No molten core iron -> no magnetosphere -> solar wind strips atmosphere.
Without atmosphere to cycle in exposed water also leaves.
Why did Mars freeze solid & Earth has not (yet).
- is further from sun
- smaller means less volume to hold heat
- Earth may have the iron cores from two planets (moon forming impact)
- Radioactive decay?
On oil, possibly.
If there was life there and it colonized the land and it found it needed to create a scaffolding structure to compete for photons such as ligand as happened here, and there were several hundred millions years until other life there figured out how to digest those ligands then there would be a layer there like our Carboniferous era in which a large amount of carbon is sequestered underground.
But chances are vanishingly slim.
If there was life there it most likely
- recycled carbon just as we have here for all time except that little blip* after trees showed up and before bacteria figured out how to digest them.
- did not survive long enough to need to compete for photons by growing very tall
(*) 300,000,000 / 4,300,000,000 is about 1/14th of life on earth's history.