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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 EndedJune 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-20220630_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 677,583,502 shares of Marathon Oil Corporation common stock outstanding as of July 29, 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 EndedSix Months Ended
June 30,June 30,
(In millions, except per share data)2022202120222021
Revenues and other income:    
Revenues from contracts with customers$2,168 $1,254 $3,929 $2,431 
Net gain (loss) on commodity derivatives(27)(166)(170)(319)
Income from equity method investments152 49 279 93 
Net gain (loss) on disposal of assets(1)1 (1)1 
Other income11 5 19 8 
Total revenues and other income2,303 1,143 4,056 2,214 
Costs and expenses:   
Production164 126 316 247 
Shipping, handling and other operating191 167 376 319 
Exploration 8 25 19 46 
Depreciation, depletion and amortization436 532 859 1,028 
Impairments2 46 2 47 
Taxes other than income140 74 244 148 
General and administrative 68 68 141 157 
Total costs and expenses1,009 1,038 1,957 1,992 
Income from operations1,294 105 2,099 222 
Net interest and other(54)(59)(76)(72)
Other net periodic benefit (costs) credits5 (1)9 2 
Loss on early extinguishment of debt (19) (19)
Income before income taxes1,245 26 2,032 133 
Provision (benefit) for income taxes279 10 (238)20 
Net income$966 $16 $2,270 $113 
Net income per share:    
Basic$1.37 $0.02 $3.17 $0.14 
Diluted$1.37 $0.02 $3.16 $0.14 
Weighted average common shares outstanding:    
Basic703 789 717 790 
Diluted705 789 719 791 
 The accompanying notes are an integral part of these consolidated financial statements.
2


MARATHON OIL CORPORATION
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(In millions)2022202120222021
Net income$966 $16 $2,270 $113 
Other comprehensive income (loss), net of tax   
Change in actuarial gain (loss) and other for postretirement and postemployment plans1 16 (3)13 
Change in derivative hedges unrecognized gain (loss) 4 (21)16 19 
Reclassification of de-designated forward interest rate swaps (30) (28)
Other(1) (1) 
Other comprehensive income (loss)4 (35)12 4 
Comprehensive income (loss)$970 $(19)$2,282 $117 
 The accompanying notes are an integral part of these consolidated financial statements.

3



MARATHON OIL CORPORATION
Consolidated Balance Sheets (Unaudited)
June 30,December 31,
(In millions, except par value and share amounts)20222021
Assets  
Current assets:  
Cash and cash equivalents$1,162 $580 
Receivables, net1,512 1,142 
Inventories93 77 
Other current assets41 22 
Total current assets2,808 1,821 
Equity method investments528 450 
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $23,116 and $22,412
14,357 14,499 
Deferred tax assets325  
Other noncurrent assets268 224 
Total assets$18,286 $16,994 
Liabilities  
Current liabilities:  
Accounts payable$1,523 $1,110 
Payroll and benefits payable50 74 
Accrued taxes143 157 
Other current liabilities388 260 
Long-term debt due within one year273 36 
Total current liabilities2,377 1,637 
Long-term debt3,709 3,978 
Deferred tax liabilities146 136 
Defined benefit postretirement plan obligations124 137 
Asset retirement obligations278 288 
Deferred credits and other liabilities120 132 
Total liabilities6,754 6,308 
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 June 30, 2022 and December 31, 2021)
937 937 
Held in treasury, at cost – 248 million shares and 194 million shares
(6,118)(4,825)
Additional paid-in capital7,186 7,221 
Retained earnings9,433 7,271 
Accumulated other comprehensive income94 82 
Total stockholders’ equity11,532 10,686 
Total liabilities and stockholders’ equity$18,286 $16,994 
 The accompanying notes are an integral part of these consolidated financial statements.
4


MARATHON OIL CORPORATION
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
(In millions)20222021
Increase (decrease) in cash and cash equivalents  
Operating activities:  
Net income$2,270 $113 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization859 1,028 
Impairments2 47 
Exploratory dry well costs and unproved property impairments14 39 
Net (gain) loss on disposal of assets1 (1)
Loss on early extinguishment of debt 19 
Deferred income taxes(319)(7)
Unrealized loss on derivative instruments, net71 157 
Pension and other post retirement benefits, net(16)(14)
Stock-based compensation18 17 
Equity method investments, net(85)(17)
Changes in: 
Current receivables(376)(253)
Inventories(16)(2)
Current accounts payable and accrued liabilities278 121 
Other current assets and liabilities (7)73 
All other operating, net51 (43)
Net cash provided by operating activities2,745 1,277 
Investing activities:  
Additions to property, plant and equipment(687)(483)
Acquisitions, net of cash acquired2  
Disposal of assets, net of cash transferred to the buyer4 15 
Equity method investments - return of capital7 6 
All other investing, net (1)
Net cash used in investing activities(674)(463)
Financing activities:  
Debt repayment(32)(500)
Debt extinguishment costs (19)
Shares repurchased under buyback programs(1,352) 
Dividends paid(108)(55)
Purchases of shares for tax withholding obligations(21)(9)
All other financing, net24 (3)
Net cash used in financing activities(1,489)(586)
Net increase in cash and cash equivalents582 228 
Cash and cash equivalents at beginning of period 580 742 
Cash and cash equivalents at end of period$1,162 $970 
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
Six Months Ended June 30, 2021
December 31, 2020 Balance$ $937 $(4,089)$7,174 $6,466 $73 $10,561 
Shares repurchased under buyback programs— — — — — — — 
Stock-based compensation— — (24)21 — — (3)
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 repurchased under buyback programs— — — — — — — 
Stock-based compensation— — 8 6 — — 14 
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 $10,634 
Six Months Ended June 30, 2022
December 31, 2021 Balance$ $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 (loss)— — — — 1,304 — 1,304 
Other comprehensive income (loss)— — — — — 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 
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 second quarter and first six months of 2022 are not necessarily indicative of the results to be expected for the full year.
2.    Accounting Standards
No accounting standards were adopted in the second quarter or first six months of 2022 that had a material impact on our consolidated financial statements.
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 2 million of stock options for the three and six months ended June 30, 2022 and 4 million and 5 million of stock options for the three and six months ended June 30, 2021, respectively, that were antidilutive.

Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share data)2022202120222021
Net income$966 $16 $2,270 $113 
Weighted average common shares outstanding703 789 717 790 
Effect of dilutive securities2  2 1 
Weighted average common shares, diluted705 789 719 791 
Net income per share:
Basic $1.37 $0.02 $3.17 $0.14 
Diluted$1.37 $0.02 $3.16 $0.14 
Dividends per share$0.08 $0.04 $0.15 $0.07 
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 June 30, 2022 and December 31, 2021, receivables from contracts with customers, included in receivables, net were $1.3 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 six months ended June 30:

United States
Three Months Ended June 30, 2022
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$544 $749 $138 $100 $42 $1,573 
Natural gas liquids55 92 69 15 8 239 
Natural gas 56 46 95 21 10 228 
Other1    48 49 
Revenues from contracts with customers$656 $887 $302 $136 $108 $2,089 
Three Months Ended June 30, 2021
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$353 $411 $71 $77 $24 $936 
Natural gas liquids33 48 37 11 2 131 
Natural gas 29 17 41 5 (1)91 
Other2    29 31 
Revenues from contracts with customers$417 $476 $149 $93 $54 $1,189 
Six Months Ended June 30, 2022
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$1,003 $1,401 $237 $188 $85 $2,914 
Natural gas liquids99 181 128 30 17 455 
Natural gas 89 89 151 33 17 379 
Other3    52 55 
Revenues from contracts with customers$1,194 $1,671 $516 $251 $171 $3,803 
Six Months Ended June 30, 2021
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$612 $783 $132 $154 $46 $1,727 
Natural gas liquids59 89 74 20 5 247 
Natural gas 76 42 150 30 8 306 
Other4    37 41 
Revenues from contracts with customers$751 $914 $356 $204 $96 $2,321 

International (E.G.)
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2022202120222021
Crude oil and condensate$71 $58 $111 $95 
Natural gas liquids 1 1 2 
Natural gas 7 5 12 12 
Other1 1 2 1 
Revenues from contracts with customers$79 $65 $126 $110 
8

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
5.    Segment Information
    We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered.
United States (“U.S.”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States
International (“Int’l”) – produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea (“E.G.”)
    Segment income represents income that excludes certain items not allocated to our operating segments, net of income taxes. A portion of our corporate and operations general and administrative support costs are not allocated to the operating segments. These unallocated costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities. Additionally, items which affect comparability such as: gains or losses on dispositions, impairments of proved and certain unproved properties, goodwill and equity method investments, changes in our valuation allowance, unrealized gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments or other items (as determined by the chief operating decision maker (“CODM”)) are not allocated to operating segments.
 Three Months Ended June 30, 2022
(In millions)U.S.Int’l Not Allocated to SegmentsTotal
Revenues from contracts with customers$2,089 $79 $ $2,168 
Net gain (loss) on commodity derivatives(70) 43 
(b)
(27)
Income from equity method investments 152  152 
Net loss on disposal of assets  (1)(1)
Other income2