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.
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.