Marathon Oil’s Operating Revenue Mix
The year-over-year (or YoY) rise in MRO’s 4Q16 oil and gas revenues was primarily due to its higher YoY realized prices. We’ll study MRO’s realized prices in next article.
As we can see in the chart above, in 4Q16, ~85%, or ~$979 million, of Marathon Oil’s operating revenue came from crude oil sales, ~9%, or ~$107 million, came from natural gas sales, and only ~6%, or ~$64 million, came from natural gas liquids sales.
The majority of Marathon Oil’s revenue came from crude oil sales, so crude oil prices were the key driving factor of the company’s stock price.