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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, 2022
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-20220930_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 635,067,840 shares of Marathon Oil Corporation common stock outstanding as of October 31, 2022.



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 2021 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)2022202120222021
Revenues and other income:    
Revenues from contracts with customers$2,008 $1,438 $5,937 $3,869 
Net gain (loss) on commodity derivatives41 (79)(129)(398)
Income from equity method investments190 86 469 179 
Net gain on disposal of assets2 7 1 8 
Other income6 1 25 9 
Total revenues and other income2,247 1,453 6,303 3,667 
Costs and expenses:   
Production193 131 509 378 
Shipping, handling and other operating199 219 575 538 
Exploration 73 63 92 109 
Depreciation, depletion and amortization460 522 1,319 1,550 
Impairments2 13 4 60 
Taxes other than income137 88 381 236 
General and administrative 79 70 220 227 
Total costs and expenses1,143 1,106 3,100 3,098 
Income from operations1,104 347 3,203 569 
Net interest and other(52)(57)(128)(129)
Other net periodic benefit credits5  14 2 
Loss on early extinguishment of debt (102) (121)
Income before income taxes1,057 188 3,089 321 
Provision for income taxes240 4 2 24 
Net income$817 $184 $3,087 $297 
Net income per share:    
Basic$1.22 $0.23 $4.40 $0.38 
Diluted$1.22 $0.23 $4.39 $0.38 
Weighted average common shares outstanding:    
Basic670 789 701 791 
Diluted672 789 703 791 
 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)2022202120222021
Net income$817 $184 $3,087 $297 
Other comprehensive income, net of tax   
Change in actuarial gain (loss) and other for postretirement and postemployment plans(3)4 (6)17 
Change in derivative hedges unrecognized gain7 1 23 20 
Reclassification of de-designated forward interest rate swaps   (28)
Other  (1) 
Other comprehensive income4 5 16 9 
Comprehensive income$821 $189 $3,103 $306 
 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)20222021
Assets  
Current assets:  
Cash and cash equivalents$1,109 $580 
Receivables, net1,358 1,142 
Inventories103 77 
Other current assets66 22 
Total current assets2,636 1,821 
Equity method investments568 450 
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $23,458 and $22,412
14,245 14,499 
Deferred tax assets155  
Other noncurrent assets254 224 
Total assets$17,858 $16,994 
Liabilities  
Current liabilities:  
Accounts payable$1,480 $1,110 
Payroll and benefits payable76 74 
Accrued taxes168 157 
Other current liabilities305 260 
Long-term debt due within one year402 36 
Total current liabilities2,431 1,637 
Long-term debt3,579 3,978 
Deferred tax liabilities159 136 
Defined benefit postretirement plan obligations117 137 
Asset retirement obligations283 288 
Deferred credits and other liabilities102 132 
Total liabilities6,671 6,308 
Commitments and contingencies (Note 22)
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, 2022 and December 31, 2021)
937 937 
Held in treasury, at cost – 294 million shares and 194 million shares
(7,240)(4,825)
Additional paid-in capital7,196 7,221 
Retained earnings10,196 7,271 
Accumulated other comprehensive income98 82 
Total stockholders’ equity11,187 10,686 
Total liabilities and stockholders’ equity$17,858 $16,994 
 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)20222021
Increase (decrease) in cash and cash equivalents  
Operating activities:  
Net income$3,087 $297 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization1,319 1,550 
Impairments4 60 
Exploratory dry well costs and unproved property impairments85 101 
Net gain on disposal of assets(1)(8)
Loss on early extinguishment of debt 121 
Deferred income taxes(137)(32)
Unrealized loss on derivative instruments, net4 130 
Pension and other post retirement benefits, net(28)(25)
Stock-based compensation28 29 
Equity method investments, net(130)(57)
Changes in: 
Current receivables(221)(313)
Inventories(27)(1)
Current accounts payable and accrued liabilities300 228 
Other current assets and liabilities (57)66 
All other operating, net75 (53)
Net cash provided by operating activities4,301 2,093 
Investing activities:  
Additions to property, plant and equipment(1,117)(772)
Acquisitions, net of cash acquired2  
Disposal of assets, net of cash transferred to the buyer8 29 
Equity method investments - return of capital12 15 
All other investing, net  
Net cash used in investing activities(1,095)(728)
Financing activities:  
Debt repayment(35)(1,400)
Debt extinguishment costs (117)
Shares repurchased under buyback programs(2,474) 
Dividends paid(162)(94)
Purchases of shares for tax withholding obligations(21)(10)
All other financing, net15 (1)
Net cash used in financing activities(2,677)(1,622)
Net increase (decrease) in cash and cash equivalents529 (257)
Cash and cash equivalents at beginning of period 580 742 
Cash and cash equivalents at end of period$1,109 $485 
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
Total
Equity
Nine Months Ended September 30, 2021
December 31, 2020 Balance$ $937 $(4,089)$7,174 $6,466 $73 $10,561 
Stock-based compensation— — (24)21 — — (3)
Net income— — — — 97 — 97 
Other comprehensive income — — — — — 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 
Stock-based compensation— — 8 6 — — 14 
Net income— — — — 16 — 16 
Other comprehensive 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 
Stock-based compensation— — — 12 — — 12 
Net income— — — — 184 — 184 
Other comprehensive income — — — — — 5 5 
Dividends paid (per share amount of $0.05)
— — — — (39)— (39)
September 30, 2021 Balance$ $937 $(4,105)$7,213 $6,669 $82 $10,796 
Nine Months Ended September 30, 2022
December 31, 2021 Balance$ $937 $(4,825)$7,221 $7,271 $82 $10,686 
Shares repurchased under buyback programs— — (592)— — — (592)
Stock-based compensation— — 55 (43)— — 12 
Net income— — — — 1,304 — 1,304 
Other comprehensive income — — — — — 8 8 
 Dividends paid (per share amount of $0.07)
— — — — (52)— (52)
March 31, 2022 Balance$ $937 $(5,362)$7,178 $8,523 $90 $11,366 
Shares repurchased under buyback programs— — (760)— — — (760)
Stock-based compensation— — 4 8 — — 12 
Net income— — — — 966 — 966 
Other comprehensive income — — — — — 4 4 
 Dividends paid (per share amount of $0.08)
— — — — (56)— (56)
June 30, 2022 Balance$ $937 $(6,118)$7,186 $9,433 $94 $11,532 
Shares repurchased under buyback programs— — (1,122)— — — (1,122)
Stock-based compensation— — — 10 — — 10 
Net income— — — — 817 — 817 
Other comprehensive income — — — — — 4 4 
 Dividends paid (per share amount of $0.08)
— — — — (54)— (54)
September 30, 2022 Balance$ $937 $(7,240)$7,196 $10,196 $98 $11,187 
The accompanying notes are an integral part of these consolidated financial statements.


6

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 2021 Annual Report on Form 10-K. The results of operations for the third quarter and first nine months of 2022 are not necessarily indicative of the results to be expected for the full year.
2.    Accounting Standards
Accounting Standards Updates Adopted
No accounting standards were adopted in the third quarter or first nine months of 2022 that had a material impact on our consolidated financial statements.
Accounting Standards Updates Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued. The guidance is effective March 12, 2020 and can be applied prospectively through December 31, 2022. Upon adoption, we do not believe it will have a material impact on our consolidated results of operations, financial position and cash flows.
3.    Income and Dividends per Common Share
Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 1 million and 2 million of stock options for the three and nine months ended September 30, 2022, respectively, and 4 million of stock options for each of the three and nine months ended September 30, 2021, that were antidilutive.

Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share data)2022202120222021
Net income$817 $184 $3,087 $297 
Weighted average common shares outstanding670 789 701 791 
Effect of dilutive securities2  2  
Weighted average common shares, diluted672 789 703 791 
Net income per share:
Basic $1.22 $0.23 $4.40 $0.38 
Diluted$1.22 $0.23 $4.39 $0.38 
Dividends per share$0.08 $0.05 $0.23 $0.12 
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, 2022 and December 31, 2021, receivables from contracts with customers, included in receivables, net were $1.1 billion and $961 million, respectively.
7

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
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:
United States
Three Months Ended September 30, 2022
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$523 $648 $104 $114 $39 $1,428 
Natural gas liquids49 82 63 16 6 216 
Natural gas 56 67 105 22 11 261 
Other3    19 22 
Revenues from contracts with customers$631 $797 $272 $152 $75 $1,927 
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 
Nine Months Ended September 30, 2022
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$1,526 $2,049 $341 $302 $124 $4,342 
Natural gas liquids148 263 191 46 23 671 
Natural gas 145 156 256 55 28 640 
Other6    71 77 
Revenues from contracts with customers$1,825 $2,468 $788 $403 $246 $5,730 
Nine Months Ended September 30, 2021
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$1,003 $1,208 $206 $229 $65 $2,711 
Natural gas liquids109 152 127 32 10 430 
Natural gas 114 71 212 42 11