Marathon Oil Corporation

MRO
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2

Financial Snapshot

ticker: MRO step: 04 generated: 2026-05-13 source: quick-research note: Acquired by ConocoPhillips (COP) November 2024 — historical financials only

Marathon Oil Corporation (MRO) — Financial Snapshot (Historical)

Income Statement Summary

Metric FY2022 FY2023 FY2024* YoY
Revenue $7.54B $6.40B Partial (acquired Nov 2024) -15%
Gross Margin ~35% ~25% N/A
Operating Margin ~30% ~15% N/A
Net Income $3.61B ~$800M N/A
EPS (diluted) $5.26 ~$1.40 $0.51 (Q3 only)

MRO was acquired by ConocoPhillips in November 2024 — no full-year FY2024 standalone results exist. Q3 2024 adjusted EPS was $0.64. The 2022-to-2023 EPS collapse (from $5.26 to ~$1.40 adj.) reflects commodity price normalization from peak 2022 levels.

Cash Flow & Balance Sheet (FY2022 — Peak Year)

Metric FY2022 FY2023
Operating Cash Flow $5.43B $1.08B
Free Cash Flow $3.98B $681M
Capital Expenditures ~$1.45B ~$400M
Net Debt ~$3.5B ~$4.0B

Key Ratios (approximate at time of acquisition, Nov 2024)

  • Acquisition EV/EBITDA: ~5x | FCF Yield: ~8-10% at $70 WTI
  • Return of Capital: MRO returned >$7B to shareholders from 2021-2024 via buybacks and dividends

Growth Profile

Marathon's financials were highly commodity-sensitive. FY2022 peak FCF of $3.98B — at $95+ WTI — drove aggressive buybacks that retired ~30% of shares outstanding. FY2023 saw a dramatic decline as WTI fell toward $70-75. Q3 2024 showed FCF recovery of $659M as the company maintained production discipline. ConocoPhillips acquired MRO at a price that implied <$30/bbl cost-of-supply for the resource base — a compelling asset quality metric.

Acquisition Economics

  • Total enterprise value: $22.5B
  • Net debt assumed: $5.4B
  • Equity value: ~$17.1B (0.2550 COP shares per MRO at closing)
  • Synergies: >$1B annual run-rate within 12 months
  • Resource added to COP: >2 billion BOE at <$30/bbl WTI

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $MRO.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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