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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, 2020
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-20200630_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.)
5555 San Felipe Street, Houston, Texas  
77056-2723
(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 789,439,221 shares of Marathon Oil Corporation common stock outstanding as of July 31, 2020.



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 2019 Annual Report on Form 10-K.
 Table of Contents
 Page
 
 
 
 
 
 
 

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)2020201920202019
Revenues and other income:    
Revenues from contracts with customers$490  $1,381  $1,514  $2,581  
Net gain (loss) on commodity derivatives(70) 16  132  (75) 
Income (loss) from equity method investments(152) 31  (164) 42  
Net gain (loss) on disposal of assets(2) (8) 7  34  
Other income6  13  13  48  
Total revenues and other income272  1,433  1,502  2,630  
Costs and expenses:   
Production129  193  289  380  
Shipping, handling and other operating105  170  249  324  
Exploration 26  26  54  85  
Depreciation, depletion and amortization597  605  1,241  1,159  
Impairments  18  97  24  
Taxes other than income30  79  96  151  
General and administrative 88  87  164  181  
Total costs and expenses975  1,178  2,190  2,304  
Income (loss) from operations(703) 255  (688) 326  
Net interest and other(69) (64) (133) (113) 
Other net periodic benefit credit7  2  7  7  
Income (loss) before income taxes(765) 193  (814) 220  
Provision (benefit) for income taxes(15) 32  (18) (115) 
Net income (loss)$(750) $161  $(796) $335  
Net income (loss) per share:    
Basic$(0.95) $0.20  $(1.00) $0.41  
Diluted$(0.95) $0.20  $(1.00) $0.41  
Weighted average common shares outstanding:    
Basic790  813  793  817  
Diluted790  814  793  817  
 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)2020201920202019
Net income (loss)$(750) $161  $(796) $335  
Other comprehensive income (loss), net of tax   
Change in actuarial loss and other for postretirement and postemployment plans
(42) (9) (42) (13) 
Change in derivative hedges unrecognized loss
(4)   (26)   
Other comprehensive loss(46) (9) (68) (13) 
Comprehensive income (loss)$(796) $152  $(864) $322  
 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)20202019
Assets  
Current assets:  
Cash and cash equivalents$522  $858  
Receivables, less reserve of $23 and $11620  1,122  
Inventories77  72  
Derivative assets79  9  
Other current assets107  74  
Total current assets1,405  2,135  
Equity method investments476  663  
Property, plant and equipment, less accumulated depreciation, depletion and amortization of $19,216 and $18,00316,424  17,000  
Goodwill  95  
Other noncurrent assets262  352  
Total assets$18,567  $20,245  
Liabilities  
Current liabilities:  
Accounts payable$696  $1,307  
Payroll and benefits payable76  112  
Accrued taxes77  118  
Other current liabilities216  208  
Total current liabilities1,065  1,745  
Long-term debt5,503  5,501  
Deferred tax liabilities171  186  
Defined benefit postretirement plan obligations194  183  
Asset retirement obligations242  243  
Deferred credits and other liabilities217  234  
Total liabilities7,392  8,092  
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, 2020 and December 31, 2019)
937  937  
Held in treasury, at cost – 147 million shares and 141 million shares(4,087) (4,089) 
Additional paid-in capital7,143  7,207  
Retained earnings7,145  7,993  
Accumulated other comprehensive income37  105  
Total stockholders’ equity11,175  12,153  
Total liabilities and stockholders’ equity$18,567  $20,245  
 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)20202019
Increase (decrease) in cash and cash equivalents  
Operating activities:  
Net income (loss)$(796) $335  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation, depletion and amortization1,241  1,159  
Impairments97  24  
Exploratory dry well costs and unproved property impairments40  69  
Net gain on disposal of assets(7) (34) 
Deferred income taxes(14) (33) 
Net (gain) loss on derivative instruments (132) 75  
Net settlements of derivative instruments57  27  
Pension and other post retirement benefits, net(31) (41) 
Stock-based compensation28  32  
Equity method investments, net180  12  
Changes in: 
Current receivables489  (95) 
Inventories(5) 3  
Current accounts payable and accrued liabilities(456) (158) 
Other current assets and liabilities 46  119  
All other operating, net(27) (182) 
Net cash provided by operating activities710  1,312  
Investing activities:  
Additions to property, plant and equipment(946) (1,262) 
Additions to other assets12  42  
Acquisitions, net of cash acquired3    
Disposal of assets, net of cash transferred to the buyer9  69  
Equity method investments - return of capital7  49  
All other investing, net  (27) 
Net cash used in investing activities(915) (1,129) 
Financing activities:  
Purchases of common stock(92) (266) 
Dividends paid(40) (82) 
All other financing, net1  (2) 
Net cash used in financing activities(131) (350) 
Effect of exchange rate on cash and cash equivalents  1  
Net decrease in cash and cash equivalents(336) (166) 
Cash and cash equivalents at beginning of period 858  1,462  
Cash and cash equivalents at end of period$522  $1,296  
Reconciliation of cash and cash equivalents
Cash and cash equivalents $522  $961  
Cash and cash equivalents included in current assets held for sale  335  
Total cash and cash equivalents$522  $1,296  
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, 2019
December 31, 2018 Balance$  $937  $(3,816) $7,238  $7,706  $63  12,128  
Cumulative-effect adjustment —  —  —  —  (31) —  (31) 
Shares issued - stock-based compensation—  —  101  (39) —  —  62  
Shares repurchased—  —  (30) —  —  —  (30) 
Stock-based compensation—  —  —  (50) —  —  (50) 
Net income—  —  —  —  174  —  174  
Other comprehensive loss—  —  —  —  —  (4) (4) 
Dividends paid (per share amount of $0.05)—  —  —  —  (41) —  (41) 
March 31, 2019 Balance$  $937  $(3,745) $7,149  $7,808  $59  $12,208  
Shares issued - stock-based compensation—  —  (3) 5  —  —  2  
Shares repurchased—  —  (236) —  —  —  (236) 
Stock-based compensation—  —  —  16  —  —  16  
Net income—  —  —  —  161  —  161  
Other comprehensive loss—  —  —  —  —  (9) (9) 
Dividends paid (per share amount of $0.05)—  —  —  —  (41) —  (41) 
June 30, 2019 Balance$  $937  $(3,984) $7,170  $7,928  $50  $12,101  
Six Months Ended June 30, 2020
December 31, 2019 Balance$  $937  $(4,089) $7,207  $7,993  $105  12,153  
Cumulative-effect adjustment (Note 2)—  —  —  —  (12) —  (12) 
Shares issued - stock based compensation—  —  121  (83) —  —  38  
Shares repurchased—  —  (91) —  —  —  (91) 
Stock-based compensation—  —  —  (22) —  —  (22) 
Net loss—  —  —  —  (46) —  (46) 
Other comprehensive 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  $11,958  
Shares issued - stock-based compensation—  —  (28) 20  —  —  (8) 
Stock-based compensation—  —  —  21  —  —  21  
Net loss—  —  —  —  (750) —  (750) 
Other comprehensive loss—  —  —  —  —  (46) (46) 
June 30, 2020 Balance$  $937  $(4,087) $7,143  $7,145  $37  $11,175  
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 2019 Annual Report on Form 10-K. The results of operations for the second quarter and first six months of 2020 are not necessarily indicative of the results to be expected for the full year.
2. Accounting Standards
Recently Adopted
Financial instruments – credit losses 
        In June 2016, the FASB issued a new accounting standards update that changes the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. On January 1, 2020 we adopted this standard using the modified retrospective transition method through a cumulative-effect adjustment of $12 million to retained earnings as of the beginning of the adoption period. The standard requires the use of a forward-looking “expected loss” model as opposed to the “incurred loss” model used previously. See Note 8 for more information on credit losses.
3. Income (loss) and Dividends per Common Share
Basic income (loss) per share is based on the weighted average number of common shares outstanding. Diluted income (loss) per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 7 million of stock options for each of the three and six months ended June 30, 2020 and 6 million of stock options for each of the three and six months ended June 30, 2019 that were antidilutive.
Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share data)2020201920202019
Net income (loss)$(750) $161  $(796) $335  
Weighted average common shares outstanding790  813  793  817  
Effect of dilutive securities  1      
Weighted average common shares, diluted790  814  793  817  
Net income (loss) per share:
Basic $(0.95) $0.20  $(1.00) $0.41  
Diluted$(0.95) $