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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 Ended June 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)
Delaware 25-0996816
(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 Symbol Name of each exchange on which registered
Common Stock, par value $1.00   MRO New 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 filer þ Accelerated filer
o  
Non-accelerated filer
o   
Smaller reporting company Emerging 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
 
2
 
3
 
4
 
5
6
 
7
 
 

1


Part I – FINANCIAL INFORMATION
Item 1. Financial Statements

MARATHON OIL CORPORATION
Consolidated Statements of Income (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(In millions, except per share data) 2020 2019 2020 2019
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)     34   
Other income   13    13    48   
Total revenues and other income 272    1,433    1,502    2,630   
Costs and expenses:      
Production 129    193    289    380   
Shipping, handling and other operating 105    170    249    324   
Exploration 26    26    54    85   
Depreciation, depletion and amortization 597    605    1,241    1,159   
Impairments —    18    97    24   
Taxes other than income 30    79    96    151   
General and administrative 88    87    164    181   
Total costs and expenses 975    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 credit        
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:        
Basic 790    813    793    817   
Diluted 790    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 Ended Six Months Ended
June 30, June 30,
(In millions) 2020 2019 2020 2019
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) 2020 2019
Assets    
Current assets:    
Cash and cash equivalents $ 522    $ 858   
Receivables, less reserve of $23 and $11 620    1,122   
Inventories 77    72   
Derivative assets 79     
Other current assets 107    74   
Total current assets 1,405    2,135   
Equity method investments 476    663   
Property, plant and equipment, less accumulated depreciation, depletion and amortization of $19,216 and $18,003 16,424    17,000   
Goodwill —    95   
Other noncurrent assets 262    352   
Total assets $ 18,567    $ 20,245   
Liabilities    
Current liabilities:    
Accounts payable $ 696    $ 1,307   
Payroll and benefits payable 76    112   
Accrued taxes 77    118   
Other current liabilities 216    208   
Total current liabilities 1,065    1,745   
Long-term debt 5,503    5,501   
Deferred tax liabilities 171    186   
Defined benefit postretirement plan obligations 194    183   
Asset retirement obligations 242    243   
Deferred credits and other liabilities 217    234   
Total liabilities 7,392    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 capital 7,143    7,207   
Retained earnings 7,145    7,993   
Accumulated other comprehensive income 37    105   
Total stockholders’ equity 11,175    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) 2020 2019
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 amortization 1,241    1,159   
Impairments 97    24   
Exploratory dry well costs and unproved property impairments 40    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 instruments 57    27   
Pension and other post retirement benefits, net (31)   (41)  
Stock-based compensation 28    32   
Equity method investments, net 180    12   
Changes in:  
Current receivables 489    (95)  
Inventories (5)    
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 activities 710    1,312   
Investing activities:    
Additions to property, plant and equipment (946)   (1,262)  
Additions to other assets 12    42   
Acquisitions, net of cash acquired   —   
Disposal of assets, net of cash transferred to the buyer   69   
Equity method investments - return of capital   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, net   (2)  
Net cash used in financing activities (131)   (350)  
Effect of exchange rate on cash and cash equivalents —     
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)     —    —     
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) 2020 2019 2020 2019
Net income (loss) $ (750)   $ 161    $ (796)   $ 335   
Weighted average common shares outstanding 790    813    793    817   
Effect of dilutive securities —      —    —   
Weighted average common shares, diluted 790    814    793    817   
Net income (loss) per share:
Basic $ (0.95)   $ 0.20    $ (1.00)   $ 0.41   
Diluted $ (0.95)   $ 0.20    $ (1.00)   $ 0.41   
Dividends per share $ —    $ 0.05    $ 0.05    $ 0.10   
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 approximately $95 million which reflects 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. Our income before income taxes relating to our U.K. business for the three and six months ended June 30, 2019, was $18 million 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.
7

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 June 30, 2020 and December 31, 2019, receivables from contracts with customers, included in receivables, less reserves were $487 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 six months ended June 30 as follows:
United States
Three Months Ended June 30, 2020
(In millions) Eagle Ford Bakken Oklahoma Northern Delaware Other U.S. Total
Crude oil and condensate $ 142    $ 147    $ 32    $ 33    $   $ 361   
Natural gas liquids 16      13        37   
Natural gas 20      24        54   
Other   —    —    —      10   
Revenues from contracts with customers $ 179    $ 155    $ 69    $ 41    $ 18    $ 462   
Three Months Ended June 30, 2019
(In millions) Eagle Ford Bakken Oklahoma Northern Delaware Other U.S. Total
Crude oil and condensate $ 350    $ 453    $ 111    $ 77    $ 30    $ 1,021   
Natural gas liquids 30    15    31        84   
Natural gas 32      36        79   
Other   —    —    —    15    16   
Revenues from contracts with customers $ 413    $ 474    $ 178    $ 85    $ 50    $ 1,200   
Six Months Ended June 30, 2020
(In millions) Eagle Ford Bakken Oklahoma Northern Delaware Other U.S. Total
Crude oil and condensate $ 449    $ 477    $ 116    $ 107    $ 40    $ 1,189   
Natural gas liquids 31    13    34        88   
Natural gas 44    13    53        121   
Other   —    —    —    31    34   
Revenues from contracts with customers $ 527    $ 503    $ 203    $ 121    $ 78    $ 1,432   

Six Months Ended June 30, 2019
(In millions) Eagle Ford Bakken Oklahoma Northern Delaware Other U.S. Total
Crude oil and condensate $ 668    $ 825    $ 188    $ 141    $ 58    $ 1,880   
Natural gas liquids 65    25    53    15      161   
Natural gas 66    18    81      10    182   
Other   —    —    —    36    39   
Revenues from contracts with customers $ 802    $ 868    $ 322    $ 163    $ 107    $ 2,262   
8

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
International
Three Months Ended June 30, 2020
(In millions) E.G.
Crude oil and condensate $ 20   
Natural gas liquids  
Natural gas  
Revenues from contracts with customers $ 28   
Three Months Ended June 30, 2019
(In millions) E.G. U.K. Other Int’l Total
Crude oil and condensate $ 101    $ 51    $   $ 161   
Natural gas liquids   —    —     
Natural gas     —    13   
Other —      —     
Revenues from contracts with customers $ 111    $ 61    $   $ 181   
Six Months Ended June 30, 2020
(In millions) E.G.
Crude oil and condensate $ 65   
Natural gas liquids  
Natural gas 15   
Revenues from contracts with customers $ 82   
Six Months Ended June 30, 2019
(In millions) E.G. U.K. Other Int’l Total
Crude oil and condensate $ 148    $ 107    $ 19    $ 274   
Natural gas liquids     —     
Natural gas 16    12    —    28   
Other —    14    —    14   
Revenues from contracts with customers $ 166    $ 134    $ 19    $ 319   
9

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
6. 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”) – explores for, 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 which 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 property, goodwill, and equity method investments, unrealized gains or losses on commodity 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, 2020
(In millions) U.S. Int’l Not Allocated to Segments Total
Revenues from contracts with customers $ 462    $ 28    $ —    $ 490   
Net gain (loss) on commodity derivatives 26    —    (96)  
(b)
(70)  
Loss from equity method investments —    —    (152)  
(c)
(152)  
Net loss on disposal of assets —    —    (2)   (2)  
Other income        
Less costs and expenses:
Production 114    15    —    129   
Shipping, handling and other operating 91      13    105   
Exploration 26    —    —    26   
Depreciation, depletion and amortization 569    22      597   
Taxes other than income 30    —    —    30   
General and administrative 32      53   
(d)
88   
Net interest and other —    —    69    69   
Other net periodic benefit credit —    —    (7)  
(e)
(7)  
Income tax benefit (6)   (5)   (4)   (15)  
Segment loss $ (365)   $ (6)   $ (379)   $ (750)  
Total assets $ 16,791    $ 1,144    $ 632    $ 18,567   
Capital expenditures(a)
$ 137    $ —    $   $ 139   
(a)Includes accruals.
(b)Unrealized loss on commodity derivative instruments (See Note 15).
(c)Partial impairment of investment in equity method investee (See Note 23).
(d)Includes severance expenses associated with workforce reductions of $13 million.
(e)Includes pension settlement loss of $14 million and pension curtailment gain of $17 million (See Note 20).
10

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
  Three Months Ended June 30, 2019
(In millions) U.S. Int’l Not Allocated to Segments Total
Revenues from contracts with customers $ 1,200    $ 181    $ —    $ 1,381   
Net gain on commodity derivatives   —    11   
(b)
16   
Income from equity method investments —    31    —    31   
Net loss on disposal of assets —    —    (8)  
(c)
(8)  
Other income       13   
Less costs and expenses:
Production 147    46    —    193   
Shipping, handling and other operating 147    10    13    170   
Exploration 26    —    —    26   
Depreciation, depletion and amortization 561    38      605   
Impairments —    —    18   
(d)
18   
Taxes other than income 79    —    —    79   
General and administrative 31      48    87   
Net interest and other —    —    64    64   
Other net periodic benefit credit —    (1)   (1)   (2)  
Income tax provision   17    12    32   
Segment income (loss) $ 215    $ 96    $ (150)   $ 161   
Total assets $ 17,539    $ 2,913    $ 830    $ 21,282   
Capital expenditures(a)
$ 686    $ 10    $   $ 701   
(a)Includes accruals.
(b)Unrealized gain on commodity derivative instruments (See Note 15).
(c)Primarily related to the sale of certain non-core proved properties in our International segment (see Note 4).
(d)Primarily as a result of the anticipated sale of non-core proved properties in our United States segment (See Note 11).









11

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
  Six Months Ended June 30, 2020
(In millions) U.S. Int’l Not Allocated to Segments Total
Revenues from contracts with customers $ 1,432    $ 82    $ —    $ 1,514   
Net gain on commodity derivatives 57    —    75   
(b)
132   
Loss from equity method investments —    (12)   (152)  
(c)
(164)  
Net gain on disposal of assets —    —       
Other income       13   
Less costs and expenses:
Production 257    32    —    289   
Shipping, handling and other operating 231      14    249   
Exploration 54    —    —    54   
Depreciation, depletion and amortization