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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, 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
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 789,391,520 shares of Marathon Oil Corporation common stock outstanding as of October 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 EndedNine Months Ended
September 30,September 30,
(In millions, except per share data)2020201920202019
Revenues and other income:    
Revenues from contracts with customers$761 $1,249 $2,275 $3,830 
Net gain (loss) on commodity derivatives(1)47 131 (28)
Income (loss) from equity method investments(10)21 (174)63 
Net gain on disposal of assets1 22 8 56 
Other income3 6 16 54 
Total revenues and other income754 1,345 2,256 3,975 
Costs and expenses:   
Production129 163 418 543 
Shipping, handling and other operating183 138 432 462 
Exploration 27 22 81 107 
Depreciation, depletion and amortization554 622 1,795 1,781 
Impairments1  98 24 
Taxes other than income49 81 145 232 
General and administrative 53 82 217 263 
Total costs and expenses996 1,108 3,186 3,412 
Income (loss) from operations(242)237 (930)563 
Net interest and other(62)(64)(195)(177)
Other net periodic benefit (costs) credits(6)2 1 9 
Income (loss) before income taxes(310)175 (1,124)395 
Provision (benefit) for income taxes7 10 (11)(105)
Net income (loss)$(317)$165 $(1,113)$500 
Net income (loss) per share:    
Basic$(0.40)$0.21 $(1.41)$0.62 
Diluted$(0.40)$0.21 $(1.41)$0.62 
Weighted average common shares outstanding:    
Basic790 802 792 813 
Diluted790 803 792 813 
 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)2020201920202019
Net income (loss)$(317)$165 $(1,113)$500 
Other comprehensive income (loss), net of tax   
Change in actuarial gain (loss) and other for postretirement and postemployment plans9 38 (33)25 
Change in derivative hedges unrecognized gain (loss) 11  (15) 
Foreign currency translation adjustment related to sale of U.K. business 23  23 
Other 1  1 
Other comprehensive income (loss)20 62 (48)49 
Comprehensive income (loss)$(297)$227 $(1,161)$549 
 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)20202019
Assets  
Current assets:  
Cash and cash equivalents$1,119 $858 
Receivables, less reserve of $25 and $11
643 1,122 
Inventories77 72 
Other current assets83 83 
Total current assets1,922 2,135 
Equity method investments467 663 
Property, plant and equipment, less accumulated depreciation, depletion and amortization of $19,782 and $18,003
16,029 17,000 
Goodwill 95 
Other noncurrent assets245 352 
Total assets$18,663 $20,245 
Liabilities  
Current liabilities:  
Accounts payable$730 $1,307 
Payroll and benefits payable72 112 
Accrued taxes45 118 
Other current liabilities219 208 
Long-term debt due within one year500  
Total current liabilities1,566 1,745 
Long-term debt5,405 5,501 
Deferred tax liabilities184 186 
Defined benefit postretirement plan obligations182 183 
Asset retirement obligations236 243 
Deferred credits and other liabilities198 234 
Total liabilities7,771 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 September 30, 2020 and December 31, 2019)
937 937 
Held in treasury, at cost – 147 million shares and 141 million shares
(4,089)(4,089)
Additional paid-in capital7,159 7,207 
Retained earnings6,828 7,993 
Accumulated other comprehensive income57 105 
Total stockholders’ equity10,892 12,153 
Total liabilities and stockholders’ equity$18,663 $20,245 
 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)20202019
Increase (decrease) in cash and cash equivalents  
Operating activities:  
Net income (loss)$(1,113)$500 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation, depletion and amortization1,795 1,781 
Impairments98 24 
Exploratory dry well costs and unproved property impairments63 85 
Net gain on disposal of assets(8)(56)
Deferred income taxes(2)(34)
Net (gain) loss on derivative instruments (131)28 
Net settlements of derivative instruments92 41 
Pension and other post retirement benefits, net(35)(51)
Stock-based compensation43 45 
Equity method investments, net189 26 
Changes in: 
Current receivables467 (99)
Inventories(5)4 
Current accounts payable and accrued liabilities(478)(164)
Other current assets and liabilities 83 108 
All other operating, net(3)(189)
Net cash provided by operating activities1,055 2,049 
Investing activities:  
Additions to property, plant and equipment(1,090)(1,934)
Additions to other assets15 41 
Acquisitions, net of cash acquired(1) 
Disposal of assets, net of cash transferred to the buyer9 (84)
Equity method investments - return of capital7 51 
All other investing, net 2 
Net cash used in investing activities(1,060)(1,924)
Financing activities:  
Borrowings400  
Purchases of common stock(92)(296)
Dividends paid(40)(122)
All other financing, net(2)(4)
Net cash provided by (used in) financing activities266 (422)
Net increase (decrease) in cash and cash equivalents261 (297)
Cash and cash equivalents at beginning of period 858 1,462 
Cash and cash equivalents at end of period$1,119 $1,165 
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, 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 
Shares issued - stock-based compensation— — (14)9 — — (5)
Shares repurchased— — (30)— — — (30)
Stock-based compensation— — — 18 — — 18 
Net income— — — — 165 — 165 
Other comprehensive income— — — — — 62 62 
Dividends paid (per share amount of $0.05)
— — — — (40)— (40)
September 30, 2019 Balance$ $937 $(4,028)$7,197 $8,053 $112 $12,271 
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, 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 $11,175 
Shares issued - stock-based compensation— — (2)2 — —  
Stock-based compensation— — — 14 — — 14 
Net loss— — — — (317)— (317)
Other comprehensive income— — — — — 20 20 
September 30, 2020 Balance$ $937 $(4,089)$7,159 $6,828 $57 $10,892 
The accompanying notes are an integral part of these consolidated financial statements.




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 2019 Annual Report on Form 10-K. The results of operations for the third quarter and first nine 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 $12 million to retained earnings as of the beginning of the adoption period. The standard requires the use of a forward-looking “expected loss” model as opposed to the “incurred loss” model used previously. See Note 8 for more information on credit losses.
3.    Income (loss) and Dividends per Common Share
Basic income (loss) per share is based on the weighted average number of common shares outstanding. Diluted income (loss) per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 6 million of stock options for each of the three and nine months ended September 30, 2020 and 6 million and 5 million of stock options for the three and nine months ended September 30, 2019 that were antidilutive.
Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share data)2020201920202019
Net income (loss)$(317)$165 $(1,113)$500 
Weighted average common shares outstanding790 802 792 813 
Effect of dilutive securities 1   
Weighted average common shares, diluted790 803 792 813 
Net income (loss) per share:
Basic $(0.40)$0.21 $(1.41)$0.62 
Diluted$(0.40)$0.21 $(1.41)$0.62 
Dividends per share$ $0.05 $0.05 $0.15 
4.    Dispositions
International Segment
In July 2019, we closed on the sale of our U.K. business (Marathon Oil U.K. LLC and Marathon Oil West of Shetlands Limited) for proceeds of $95 million which included the assumption by RockRose Energy PLC (the buyer) of the U.K. business’ cash equivalent balance and working capital balance as of year-end 2018. During the third quarter of 2019, we recognized a pre-tax gain of $14 million. Our income before income taxes relating to our U.K. business for the three and nine months ended September 30, 2019, was nil and $28 million.
In the second quarter of 2019, we closed on the sale of our 15% non-operated interest in the Atrush block in Kurdistan for proceeds of $63 million, before closing adjustments.
8

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
5.    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 various international locations.
As of September 30, 2020 and December 31, 2019, receivables from contracts with customers, included in receivables, less reserves were $502 million and $837 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 as follows:
United States
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 28 
Revenues from contracts with customers$231 $254 $126 $66 $45 $722 
Three Months Ended September 30, 2019
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$336 $452 $116 $88 $25 $1,017 
Natural gas liquids23 6 28 5 2 64 
Natural gas 28 8 37 3 5 81 
Other1    9 10 
Revenues from contracts with customers$388 $466 $181 $96 $41 $1,172 
Nine Months Ended September 30, 2020
(In millions)Eagle FordBakkenOklahomaNorthern DelawareOther U.S.Total
Crude oil and condensate$639 $707 $181 $160 $54 $1,741 
Natural gas liquids53 28 62 14