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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 September 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-20200930_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 789,391,520 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
 
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8
 
 

1


Part I – FINANCIAL INFORMATION
Item 1. Financial Statements

MARATHON OIL CORPORATION
Consolidated Statements of Income (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions, except per share data) 2020 2019 2020 2019
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 assets 22  56 
Other income 16  54 
Total revenues and other income 754  1,345  2,256  3,975 
Costs and expenses:      
Production 129  163  418  543 
Shipping, handling and other operating 183  138  432  462 
Exploration 27  22  81  107 
Depreciation, depletion and amortization 554  622  1,795  1,781 
Impairments —  98  24 
Taxes other than income 49  81  145  232 
General and administrative 53  82  217  263 
Total costs and expenses 996  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)
Income (loss) before income taxes (310) 175  (1,124) 395 
Provision (benefit) for income taxes 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:        
Basic 790  802  792  813 
Diluted 790  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 Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
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 plans 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 —  — 
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) 2020 2019
Assets    
Current assets:    
Cash and cash equivalents $ 1,119  $ 858 
Receivables, less reserve of $25 and $11
643  1,122 
Inventories 77  72 
Other current assets 83  83 
Total current assets 1,922  2,135 
Equity method investments 467  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 assets 245  352 
Total assets $ 18,663  $ 20,245 
Liabilities    
Current liabilities:    
Accounts payable $ 730  $ 1,307 
Payroll and benefits payable 72  112 
Accrued taxes 45  118 
Other current liabilities 219  208 
Long-term debt due within one year 500  — 
Total current liabilities 1,566  1,745 
Long-term debt 5,405  5,501 
Deferred tax liabilities 184  186 
Defined benefit postretirement plan obligations 182  183 
Asset retirement obligations 236  243 
Deferred credits and other liabilities 198  234 
Total liabilities 7,771  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 capital 7,159  7,207 
Retained earnings 6,828  7,993 
Accumulated other comprehensive income 57  105 
Total stockholders’ equity 10,892  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) 2020 2019
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 amortization 1,795  1,781 
Impairments 98  24 
Exploratory dry well costs and unproved property impairments 63  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 instruments 92  41 
Pension and other post retirement benefits, net (35) (51)
Stock-based compensation 43  45 
Equity method investments, net 189  26 
Changes in:  
Current receivables 467  (99)
Inventories (5)
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 activities 1,055  2,049 
Investing activities:    
Additions to property, plant and equipment (1,090) (1,934)
Additions to other assets 15  41 
Acquisitions, net of cash acquired (1) — 
Disposal of assets, net of cash transferred to the buyer (84)
Equity method investments - return of capital 51 
All other investing, net — 
Net cash used in investing activities (1,060) (1,924)
Financing activities:    
Borrowings 400  — 
Purchases of common stock (92) (296)
Dividends paid (40) (122)
All other financing, net (2) (4)
Net cash provided by (used in) financing activities 266  (422)
Net increase (decrease) in cash and cash equivalents 261  (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) —  — 
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) —  —  (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) —  —  — 
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) 2020 2019 2020 2019
Net income (loss) $ (317) $ 165  $ (1,113) $ 500 
Weighted average common shares outstanding 790  802  792  813 
Effect of dilutive securities —  —  — 
Weighted average common shares, diluted 790  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 Ford Bakken Oklahoma Northern Delaware Other U.S. Total
Crude oil and condensate $ 190  $ 230  $ 65  $ 53  $ 14  $ 552 
Natural gas liquids 22  15  28  73 
Natural gas 18  33  69 
Other —  —  —  27  28 
Revenues from contracts with customers $ 231  $ 254  $ 126  $ 66  $ 45  $ 722 
Three Months Ended September 30, 2019
(In millions) Eagle Ford Bakken Oklahoma Northern Delaware Other U.S. Total
Crude oil and condensate $ 336  $ 452  $ 116  $ 88  $ 25  $ 1,017 
Natural gas liquids 23  28  64 
Natural gas 28  37  81 
Other —  —  —  10 
Revenues from contracts with customers $ 388  $ 466  $ 181  $ 96  $ 41  $ 1,172 
Nine Months Ended September 30, 2020
(In millions) Eagle Ford Bakken Oklahoma Northern Delaware Other U.S. Total
Crude oil and condensate $ 639  $ 707  $ 181  $ 160  $ 54  $ 1,741 
Natural gas liquids 53  28  62  14  161 
Natural gas 62  22  86  13  190 
Other —  —  —  58  62 
Revenues from contracts with customers $ 758  $ 757  $ 329  $ 187  $ 123  $ 2,154 

Nine Months Ended September 30, 2019
(In millions) Eagle Ford Bakken Oklahoma Northern Delaware Other U.S. Total
Crude oil and condensate $ 1,004  $ 1,277  $ 304  $ 229  $ 83  $ 2,897 
Natural gas liquids 88  31  81  20  225 
Natural gas 94  26  118  10  15  263 
Other —  —  —  45  49 
Revenues from contracts with customers $ 1,190  $ 1,334  $ 503  $ 259  $ 148  $ 3,434 
9

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
International
Three Months Ended September 30, 2020
(In millions) E.G.
Crude oil and condensate $ 31 
Natural gas liquids
Natural gas
Other — 
Revenues from contracts with customers $ 39 
Three Months Ended September 30, 2019
(In millions) E.G.
Crude oil and condensate $ 67 
Natural gas liquids
Natural gas
Other
Revenues from contracts with customers $ 77 
Nine Months Ended September 30, 2020
(In millions) E.G.
Crude oil and condensate $ 96 
Natural gas liquids
Natural gas 22 
Revenues from contracts with customers $ 121 
Nine Months Ended September 30, 2019
(In millions) E.G. U.K. Other Int’l Total
Crude oil and condensate $ 215  $ 107  $ 19  $ 341 
Natural gas liquids — 
Natural gas 24  12  —  36 
Other 14  —  15 
Revenues from contracts with customers $ 243  $ 134  $ 19  $ 396 
10

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 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 September 30, 2020
(In millions) U.S. Int’l Not Allocated to Segments Total
Revenues from contracts with customers $ 722  $ 39  $ —  $ 761 
Net gain (loss) on commodity derivatives 35  —  (36)
(b)
(1)
Income (loss) from equity method investments —  (18) (10)
Net gain on disposal of assets —  — 
Other income
Less costs and expenses:
Production 118  11  —  129 
Shipping, handling and other operating 154  28  183 
Exploration 21  —  27 
Depreciation, depletion and amortization 530  19  554 
Impairments —  — 
Taxes other than income 48  —  49 
General and administrative 25  25  53 
Net interest and other —  —  62  62 
Other net periodic benefit costs —  — 
(c)
Income tax provision (benefit) (3)
Segment income (loss) $ (135) $ $ (190) $ (317)
Total assets $ 16,396  $ 1,104  $ 1,163  $ 18,663 
Capital expenditures(a)
$ 176  $ —  $ $ 177 
(a)Includes accruals.
(b)Unrealized loss on commodity derivative instruments (See Note 15).
(c)Includes pension settlement loss of $9 million (See Note 20).
11

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
  Three Months Ended September 30, 2019
(In millions) U.S. Int’l Not Allocated to Segments Total
Revenues from contracts with customers $ 1,172  $ 77  $ —  $ 1,249 
Net gain on commodity derivatives 14  —  33 
(b)
47 
Income from equity method investments —  21  —  21 
Net gain on disposal of assets —  —  22 
(c)
22 
Other income
Less costs and expenses:
Production 147  16  —  163 
Shipping, handling and other operating 137  —  138 
Exploration 22  —  —  22 
Depreciation, depletion and amortization 589  25  622 
Taxes other than income 80  —  81 
General and administrative 34  43  82 
Net interest and other —  —  64  64 
Other net periodic benefit credit —  —  (2) (2)
Income tax provision —  10  —  10 
Segment income (loss) $ 180  $ 43  $ (58) $ 165 
Total assets $ 17,722  $ 2,003  $ 648  $ 20,373 
Capital expenditures(a)
$ 667  $ $ $ 675 
(a)Includes accruals.
(b)Unrealized gain on commodity derivative instruments (See Note 15).
(c)Primarily related to the sale of our U.K. business (see Note 4).









12

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
  Nine Months Ended September 30, 2020
(In millions) U.S. Int’l Not Allocated to Segments Total
Revenues from contracts with customers $ 2,154  $ 121  $ —  $ 2,275 
Net gain on commodity derivatives 92  —  39 
(b)
131 
Loss from equity method investments —  (4) (170)
(c)
(174)
Net gain on disposal of assets —  — 
Other income 16 
Less costs and expenses:
Production 375  43  —  418 
Shipping, handling and other operating 385  42  432 
Exploration 75  —  81 
Depreciation, depletion and amortization 1,716  62  17  1,795 
Impairments —  —  98 
(d)
98 
Taxes other than income 144  —  145 
General and administrative 89  10  118 
(e)
217 
Net interest and other —  —  195  195 
Other net periodic benefit credit —  —  (1)
(f)
(1)
Income tax provision (benefit) (10) (2) (11)
Segment income (loss) $ (520) $ $ (594) $ (1,113)
Total assets $ 16,396  $ 1,104  $ 1,163  $ 18,663 
Capital expenditures(a)
$ 874  $ —  $ 10  $ 884 
(a)Includes accruals.
(b)Unrealized gain on commodity derivative instruments (See Note 15).
(c)Partial impairment of investment in equity method investee (See Note 23).
(d)Includes the full impairment of the International reporting unit goodwill of $95 million (See Note 14).
(e)Includes severance expenses associated with workforce reductions of $15 million.
(f)Includes pension settlement loss of $25 million and pension curtailment gain of $17 million (See Note 20).

13

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
Nine Months Ended September 30, 2019
(In millions) U.S. Int’l Not Allocated to Segments Total
Revenue from contracts with customers $ 3,434  $ 396  $ —  $ 3,830 
Net gain (loss) on commodity derivatives 41  —  (69)
(b)
(28)
Income from equity method investments —  63  —  63 
Net gain on disposal of assets —  —  56 
(c)
56 
Other income 39 
(d)
54 
Less costs and expenses:
Production 433  112  (2) 543 
Shipping, handling and other operating 424  24  14  462 
Exploration 107  —  —  107 
Depreciation, depletion and amortization 1,664  97  20  1,781 
Impairments —  —  24 
(e)
24 
Taxes other than income 233  —  (1) 232 
General and administrative 94  20  149  263 
Net interest and other —  —  177  177 
Other net periodic benefit credit —  (3) (6) (9)
Income tax provision (benefit) 16  (122)
(f)
(105)
Segment income (loss) $ 527  $ 200  $ (227) $ 500 
Total assets $ 17,722  $ 2,003  $ 648  $ 20,373 
Capital expenditures(a)
$ 1,959  $ 16  $ 15  $ 1,990 
(a)Includes accruals.
(b)Unrealized loss on commodity derivative instruments (See Note 15).
(c)Primarily related to the sale of our working interest in the Droshky field (Gulf of Mexico) and the sale of our U.K. business (See Note 4).
(d)Primarily related to the indemnification of certain tax liabilities in connection with the 2010-2011 Federal Tax Audit.
(e)Primarily as a result of anticipated sales of certain non-core proved properties in our International and United States segments.
(f)Primarily relates to the settlement of the 2010-2011 Federal Tax Audit (See Note 7).


14

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
7.    Income Taxes
Effective Tax Rate
The effective income tax rate is influenced by a variety of factors including the geographic and functional sources of income and the relative magnitude of these sources of income. The difference between the total provision and the sum of the amounts allocated to segments is reported in the “Not Allocated to Segments” column of the tables in Note 6.
For the three and nine months ended September 30, 2020 and 2019, our effective income tax rates were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Effective income tax rate(a)
(2) % % % (27) %
(a)In all periods presented, we maintained our valuation allowance on our net federal deferred tax assets in the U.S.
The following items caused the effective income tax rates to be different from our U.S. statutory tax rate of 21% for 2020 and 2019:
For the three and nine months ended September 30, 2020, the income tax rate was reduced below the statutory rate due to the valuation allowance on our net federal deferred tax assets in the U.S., which resulted in no federal tax benefit on the U.S. loss.
For the three and nine months ended September 30, 2019, the mix of pre-tax income in our international operations and the valuation allowance on our net federal deferred tax assets in the U.S., reduced the annual effective tax rate below the statutory tax rate. Income tax rates for the nine months ended September 30, 2019 were also impacted by the settlement of the 2010-2011 U.S. Federal Tax Audit in the first quarter of 2019, resulting in a tax benefit of $126 million. Additionally, in the first quarter of 2019, we recorded a non-cash deferred tax benefit of $18 million in the U.K. related to an internal restructuring. These two items are discrete to the first nine months of 2019. Excluding these discrete adjustments, the effective income tax rate for the first nine months of 2019 was an expense of 10%.
In the third quarter of 2020, we received an $89 million cash refund related to alternative minimum tax credits and interest. This refund was accelerated as a result of the enactment of the Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the CARES Act, in the first quarter of 2020. 
8.    Credit Losses
    The majority of our receivables are from purchasers of commodities or joint interest owners in properties we operate, both of which are recorded at estimated or invoiced amounts and do not bear interest. The majority of these receivables have payment terms of 30 days or less. At the end of each reporting period, we assess the collectability of our receivables and estimate the expected credit losses using historical data, current market conditions and reasonable and supportable forecasts of future economic conditions.
    We are exposed to credit losses through the receivables generated from sales of crude oil, NGLs and natural gas to our customers. When dealing with the commodity purchasers, we conduct a credit review to assess each counterparty’s ability to pay. The credit review considers our expected billing exposure, timing for payment and the counterparty’s established credit rating with the rating agencies or our internal assessment of the counterparty’s creditworthiness based on our analysis of their financial statements. Our evaluation also considers contract terms and other factors, such as country and/or political risk. A credit limit is established for each counterparty based on the outcome of this review. We may require a bank letter of credit or a prepayment to mitigate credit risk. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. The expected credit losses related to receivables with the commodity purchasers were determined using the weighted average probability of default method. We also collect revenues from our non-operated joint properties where other oil and gas exploration and production companies operate the properties and market our share of production and remit payments to us. The current expected credit losses related to these receivables were determined using the loss rate method applied to aging pools.
    


15

MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
We are exposed to credit losses from joint interest billings to other joint interest owners for properties we operate. For this group of receivables, the expected credit losses are determined using the loss rate method applied to aging pools. Our counterparties in this group include numerous large, mid-size and small oil and gas exploration and production companies. Although we may have the ability to withhold future revenue disbursements to recover any non-payment of joint interest billings or require a prepayment of future costs through cash calls, our credit loss exposure with this group is more significant due to inherent ownership or billing adjustments. Also, some of our counterparties may experience liquidity problems and may not be able to meet their financial obligations to us. We expect that liquidity problems will increase in the future as a result of the recent demand and pricing decline for hydrocarbons. Our current-period provision reflects the anticipated effects caused by the recent market deterioration.
Changes in the allowance for doubtful accounts balance for the nine months ended were as follows:    
(In millions) September 30, 2020
Beginning balance as of January 1 $ 11 
Cumulative-effect adjustment 12 
Current period provision(a)
22 
Current period write offs (12)
Recoveries of amounts previously reserved (8)
Ending balance as of September 30 $ 25 
(a)For the nine months ended September 30, 2020, the current period provision increased by $10 million in joint interest receivables and $12 million in trade receivables.
9.    Inventories
    Crude oil and natural gas are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of tubular goods and equipment which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. The continued volatility and future decline in crude oil and natural gas prices could affect the value of our inventories and result in future impairments.
(In millions) September 30, 2020 December 31, 2019
Crude oil and natural gas $ 11  $ 10 
Supplies and other items 66  62 
Inventories $ 77  $ 72 
10.    Property, Plant and Equipment
(In millions) September 30, 2020 December 31, 2019
United States $ 15,533  $ 16,427 
International 424  493 
Corporate 72  80 
Net property, plant and equipment $ 16,029  $ 17,000 

We had no exploratory well costs capitalized greater than one year as of September 30, 2020 and December 31, 2019.
11.    Impairments
    During the first quarter of 2020, a global pandemic caused a substantial deterioration in the worldwide demand of hydrocarbons. The decreased demand, when coupled with an oversupplied market, caused a corresponding deterioration in hydrocarbon prices. We reviewed our long-lived assets for indicators of impairment during the first quarter by conducting a sensitivity analysis of the most impactful inputs to their undiscounted cash flows, including commodity prices, capital spend and reductions in production volumes to correspond with lower capital spending. Our review concluded that the carrying amounts of our long-lived assets are recoverable; however, further deterioration or a more sustained decline of commodity prices may result in impairment charges in future periods. 
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MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
    We also reviewed our equity method investments for indicators of impairment. Equity method investments are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value may have occurred. When a loss in value occurs that is deemed other than temporary, the carrying value of the equity method investment is written down to fair value. Our first quarter review concluded that any potential losses in values of our equity method investments were temporary because the underlying declines in both commodity prices and demand did not materially manifest until early March. However, during the second and third quarters of 2020, we recognized impairments related to one of our equity method investees, as noted in the tables below.

The following table summarizes impairment charges of proved properties, goodwill and equity method investments and their corresponding fair values.
Three Months Ended September 30,
  2020 2019
(In millions) Fair Value Impairment Fair Value Impairment
Long-lived assets held for use $ —  $ $ —  $ — 
Equity method investment $ 23  $ 18  N/A $ — 
  Nine Months Ended September 30,
  2020 2019
(In millions) Fair Value Impairment Fair Value Impairment
Long-lived assets held for use $ —  $ $ 56  $ 24 
Goodwill $ —  $ 95  N/A $ — 
Equity method investment $ 119  $ 170  N/A $ — 

2020 – Impairments for the nine months ended September 30, 2020 include charges recognized for our equity method investments of $170 million. During the second quarter of 2020, the continuation of the depressed commodity prices caused us to perform a review of our equity method investments. Our review concluded that a loss of our investment value in one of our equity method investees was other than temporary and we recorded an impairment of $152 million based on the difference between our carrying value and the fair value of our investment. During the third quarter of 2020, we further reduced our long term price forecast of a gas index in which one of our equity method investees transacts, which resulted in an incremental reduction of our investment value. We recorded an impairment of $18 million during the third quarter, which we deemed other than temporary. Our remaining investments in equity method investees did not experience losses in value that caused the fair values to be below their carrying values.
We estimated the fair value of our equity method investment using an income approach, specifically utilizing a discounted cash flow analysis. The estimated fair value was based on significant inputs not observable in the market, such as the amount of gas processed by the plant, future commodity prices, forecasted operating expenses, discount rate, and estimated cash returned to shareholders. Collectively, these inputs represent Level 3 measurements.
The impairments of our equity method investments were recognized in income (loss) from equity method investments in our consolidated statements of income. The impairments caused us to incur a basis differential between the net book value of our investment and the amount of our underlying share of equity in the investee’s net assets. The amount of this basis differential is $140 million and will be accreted into income over the next 6.25 years, which is consistent with the remaining useful life of the investee’s primary assets.
Impairments for the nine months ended September 30, 2020 also included $95 million of goodwill impairment in the International reporting unit. See Note 14 for further information.
2019 – During the nine months ended September 30, 2019, we recorded proved property impairments of $24 million, as a result of the anticipated sales proceeds for certain non-core proved properties in our United States segment and the sale of our non-operated interest in the Atrush block (Kurdistan) in our International segment. The related fair value was measured using the market approach, based upon anticipated sales proceeds less costs to sell which resulted in a Level 2 classification. See Note 4 for further information.
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MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
12.    Asset Retirement Obligations
Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations for the nine months ended September 30 were as follows:
September 30,
(In millions) 2020 2019
Beginning balance as of January 1 $ 255  $ 1,145 
Incurred liabilities, including acquisitions 25 
Settled liabilities, including dispositions (11) (1,106)
Accretion expense (included in depreciation, depletion and amortization) 29 
Revisions of estimates (8) 15 
Held for sale —  108 
Ending balance as of September 30 $ 248  $ 216 
September 30, 2020
Ending balance includes $12 million classified as short-term at September 30, 2020.
September 30, 2019
Settled liabilities primarily relate to the sale of our U.K. business, which closed during the third quarter of 2019.
Held for sale reflects a transfer to settled liabilities during 2019. This transfer was primarily related to the Droshky field (Gulf of Mexico), which was considered held for sale at year-end 2018 and closed in the first quarter of 2019.
13. Leases
We enter into various lease agreements to support our operations including drilling rigs, well fracturing equipment, compressors, buildings, aircraft, vessels, vehicles and miscellaneous field equipment. We primarily act as a lessee in these transactions and all of our existing leases are classified as either short-term or long-term operating leases.
Supplemental balance sheet information related to leases was as follows:
(In millions) September 30, 2020
Operating Leases: Balance Sheet Location:
Right-of-use asset Other noncurrent assets $ 137 
Current portion of long-term lease liability Other current liabilities $ 79 
Long-term lease liability Deferred credits and other liabilities $ 61 
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MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
    Our wholly-owned subsidiary, Marathon E.G. Production Limited, is a lessor for residential housing in Equatorial Guinea, which is occupied by EGHoldings, a related party equity method investee see Note 24. The lease was classified as an operating lease and expires in 2024, with a lessee option to extend through 2034. Lease payments are fixed for the entire duration of the agreement at approximately $6 million per year. Our lease income is reported in other income in our consolidated statements of income for all periods presented. The undiscounted cash flows to be received under this lease agreement are summarized below.
(In millions) Operating Lease Future Cash Receipts
2020 $
2021
2022
2023
2024
Thereafter 60 
Total undiscounted cash flows $ 86 
In 2018, we signed an agreement with an owner/lessor to construct and lease a new build-to-suit office building in Houston, Texas. The lessor and other participants are providing financing for up to $340 million to fund the estimated project costs, which was reduced effective August 2020, from $380 million to align with our revised estimate of the project costs. As of September 30, 2020, project costs incurred totaled approximately $117 million, including land acquisition and construction costs. The initial lease term is five years and will commence once construction is substantially complete and the new Houston office is ready for occupancy. At the end of the initial lease term, we can negotiate to extend the lease term for an additional five years, subject to the approval of the participants; purchase the property subject to certain terms and conditions; or remarket the property to an unrelated third party. The lease contains a residual value guarantee of approximately 89% of the total acquisition and construction costs.
14.  Goodwill
As of December 31, 2019, our consolidated balance sheet included goodwill of $95 million in the International reporting unit. Goodwill is tested for impairment on an annual basis, or between annual tests when events or changes in circumstances indicate the fair value of a reporting unit with goodwill may have been reduced below its carrying value. During the first quarter of 2020, a global pandemic caused a substantial deterioration in the worldwide demand of hydrocarbons. This demand loss resulted in a significant decline in hydrocarbon prices. The commensurate decline in our market capitalization during the first quarter indicated that it was more likely than not that the fair value of the International reporting unit was less than its carrying value.
We estimated the fair value of our International reporting unit using a combination of market and income approaches. The market approach referenced observable inputs specific to us and our industry, such as the price of our common equity, our enterprise value, and valuation multiples of us and peers from the investor analyst community. The income approach utilized discounted cash flows, which were based on forecasted assumptions. Key assumptions to the income approach include future liquid hydrocarbon and natural gas pricing, estimated quantities of liquid hydrocarbons and natural gas proved and probable reserves, estimated timing of production, discount rates, future capital requirements, operating expenses and tax rates. The assumptions used in the income approach are consistent with those that management uses to make business decisions. These valuation methodologies represent Level 3 fair value measurements. Based on the results, we concluded our goodwill was fully impaired, and recorded an impairment of $95 million in the consolidated statements of income for the first quarter of 2020.
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MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
September 30,
(In millions) 2020 2019
Beginning balance as of January 1, gross $ 95  $ 97 
Less: accumulated impairments —  — 
Beginning balance, net 95  97 
Dispositions —  (2)
Impairment (95) — 
Ending balance as of September 30, net $ —  $ 95 
15.  Derivatives
For further information regarding the fair value measurement of derivative instruments, see Note 16. All of our commodity derivatives are subject to enforceable master netting arrangements or similar agreements under which we report net amounts. The following tables present the gross fair values of derivative instruments and the reported net amounts along with where they appear on the consolidated balance sheets.
September 30, 2020
(In millions) Asset Liability Net Asset (Liability) Balance Sheet Location
Not Designated as Hedges
Commodity $ 59  $ 14  $ 45  Other current assets
Commodity —  (2) Deferred credits and other liabilities
Interest Rate —  Other noncurrent assets
Interest Rate —  (3) Deferred credits and other liabilities
Total Not Designated as Hedges $ 60  $ 19  $ 41 
Cash Flow Hedges
Interest Rate $ $ —  $ Other noncurrent assets
Interest Rate —  19  (19) Deferred credits and other liabilities
Total Designated Hedges $ $ 19  $ (10)
Total $ 69  $ 38  $ 31 
December 31, 2019
(In millions) Asset Liability Net Asset (Liability) Balance Sheet Location
Not Designated as Hedges
Commodity $ $ $ Other current assets
Commodity —  Other noncurrent assets
Commodity —  (5) Other current liabilities
Total Not Designated as Hedges $ 10  $ $
Cash Flow Hedges
Interest Rate $ $ —  $ Other noncurrent assets
Total Designated Hedges $ $ —  $
Total $ 12  $ $
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MARATHON OIL CORPORATION
Notes to Consolidated Financial Statements (Unaudited)
Derivatives Not Designated as Hedges
Commodity Derivatives
We have entered into multiple crude oil, natural gas and NGL derivatives indexed to the respective indices as noted in the table below, related to a portion of our forecasted United States sales through 2021. These derivatives consist of three-way collars, two-way collars, fixed price swaps, basis swaps, and NYMEX roll basis swaps. Three-way collars consist of a sold call (ceiling), a purchased put (floor) and a sold put. The ceiling price is the maximum we will receive for the contract volumes; the floor is the minimum price we will receive, unless the market price falls below the sold put strike price. In this case, we receive the NYMEX WTI price plus the difference between the floor and the sold put price. Two-way collars only consist of a sold call (ceiling) and a purchased put (floor). These crude oil, natural gas and NGL derivatives were not designated as hedges.
The following table sets forth outstanding derivative contracts as of September 30, 2020, and the weighted average prices for those contracts:
2020 2021 2021
Fourth Quarter First Half Second Half
Crude Oil
NYMEX WTI Three-Way Collars
Volume (Bbls/day) 80,000  —  — 
Weighted average price per Bbl:
Ceiling $ 64.40  $ —  $ — 
Floor $ 55.00  $ —  $ — 
Sold put $ 48.00  $ —  $ — 
NYMEX WTI Two-Way Collars
Volume (Bbls/day) 20,000  10,000  10,000 
Weighted average price per Bbl:
Ceiling $ 46.83  $ 52.37  $ 52.37 
Floor $ 37.00  $ 35.00  $ 35.00 
Basis Swaps - NYMEX WTI / Argus WTI Midland (a)
Volume (Bbls/day) 15,000  —  — 
Weighted average price per Bbl $ (0.94) $ —  $ — 
Basis Swaps - NYMEX WTI / ICE Brent (b)
Volume (Bbls/day) 5,000  1,630  — 
Weighted average price per Bbl $ (7.24) $ (7.24) $ — 
NYMEX Roll Basis Swaps
Volume (Bbls/day) 30,000  —  — 
Weighted average price per Bbl $ (0.81) $ —  $ — 
Natural Gas
Henry Hub (“HH”) Two-Way Collars
Volume (MMBtu/day) 250,000  175,000  150,000 
Weighted average price per MMBtu: