By August 3, 2016 Read More →

Marathon Oil Q2 loss shrinks on international output

Marathon Oil

Marathon Oil increased production in the United Kingdom and Equatorial Guinea. OffshoreEnergyToday.com photo.

Marathon Oil¬†beats Wall Street’s expectations

HOUSTON, Aug 3 (Reuters) – Marathon Oil Corp said on Wednesday its quarterly loss shrank, beating Wall Street’s expectations, as international oil production helped offset declines in U.S. output.

The company posted a second-quarter net loss of $170 million, or 20 cents per share, compared with a net loss of $386 million, or 57 cents per share, in the year-ago period.

Excluding one-time items, the company lost 23 cents per share.

By that measure, analysts expected a loss of 24 cents per share, according to Thomson Reuters I/B/E/S.

Production rose in the company’s international division thanks to ramp-ups in the United Kingdom and Equatorial Guinea. Still, overall production fell 1 percent to 384,000 barrels of oil equivalent per say due to slumps in North American output.

Shares of Marathon fell about 1 percent to $13.30 in after-hours trading on Wednesday.

(Reporting by Ernest Scheyder; Editing by Chris Reese and Leslie Adler)

Ph: 432-978-5096 Website: www.mapleleafmarketinginc.com Email: miketi@mapleleafmarketinginc.com

Ph: 432-978-5096 Website: www.mapleleafmarketinginc.com 

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