 858 
Cash and cash equivalents at end of period$485 $1,119 
The accompanying notes are an integral part of these consolidated financial statements.
5


MARATHON OIL CORPORATION
Consolidated Statements of Stockholders’ Equity (Unaudited)
 Total Equity of Marathon Oil Stockholders
(In millions)Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Equity
Nine Months Ended September 30, 2020
December 31, 2019 Balance$ $937 $(4,089)$7,207 $7,993 $105 $12,153 
Cumulative-effect adjustment— — — — (12)— (12)
Shares issued - stock-based compensation— — 121 (83)— — 38 
Shares repurchased— — (91)— — — (91)
Stock-based compensation— — — (22)— — (22)
Net income (loss)— — — — (46)— (46)
Other comprehensive income (loss)— — — — — (22)(22)
Dividends paid (per share amount of $0.05)
— — — — (40)— (40)
March 31, 2020 Balance$ $937 $(4,059)$7,102 $7,895 $83 $11,958 
Shares issued - stock-based compensation— — (28)20 — — (8)
Stock-based compensation— — — 21 — — 21 
Net income (loss)— — — — (750)— (750)
Other comprehensive loss— — — — — (46)(46)
June 30, 2020 Balance$ $937 $(4,087)$7,143 $7,145 $37 $11,175 
Shares issued - stock-based compensation— — (2)2 — —  
Stock-based compensation— — — 14 — — 14 
Net income (loss)— — — — (317)— (317)
Other comprehensive income— — — — — 20 20 
September 30, 2020 Balance$ $937 $(4,089)$7,159 $6,828 $57 $10,892 
The accompanying notes are an integral part of these consolidated financial statements.



















6


MARATHON OIL CORPORATION
Consolidated Statements of Stockholders’ Equity (Unaudited)

 Total Equity of Marathon Oil Stockholders
(In millions)Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Equity
Nine Months Ended September 30, 2021
December 31, 2020 Balance$ $937 $(4,089)$7,174 $6,466 $73 $10,561 
Shares issued - stock based compensation— — (15)10 — — (5)
Shares repurchased— — (9)— — — (9)
Stock-based compensation— — — 11 — — 11 
Net income (loss)— — — — 97 — 97 
Other comprehensive income (loss)— — — — — 39 39 
Dividends paid (per share amount of $0.03)
— — — — (23)— (23)
March 31, 2021 Balance$ $937 $(4,113)$7,195 $6,540 $112 $10,671 
Shares issued - stock based compensation— — 8 1 — — 9 
Stock-based compensation— — — 5 — — 5 
Net income (loss)— — — — 16 — 16 
Other comprehensive income (loss)— — — — — (35)(35)
Dividends paid (per share amount of $0.04)
— — — — (32)— (32)
June 30, 2021 Balance$ $937 $(4,105)$7,201 $6,524 $77 $10,634 
Shares issued - stock based compensation— —  1 — — 1 
Shares repurchased— —  — — —  
Stock-based compensation— — — 11 — — 11 
Net income (loss)— — — — 184 — 184 
Other comprehensive income (loss)— — — — — 5 5 
Dividends paid (per share amount of $0.05)
— — — — (39)— (39)
September 30, 2021 Balance$ $937 $(4,105)$7,213 $6,669 $82 $10,796 
The accompanying notes are an integral part of these consolidated financial statements.





7

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)

1.    Basis of Presentation
These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements.
These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K. The results of operations for the third quarter and first nine months of 2021 are not necessarily indicative of the results to be expected for the full year.
2.    Accounting Standards
No accounting standards were adopted in the third quarter or first nine months of 2021 that had a material impact on our consolidated financial statements.
3.    Income (loss) and Dividends per Common Share
Basic income (loss) per share is based on the weighted average number of common shares outstanding. Diluted income (loss) per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 4 million of stock options for each of the three and nine months ended September 30, 2021 and 6 million of stock options for each of the three and nine months ended September 30, 2020 that were antidilutive.
Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share data)2021202020212020
Net income (loss)$184 $(317)$297 $(1,113)
Weighted average common shares outstanding789 790 791 792 
Effect of dilutive securities    
Weighted average common shares, diluted789 790 791 792 
Net income (loss) per share:
Basic $0.23 $(0.40)$0.38 $(1.41)
Diluted$0.23 $(0.40)$0.38 $(1.41)
Dividends per share$0.05 $ $0.12 $0.05 
4.    Revenues
The majority of our revenues are derived from the sale of crude oil and condensate, NGLs and natural gas under spot and term agreements with our customers in the United States and Equatorial Guinea.
As of September 30, 2021 and December 31, 2020, receivables from contracts with customers, included in receivables, less reserves were $900 million and $572 million, respectively.
The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three and nine months ended September 30:






8

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
United States
Three Months Ended September 30, 2021
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$391 $425 $74 $75 $19 $984 
Natural gas liquids50 63 53 12 5 183 
Natural gas 38 29 62 12 3 144 
Other2    62 64 
Revenues from contracts with customers$481 $517 $189 $99 $89 $1,375 
Three Months Ended September 30, 2020
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$190 $230 $65 $53 $14 $552 
Natural gas liquids22 15 28 7 1 73 
Natural gas 18 9 33 6 3 69 
Other1    27