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This chart shows Marathon Oil’s Revenue by Product Type, across Crude Oil & Condensate, Natural Gas Liquids and Natural Gas products, reported on a quarterly basis from 2018 onwards.
|Product Type||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
|Crude oil and condensate||$583.0||$936.0||$984.0||71.6%|
|Natural Gas Liquids||$74.0||$131.0||$183.0||13.3%|
(All figures in millions, except percentages)
The total revenue of Marathon Oil grew from $761 million in Q3 2020 to $1,375 million in Q3 2021, marking a growth of approximately 81% in revenue in just a year. The revenue also grew by $186 million in Q3 2021, when compared to $1,189 million in Q2 2021, leading to a 15.6% growth in revenue on a quarter-on-quarter basis.
The pandemic impacted the company’s objectives and the workforce. It shifted its workforce to a remote mode which was free of any extra costs and the offices and other operations were not disrupted. The company’s response included lowering its capital expenditure, and improving the balance sheet. The company also faces credit risk in the event of default or non-payment by the other party. The creditworthiness of the customers is continuously monitored and hence mandates the use of master netting agreements. It also faces major competition from independent gas companies as well as national oil companies. Acquisition, exploration of reserves, marketing, delivery, and new equipment are some areas of competition.
Marathon Oil’s revenue can be further bifurcated into the following product types:
Crude Oil & Condensate
The revenue from crude oil and condensate is recognized when the customers are in charge of the product at the respective delivery points such as vessels, pipelines, and trucks, i.e., when the company satisfies its performance obligations.
The total revenue from this product type grew from $583 million to $984 million from Q3 2020 to Q3 2021, marking a 68.8% rise in revenue in just a year. The revenue also grew by $48 million from $936 million in Q2 2021 to $984 million in Q3 2021, marking a 5% growth in revenue 0n a quarter-on-quarter basis. This segment had the highest share of 71.6% in the overall revenue of Q3 2021.
Natural Gas Liquids
Marathon Oil Corp engages with different entities to separate natural gas from natural gas liquids. These same entities purchase natural gas and natural gas liquids too. In this case, the obligation is only satisfied when natural gas and natural gas liquids become measurable at the tailgate of the processing plant. Sometimes the products are also sold to the customers directly rather than selling to the processing company.
Natural Gas Liquids had a 13.3% share in the company’s Q3 2021 revenue. Overall, the revenue grew from $74 million in Q3 2020 to $183 million in Q3 2021, leading to a commendable growth of about 147% in revenue on a year-on-year basis. The revenue also grew by $52 million from $131 million in Q2 2021 to $183 million in Q3 2021, marking a 39.7% growth in revenue on a quarter-on-quarter basis.
The revenue from natural gas increased from $76 million in Q3 2020 to $144 million in Q3 2021, representing a growth of about 89.5% in the company’s revenue on a yearly basis. A growth of about 58% in revenue can also be seen on a quarterly basis, when the revenue increased from $91 million in Q2 2021 to $144 million in Q3 2021. Natural gas products had a 10.5% share in the company’s total Q3 2021 revenue.
Other products had the least share of 4.7% in the company’s total revenue in Q3 2021. Overall, the revenue grew from $28 million in Q3 2020 to $64 million in Q3 2021, marking a growth of 128.6% on a year-on-year basis. The revenue growth in the latest quarter from $31 million in Q2 2021 to $64 million in Q3 2021 was about 106.5% on a quarterly basis.
Marathon Oil Corp was incorporated in 2001 and is an independent exploration and production company focused on US resource plays. The company has its headquarters in Houston, Texas and the company has its operations in the US as well as international operations in EG. The company has mainly two segments namely the United States and International segments based on the geographical location. The main business strategy adopted by Marathon Oil Corp is to deliver competitive returns and cash flows to all the shareholders. The company also aims to meet global energy demands, safety of the workforce, strong balance sheet maintenance, and also focuses on improving environmental performance.
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