Marathon Oil's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Marathon Oil (MRO) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Marathon Oil vs Its Competitors
- TTM: Trailing 12-month revenue of 6,740M vs 2,577,610M combined for tracked competitors (0.3% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+6.3% annualized vs trailing 12 months), vs decelerating (-36.0%) for its tracked peer group.
- Growth: Marathon Oil generated -1.2% revenue growth year over year in Q3 2024, vs -6.7% for its tracked competitors combined.
- Profitability: Its 16.0% net margin compares with 9.7% for the peer group.
- Peer revenue share: Marathon Oil accounted for 0.4% of combined revenue among its tracked peer group, up from 0.4% a year earlier.
- Peer differentiation: Revenue per employee of $4.21M compares with $3.24M for the peer group (1.3x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
MRO Sales vs. its Competitors, Q3 2024
Marathon Oil reported revenue contraction of 1.21 % year on year in Q3 2024, above its competitors' combined revenue change of -6.70 %.
With a net margin of 16.02 %, Marathon Oil achieved higher profitability than its competitors (9.73 %).
Marathon Oil generated 0.43 % of the combined sales of its peer group, up from 0.41 % a year earlier.
Marathon Oil vs. its Competitors, Q3 2024
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Marathon Oil reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Marathon Oil and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Marathon Oil Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (6) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Marathon Oil's competitor groups requires a Commercial License.
For context: the Oil And Gas Production industry grew revenue 3.2% year over year, combined, vs -1.2% for Marathon Oil. Marathon Oil's share of combined industry revenue moved from 0.14% to 0.13%, a loss of 0.01 percentage points.
Marathon Oil's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Marathon Oil Corporation | Yes | Yes | Yes | Yes |
| Competitors combined (138) | ||||
| High-Confidence Competitors (2) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 37.50 % (3 of 8) | 75.00 % (6 of 8) | 37.50 % (3 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
MRO Stock Performance relative to its Competitors
MRO Stock Performance relative to High-Confidence Competitors
MRO Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Blue Dolphin Energy Co | 282.9% | Outperformed |
| 2 | Calumet Inc | 282.9% | Outperformed |
| 3 | Gran Tierra Energy Inc | 282.9% | Outperformed |
| 4 | Pbf Energy Inc | 282.9% | Outperformed |
| 5 | Valero Energy Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Marathon Oil's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Marathon Oil Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Marathon Oil Corporation | 16,102.20 | 6,740.00 |
| Exxon Mobil Corporation | 743,264.18 | 368,757.00 |
| Chevron Corp | 447,890.48 | 215,261.00 |
| Shell Plc | 313,372.25 | 266,886.00 |
| Totalenergies Se | 199,342.93 | 162,863.00 |
| Conocophillips | 176,880.53 | 63,345.00 |
| SUBTOTAL | 4,062,789.74 | 2,620,476.59 |
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Sources: Marathon Oil Corporation's official press releases and company reports; CSIMarket.com's market research; and the company reports and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Marathon Oil Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Marathon Oil's Competitors Named by the Company
Competitive relationships identified from Marathon Oil reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| MFH | Company report | 85% |
| Aersale Corporation | Company report | 85% |
| Lonestar Resources Us Inc | Company report | 85% |
| Exxon Mobil Corporation | Company report | 85% |
| Continental Resources Inc | Company report | 85% |
| Coterra Energy Inc | Company report | 85% |
| Eog Resources Inc | Company report | 85% |
| Gulfport Energy Corporation | Company report | 85% |
| Northern Oil And Gas Inc | Company report | 85% |
| Range Resources Corporation | Company report | 85% |
| Diamondback Energy Inc | Company report | 85% |
| Crescent Energy Company | Company report | 85% |
| Marathon Petroleum Corporation | Company report | 85% |
| Southwestern Energy Company | Company report | 85% |
| Matador Resources Company | Company report | 85% |
| Conocophillips | Company report | 85% |
| Chevron Corp | Company report | 85% |
| Eqt Corporation | Company report | 85% |
| Hess Corporation | Company report | 85% |
| Permian Resources Corporation | Company report | 85% |
| Ovintiv Inc | Company report | 85% |
| Murphy Oil Corporation | Company report | 85% |
| Devon Energy Corp | Company report | 85% |
| Pioneer Natural Resources Co | Company report | 85% |
| Callon Petroleum Co | Company report | 85% |
| Denbury Inc | Company report | 85% |
| Earthstone Energy Inc | Company report | 85% |
| Chord Energy Corporation | Company report | 85% |
| Silverbow Resources Inc | Company report | 85% |
| Cimarex Energy Co | Company report | 85% |
| Shell Plc | Company report | 85% |
| Highpeak Energy Inc | Company report | 85% |
| Cenovus Energy Inc | Company report | 85% |
| Apa Corporation | Company report | 85% |
| Pdc Energy Inc | Company report | 85% |
| California Resources Corp | Company report | 85% |
| Delek Us Holdings Inc | Company report | 85% |
| Valero Energy Corp | Company report | 85% |
| Riley Exploration Permian Inc | Company report | 85% |
| Talos Energy Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Marathon Oil's named competitors require a Commercial License.
Methodology: relationships are extracted from Marathon Oil reports (named-competitor disclosures) and corroborating sources. Confidence reflects evidence strength.
Marathon Oil's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Marathon Oil Corporation | North America Exploration and Production 90.17 % |
| Exxon Mobil Corporation | Corporate and Unallocated 0.20 % |
| Chevron Corp | Reportable Segment, Aggregation before Other Operating 99.73 % |
| Union Pacific Corp | Reportable 98.85 % |
| Marathon Petroleum Corporation | Refining and Marketing 94.83 % |
| Valero Energy Corp | Refining 95.14 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Marathon Oil's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Marathon Oil Corporation | 16,102 | 4,212,500 | 831,250 |
| Exxon Mobil Corporation | 743,264 | 6,357,879 | 575,414 |
| Chevron Corp | 447,890 | 5,001,533 | 487,116 |
| Shell Plc | 313,372 | 3,139,835 | 213,165 |
| Totalenergies Se | 199,343 | 17,683,279 | 1,450,271 |
| Conocophillips | 176,881 | 6,398,485 | 936,263 |
| PEERS TOTAL | 4,046,688 | 3,240,694 | 274,007 |
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Marathon Oil's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Phillips 66 | United States 79.26 % |
| Occidental Petroleum Corporation | Non-US 20.75 % |
| Sea Limited | Southeast Asia excluding Singapore 62.69 % |
| Sharkninja Inc | North America 64.87 % |
| Broadridge Financial Solutions Inc | United States 85.26 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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Marathon Oil's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Oil And Gas Production industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (249 companies). See the full Oil And Gas Production industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 100.00 % | 28.82 % (avg) | +71.2 pp |
| Operating Margin | 30.13 % | industry median | +16.0 pp |
| EBITDA Margin | 59.50 % | 16.80 % (avg) | +42.7 pp |
| Capital Intensity (Capex / Revenue) | 31.16 % | 28.49 % (avg) | +2.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Marathon Oil's Valuation vs Competitive Position
Valuation multiples vs the Oil And Gas Production industry average (249 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Oil And Gas Production industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 11.9x | 16.0x | -4.1x |
| EV / EBITDA | 5.0x | 9.9x | -4.9x |
| P/B | 1.4x | 1.9x | -0.5x |
| Return on Equity | 11.82 % | industry aggregate | -3.40 % |
| Return on Invested Capital | 7.15 % | 2.71 % (avg) | 4.44 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Marathon Oil's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -20.66 % | 2.47 % | 38.13 % | -21.15 % | -40.54 % | 77.15 % | 46.99 % | -16.66 % |
| Operating Margin | -19.35 % | -2.79 % | 25.33 % | 12.25 % | -38.24 % | 23.93 % | 49.17 % | 33.57 % |
| Return on Invested Capital | -1.83 % | -0.40 % | 5.25 % | 2.06 % | -4.13 % | 4.91 % | 14.23 % | 7.84 % |
| P/E | - | - | 12.3x | 21.2x | - | 14.1x | 5.6x | 9.6x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Marathon Oil's Strategic Group Map
Every company in Marathon Oil's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Marathon Oil is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Marathon Oil's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 31.16 % vs industry average 28.49 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Marathon Oil's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Marathon Oil's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Marathon Oil's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Marathon Oil falls in the Low attractiveness / High strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Marathon Oil's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 16.0 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+6.3% annualized vs trailing 12 months).
Weaknesses
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- Trades at a lower P/E than the industry average (11.9x vs 16.0x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-36.0% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Marathon Oil's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Marathon Oil Corporation | 0.04 | 0.53 | 0.44 |
| Exxon Mobil Corporation | 0.13 | 1.11 | 0.17 |
| Chevron Corp | 0.01 | 1.16 | 0.21 |
| Shell Plc | 0.37 | 1.30 | 0.05 |
| Totalenergies Se | 0.28 | 0.97 | 0.02 |
| Conocophillips | 0.49 | 1.36 | 0.45 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Marathon Oil's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Marathon Oil Corporation | Q3 2024 | -1.2 % | -36.6 % |
| Exxon Mobil Corporation | Q2 2026 | +42.3 % | +97.5 % |
| Chevron Corp | Q2 2026 | +56.3 % | +385.6 % |
| Shell Plc | Q4 2025 | -6.1 % | +9.7 % |
| Totalenergies Se | Q4 2025 | -7.1 % | -16.7 % |
| Conocophillips | Q2 2026 | +36.8 % | +98.8 % |
| PEERS TOTAL | +9.9 % | +45.6 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Marathon Oil's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Marathon Oil Corporation | Q3 2024 | - | +5.3 % |
| Exxon Mobil Corporation | Q2 2026 | - | +3.9 % |
| Chevron Corp | Q2 2026 | +36.3 % | +22.3 % |
| Shell Plc | Q4 2025 | - | - |
| Totalenergies Se | Q4 2025 | - | - |
| Conocophillips | Q2 2026 | +32.0 % | - |
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Marathon Oil's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Marathon Oil Corporation | 6.79% | 7.76% | 11.82% |
| Exxon Mobil Corporation | 7.29% | 7.92% | 12.57% |
| Chevron Corp | 6.40% | 6.49% | 10.85% |
| Shell Plc | 4.89% | 4.22% | 10.33% |
| Totalenergies Se | 4.59% | 11.37% | 11.37% |
| Conocophillips | 7.55% | 8.36% | 14.30% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Marathon Oil's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Marathon Oil Corporation | 12.41 | 2.39 |
| Exxon Mobil Corporation | 22.98 | 2.02 |
| Chevron Corp | 21.54 | 2.08 |
| Shell Plc | 17.57 | 1.17 |
| Totalenergies Se | 15.19 | 1.22 |
| Conocophillips | 19.32 | 2.79 |
| PEERS AVERAGE | 18.27 | 1.55 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.