Marathon Oil: Q2 Profits Meet Forecasts

The company's revenues declined on lower oil and gas prices

   

Marathon Oil (NYSE:MRO) announced on Wednesday that it earned $393 million during the second-quarter, down from $996 million — inflated by a one-time $698 million gain from the sale of certain operations – in the same period last year.

The oil company’s revenues dipped 2.1% during the quarter to $3.78 billion.

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Adjusted EPS was 59 cents, which was in line with Wall Street forecasts, Bloomberg noted.

Shares of Marathon Oil slipped about 1% in Wednesday afternoon trading.

Company officials reported that sales increased 20.8% during the quarter.

Prices for oil fell 6.8% to an average of $97.81 per barrel during the period between April and June, while natural gas prices dropped 15.9% to an average of $2.70 per 1,000 cubic feet.

Yesterday, British oil and gas giant BP (NYSE:BP) reported a $1.4 billion quarterly loss, largely due to one-time charges of $4.8 billion, and shrinking revenue.

Last week, Chevron (NYSE:CVX) reported lower second-quarter earnings and profits, while Exxon Mobil (NYSE:XOM) posted record quarterly profits, but declining revenue.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/marathon-oil-q2-profits-meet-forecasts/.

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