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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarterly Period Ended |
June 30, 2020 |
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OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from _____ to _____ |
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Commission file number 1-1513
Marathon Oil Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
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25-0996816 |
(State or other jurisdiction of incorporation or
organization) |
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(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:
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Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
Common Stock, par value $1.00 |
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MRO |
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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.
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Large accelerated filer |
þ |
Accelerated filer |
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o
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Non-accelerated filer |
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o
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Smaller reporting company |
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Emerging growth company |
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☐ |
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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
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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.
Part I – FINANCIAL INFORMATION
Item 1. Financial Statements
MARATHON OIL CORPORATION
Consolidated Statements of Income (Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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(In millions, except per share data) |
2020 |
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2019 |
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2020 |
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2019 |
Revenues and other income: |
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Revenues from contracts with customers |
$ |
490 |
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$ |
1,381 |
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$ |
1,514 |
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$ |
2,581 |
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Net gain (loss) on commodity derivatives |
(70) |
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16 |
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132 |
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(75) |
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Income (loss) from equity method investments |
(152) |
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31 |
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(164) |
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42 |
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Net gain (loss) on disposal of assets |
(2) |
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(8) |
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7 |
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34 |
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Other income |
6 |
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13 |
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13 |
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48 |
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Total revenues and other income |
272 |
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1,433 |
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1,502 |
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2,630 |
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Costs and expenses: |
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Production |
129 |
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193 |
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289 |
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380 |
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Shipping, handling and other operating |
105 |
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170 |
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249 |
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324 |
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Exploration |
26 |
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26 |
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54 |
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85 |
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Depreciation, depletion and amortization |
597 |
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605 |
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1,241 |
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1,159 |
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Impairments |
— |
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18 |
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97 |
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24 |
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Taxes other than income |
30 |
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79 |
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96 |
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151 |
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General and administrative |
88 |
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87 |
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164 |
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181 |
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Total costs and expenses |
975 |
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1,178 |
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2,190 |
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2,304 |
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Income (loss) from operations |
(703) |
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255 |
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(688) |
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326 |
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Net interest and other |
(69) |
|
|
(64) |
|
|
(133) |
|
|
(113) |
|
Other net periodic benefit credit |
7 |
|
|
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: |
|
|
|
|
|
|
|
Basic |
790 |
|
|
813 |
|
|
793 |
|
|
817 |
|
Diluted |
790 |
|
|
814 |
|
|
793 |
|
|
817 |
|
The
accompanying notes are an integral part of these consolidated
financial statements.
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.
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 |
|
|
9 |
|
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.
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) |
|
|
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 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 |
3 |
|
|
— |
|
Disposal of assets, net of cash transferred to the
buyer |
9 |
|
|
69 |
|
Equity method investments - return of capital |
7 |
|
|
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 |
1 |
|
|
(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.
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.
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 |
— |
|
|
1 |
|
|
— |
|
|
— |
|
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.
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 |
|
|
$ |
7 |
|
|
$ |
361 |
|
Natural gas liquids |
16 |
|
|
3 |
|
|
13 |
|
|
4 |
|
|
1 |
|
|
37 |
|
Natural gas |
20 |
|
|
5 |
|
|
24 |
|
|
4 |
|
|
1 |
|
|
54 |
|
Other |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
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 |
|
|
7 |
|
|
1 |
|
|
84 |
|
Natural gas |
32 |
|
|
6 |
|
|
36 |
|
|
1 |
|
|
4 |
|
|
79 |
|
Other |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
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 |
|
|
7 |
|
|
3 |
|
|
88 |
|
Natural gas |
44 |
|
|
13 |
|
|
53 |
|
|
7 |
|
|
4 |
|
|
121 |
|
Other |
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
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 |
|
|
3 |
|
|
161 |
|
Natural gas |
66 |
|
|
18 |
|
|
81 |
|
|
7 |
|
|
10 |
|
|
182 |
|
Other |
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
36 |
|
|
39 |
|
Revenues from contracts with customers |
$ |
802 |
|
|
$ |
868 |
|
|
$ |
322 |
|
|
$ |
163 |
|
|
$ |
107 |
|
|
$ |
2,262 |
|
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 |
1 |
|
|
|
|
|
|
|
Natural gas |
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$ |
9 |
|
|
$ |
161 |
|
Natural gas liquids |
1 |
|
|
— |
|
|
— |
|
|
1 |
|
Natural gas |
9 |
|
|
4 |
|
|
— |
|
|
13 |
|
Other |
— |
|
|
6 |
|
|
— |
|
|
6 |
|
Revenues from contracts with customers |
$ |
111 |
|
|
$ |
61 |
|
|
$ |
9 |
|
|
$ |
181 |
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
(In millions) |
E.G. |
Crude oil and condensate |
$ |
65 |
|
Natural gas liquids |
2 |
|
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 |
2 |
|
|
1 |
|
|
— |
|
|
3 |
|
Natural gas |
16 |
|
|
12 |
|
|
— |
|
|
28 |
|
Other |
— |
|
|
14 |
|
|
— |
|
|
14 |
|
Revenues from contracts with customers |
$ |
166 |
|
|
$ |
134 |
|
|
$ |
19 |
|
|
$ |
319 |
|
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 |
3 |
|
|
2 |
|
|
1 |
|
|
6 |
|
Less costs and expenses: |
|
|
|
|
|
|
|
Production |
114 |
|
|
15 |
|
|
— |
|
|
129 |
|
Shipping, handling and other operating |
91 |
|
|
1 |
|
|
13 |
|
|
105 |
|
Exploration |
26 |
|
|
— |
|
|
— |
|
|
26 |
|
Depreciation, depletion and amortization |
569 |
|
|
22 |
|
|
6 |
|
|
597 |
|
|
|
|
|
|
|
|
|
Taxes other than income |
30 |
|
|
— |
|
|
— |
|
|
30 |
|
General and administrative |
32 |
|
|
3 |
|
|
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 |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
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).
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 |
5 |
|
|
— |
|
|
11 |
|
(b)
|
16 |
|
Income from equity method investments |
— |
|
|
31 |
|
|
— |
|
|
31 |
|
Net loss on disposal of assets |
— |
|
|
— |
|
|
(8) |
|
(c)
|
(8) |
|
Other income |
4 |
|
|
2 |
|
|
7 |
|
|
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 |
|
|
6 |
|
|
605 |
|
Impairments |
— |
|
|
— |
|
|
18 |
|
(d)
|
18 |
|
Taxes other than income |
79 |
|
|
— |
|
|
— |
|
|
79 |
|
General and administrative |
31 |
|
|
8 |
|
|
48 |
|
|
87 |
|
Net interest and other |
— |
|
|
— |
|
|
64 |
|
|
64 |
|
Other net periodic benefit credit |
— |
|
|
(1) |
|
|
(1) |
|
|
(2) |
|
Income tax provision |
3 |
|
|
17 |
|
|
12 |
|
|
32 |
|
Segment income (loss) |
$ |
215 |
|
|
$ |
96 |
|
|
$ |
(150) |
|
|
$ |
161 |
|
Total assets |
$ |
17,539 |
|
|
$ |
2,913 |
|
|
$ |
830 |
|
|
$ |
21,282 |
|
Capital expenditures(a)
|
$ |
686 |
|
|
$ |
10 |
|
|
$ |
5 |
|
|
$ |
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).
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 |
— |
|
|
— |
|
|
7 |
|
|
7 |
|
Other income |
7 |
|
|
4 |
|
|
2 |
|
|
13 |
|
Less costs and expenses: |
|
|
|
|
|
|
|
Production |
257 |
|
|
32 |
|
|
— |
|
|
289 |
|
Shipping, handling and other operating |
231 |
|
|
4 |
|
|
14 |
|
|
249 |
|
Exploration |
54 |
|
|
— |
|
|
— |
|
|
54 |
|
Depreciation, depletion and amortization |
|