Marathon Oil: Q2 Profits Meet Forecasts

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

Marathon Oil: Q2 Profits Meet Forecasts

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.

Endnotes:
  1. MRO: http://studio-5.financialcontent.com/investplace/quote?Symbol=MRO
  2. during the second-quarter: http://www.businessweek.com/ap/2012-08-01/marathon-oil-reports-solid-2q-profit
  3. BP: http://studio-5.financialcontent.com/investplace/quote?Symbol=BP
  4. one-time charges of $4.8 billion: http://investorplace.com/2012/07/asset-writedowns-lower-gas-prices-drive-q2-loss-at-bp/
  5. CVX: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVX
  6. lower second-quarter earnings and profits: http://investorplace.com/2012/07/chevron-earnings-top-estimates-revenues-miss/
  7. XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM
  8. record quarterly profits: http://investorplace.com/2012/07/exxon-mobil-tops-revenue-misses-profit-forecasts/

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