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)
