# Marathon Oil Corporation (MRO) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MRO/thesis · /stocks/MRO/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MRO/fundamental

## Navigation

- Overview: /stocks/MRO
- Financials (this page): /stocks/MRO/financials
- Thesis: /stocks/MRO/thesis
- Investment Memo: /stocks/MRO/memo
- Coverage universe: /stocks