Marathon Oil: Q2 Profits Meet Forecasts

by Christopher Freeburn | August 1, 2012 12:52 pm

Marathon Oil (NYSE:MRO[1]) announced on Wednesday that it earned $393 million during the second-quarter[2], 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.

Yesterday, British oil and gas giant BP (NYSE:BP[3]) reported a $1.4 billion quarterly loss, largely due to one-time charges of $4.8 billion[4], and shrinking revenue.

Last week, Chevron (NYSE:CVX[5]) reported lower second-quarter earnings and profits[6], while Exxon Mobil (NYSE:XOM[7]) posted record quarterly profits[8], but declining revenue.

  1. MRO:
  2. during the second-quarter:
  3. BP:
  4. one-time charges of $4.8 billion:
  5. CVX:
  6. lower second-quarter earnings and profits:
  7. XOM:
  8. record quarterly profits:

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