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Marathon Oil (MRO)

Marathon Oil Corporation, usually simply referred to as Marathon Oil, is an American petroleum and natural gas exploration and production company headquartered in the Marathon Oil Tower in Houston, Texas. Marathon Oil is incorporated in Ohio. Marathon Oil is responsible for 0.19% of global industrial greenhouse gas emissions from 1988 to 2015.

Company profile

Ticker
MRO
Exchange
CEO
Lee M. Tillman
Employees
Incorporated
Location
Fiscal year end
Former names
USX CORP
SEC CIK
Subsidiaries
Alba Associates LLC • Alba Equatorial Guinea Partnership, L.P. • Alba Plant LLC • AMPCO Marketing, L.L.C. • AMPCO Services, L.L.C. • Atlantic Methanol Associates LLC • Atlantic Methanol Production Company LLC • E.G. Global LNG Services, Ltd. • Equatorial Guinea LNG Company, S.A. • Equatorial Guinea LNG Holdings Limited ...
IRS number
250996816

MRO stock data

Calendar

4 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
18 May 22 Whitehead Dane E Common Stock Sell Dispose S No No 28.0295 30,291 849.04K 290,934
16 May 22 Whitehead Dane E Common Stock Sell Dispose S No No 28.1818 79,711 2.25M 321,225
16 May 22 Whitehead Dane E Common Stock Option exercise Acquire M No No 14.52 79,711 1.16M 400,936
16 May 22 Whitehead Dane E Employee Stock Option Common Stock Option exercise Dispose M No No 14.52 79,711 1.16M 0
31 Mar 22 Patrick Wagner Common Stock Sell Dispose S No No 25.6311 65,218 1.67M 179,566
31 Mar 22 Patrick Wagner Common Stock Option exercise Acquire M No No 14.52 65,218 946.97K 244,784
31 Mar 22 Patrick Wagner Employee Stock Option Common Stock Option exercise Dispose M No No 14.52 65,218 946.97K 0
25 Mar 22 Tillman Lee M Common Stock Sell Dispose S No No 26.0907 270,588 7.06M 1,070,088
25 Mar 22 Tillman Lee M Common Stock Option exercise Acquire M No No 16.79 270,588 4.54M 1,340,676
25 Mar 22 Tillman Lee M Employee Stock Option Common Stock Option exercise Dispose M No No 16.79 270,588 4.54M 0
78.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 723 644 +12.3%
Opened positions 148 133 +11.3%
Closed positions 69 72 -4.2%
Increased positions 226 174 +29.9%
Reduced positions 246 228 +7.9%
13F shares Current Prev Q Change
Total value 13.9B 9.34B +48.8%
Total shares 553.02M 568.35M -2.7%
Total puts 9.66M 10.87M -11.1%
Total calls 15.45M 8.26M +87.2%
Total put/call ratio 0.6 1.3 -52.5%
Largest owners Shares Value Change
Vanguard 84.81M $2.13B -2.1%
BLK Blackrock 54.04M $1.36B +12.6%
STT State Street 48.34M $1.21B +0.8%
Hotchkis & Wiley Capital Management 38.37M $963.39M -25.9%
FMR 20.46M $513.65M +25.8%
IVZ Invesco 17.82M $447.41M -33.8%
Geode Capital Management 15.72M $394.27M -6.4%
Dimensional Fund Advisors 12.63M $317.08M -2.7%
Wellington Management 8.75M $219.83M +1220.4%
Fisher Asset Management 8.64M $217.06M +1.4%
Largest transactions Shares Bought/sold Change
JB Investments Management 1.1M -21.05M -95.0%
Hotchkis & Wiley Capital Management 38.37M -13.41M -25.9%
IVZ Invesco 17.82M -9.11M -33.8%
Wellington Management 8.75M +8.09M +1220.4%
BLK Blackrock 54.04M +6.06M +12.6%
FMR 20.46M +4.2M +25.8%
Millennium Management 5.52M +3.99M +260.8%
Marshall Wace 3.54M +3.54M NEW
Jane Street 3.87M +3.41M +738.6%
Holocene Advisors 6.19M -3.18M -33.9%

Financial report summary

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Risks
  • A substantial decline in crude oil and condensate, NGLs and natural gas prices would reduce our operating results and cash flows and could adversely impact the carrying value of our assets.
  • Estimates of crude oil and condensate, NGLs and natural gas reserves depend on many factors and assumptions, including various assumptions that are based on conditions in existence as of the dates of the estimates. Any material changes in those conditions or other factors affecting those assumptions could impair the quantity and value of our reserves.
  • Our operations may be adversely affected by pipeline, rail and other transportation capacity constraints.
  • If we acquire crude oil and natural gas properties, our failure to fully identify existing and potential problems, including title problems, to accurately estimate reserves, production rates or costs, or to effectively integrate the acquired properties into our operations could materially and adversely affect our business, financial condition and results of operations.
  • Our operations may be affected by Native American treaty, title and other rights or claims.
  • Future exploration and drilling results are uncertain and involve substantial costs.
  • We operate in a highly competitive industry, and many of our competitors are larger and have available resources in excess of our own.
  • We are subject to various climate-related risks, including risks related to the transition to a lower-carbon economy and physical risks resulting from climate change.
  • Our offshore operations involve special risks that could negatively impact us.
  • If we are unsuccessful in acquiring or finding additional reserves, our future crude oil and condensate, NGLs and natural gas production would decline, thereby reducing our cash flows and results of operations and impairing our financial condition.
  • If crude oil and condensate, NGLs and natural gas prices decrease, it could adversely affect the abilities of our counterparties to perform their obligations to us, which could negatively impact our financial results.
  • If we are unable to complete capital projects at their expected costs and in a timely manner, or if the market conditions assumed in our project economics deteriorate, our business, financial condition, results of operations and cash flows could be materially and adversely affected.
  • Our level of indebtedness may limit our liquidity and financial flexibility.
  • Difficulty in accessing capital or a significant increase in our costs of accessing capital could adversely affect our business.
  • Our commodity price risk management activities may prevent us from fully benefiting from commodity price increases and may expose us to other risks, including counterparty risk.
  • Many of our major projects and operations are conducted jointly with other parties, which may decrease our ability to manage risk.
  • We may incur substantial capital expenditures and operating costs, and our production could be adversely affected, as a result of compliance with and changes in law, regulations or requirements or initiatives, including those addressing environmental, health, safety or security or the impact of global climate change, air emissions or water management, and, as a result, our business, financial condition, results of operations and cash flows could be materially and adversely affected.
  • The potential adoption of federal, state and local legislative and regulatory initiatives related to hydraulic fracturing could result in increased compliance costs, operating restrictions or delays in the completion of oil and gas wells.
  • The potential adoption of federal, state and local legislative and regulatory initiatives intended to address potential induced seismic activity in the areas in which we operate could result in increased compliance costs, operating restrictions or delays in the completion of oil and gas wells.
  • Political and economic developments, possible terrorist activities and changes in law or policy in the U.S. or global markets could adversely affect our operations and materially reduce our profitability and cash flows.
  • Our business, financial conditions and results of operations have been adversely affected and may continue to be adversely affected by the ongoing COVID-19 global pandemic.
  • Mandatory COVID-19 vaccination of employees could impact our workforce and lead to labor disruptions, which could have a material adverse effect on our business and results of operations.
  • Our business could be negatively impacted by cyberattacks targeting our computer and telecommunications systems and infrastructure, or targeting those of our third-party service providers.
  • Our business may be materially adversely affected by negative publicity.
  • Our operations are subject to business interruptions and casualty losses. We do not insure against all potential losses and therefore we could be seriously harmed by unexpected liabilities and increased costs.
  • Litigation by private plaintiffs or government officials or entities could adversely affect our performance.
Management Discussion
  • Three Months Ended June 30, 2022 vs. Three Months Ended June 30, 2021
  • Below is a price/volume analysis for each segment. Refer to the preceding Operations and Market Conditions sections for additional detail related to our net sales volumes and average price realizations.
  • Net gain (loss) on commodity derivatives in the second quarter of 2022, was a loss of $27 million, compared to a net loss of $166 million for the same period in 2021. We have multiple crude oil, natural gas and NGL derivative contracts that settle against various indices. We record commodity derivative gains/losses as the index pricing and forward curves change each period. See Note 13 to the consolidated financial statements for further information.

Content analysis

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Legalese
Litigous
Readability
H.S. freshman Good
New words: acreage, expiration, heavily, mandatory, monitor, overnight, Schedule, SOFR, sought, workover
Removed: created, declaration, decommission, involve, judgment, long, seeking, specifically, usage